FCVT vs SPY
First Trust SSI Strategic Convertible Securities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FCVT delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FCVT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $104M | $821.1B | |
| Dividend Yield | 1.14% | 1.01% | |
| Holdings | 137 | 505 | |
| YTD Return | +19.38% | +14.24% | |
| 1Y Return | +31.31% | +21.71% | |
| 3Y Return (annualized) | +19.53% | +22.10% | |
| 5Y Return (annualized) | +6.59% | +13.21% | |
| Volatility (annualized) | 14.4% | 15.3% | |
| Max Drawdown | -32.3% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Convertible | Equity | |
| Inception | Nov 3, 2015 | Jan 22, 1993 |
FCVT vs SPY Performance
First Trust SSI Strategic Convertible Securities ETF (FCVT) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FCVT returned +31.31% while SPY returned +21.71%. Year to date, FCVT is up 19.38% versus a gain of 14.24% for SPY.
Over three years, FCVT compounded at +19.53% per year against +22.10% for SPY; over five years the annualized figures are +6.59% and +13.21% respectively. Across the full 11-year window we track, FCVT has the edge at +9.90% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.4% for FCVT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -32.3% for FCVT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FCVT charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, FCVT currently yields 1.14% against 1.01% for SPY.
Holdings Overlap
FCVT and SPY share 3 holdings out of 552 unique holdings combined, representing a 0.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FCVT or SPY?
FCVT has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, FCVT or SPY?
Over the past year FCVT returned +31.31% vs +21.71% for SPY, so FCVT leads on 1-year performance. Over the longest common window we track (11 years), FCVT annualized +9.90% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, FCVT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.4% for FCVT. Worst drawdown: FCVT -32.3% vs SPY -56.5%.
Should I hold both FCVT and SPY?
FCVT and SPY have a monthly-return correlation of 0.83, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FCVT and SPY?
FCVT and SPY share 3 common holdings with a 0.6% weight overlap. Combined, they hold 552 unique securities.
Which pays a higher dividend, FCVT or SPY?
FCVT yields 1.14% while SPY yields 1.01%, so FCVT currently pays the higher dividend yield.
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