FDLO vs SPY
Fidelity Low Volatility Factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FDLO or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. FDLO is less concentrated, with 35.9% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FDLO | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $1.4B | $804.7B |
| Dividend Yield | 1.34% | 0.98% |
| Holdings | 129 | 505 |
| YTD Return | +7.80% | +12.09%Best |
| 1Y Return | +10.27% | +16.29%Best |
| 3Y Return (annualized) | +14.02% | +21.20%Best |
| 5Y Return (annualized) | +9.65% | +13.37%Best |
| Volatility (annualized) | 13.4%Best | 15.4% |
| Max Drawdown | -34.7% | -34.1%Best |
| $10,000 over 5 years | $15,851 | $18,728Best |
| Top 10 Weight | 35.9%Best | 37.8% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 12, 2016 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Sep 15, 2016 to Sep 18, 2026 (10 years).
FDLO vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 10 years both funds cover.
FDLO vs SPY Performance
Fidelity Low Volatility Factor ETF (FDLO) is an ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FDLO returned +10.27% while SPY returned +16.29%. Year to date, FDLO is up 7.80% versus a gain of 12.09% for SPY.
Over three years, FDLO compounded at +14.02% per year against +21.20% for SPY; over five years the annualized figures are +9.65% and +13.37% respectively. Across the full 10-year window we track, SPY has the edge at +14.30% annualized vs +11.88%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 13.4% for FDLO. 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 -34.7% for FDLO and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FDLO charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FDLO currently yields 1.34% against 0.98% for SPY.
Holdings Overlap
96.5% of FDLO's money is in holdings SPY also owns. 53.5% of SPY's money is in holdings FDLO also owns.
Most of FDLO is already inside SPY. Owning both mostly buys the same companies twice.
123 positions in common, counted across the 131 positions we hold weights for in FDLO and 504 in SPY, against full books of 129 and 505.
What only one of them owns
Our book lists 374 positions for SPY that do not appear in our book for FDLO (45.9% of the fund), and 6 for FDLO that do not appear in SPY (2.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FDLO | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 7.87% | 7.26% | 0.61% |
| MSFTMicrosoft Corp | 6.63% | 5.66% | 0.97% |
| GOOGLAlphabet Inc,class A | 5.23% | 2.99% | 2.24% |
| AMZNAmazon.Com Inc | 3.74% | 3.79% | 0.05% |
| AVGOBroadcom Inc | 3.62% | 2.66% | 0.96% |
| METAMeta Platforms Inc | 1.96% | 1.93% | 0.03% |
| JPMJpmorgan Chase | 1.75% | 1.45% | 0.30% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.69% | 1.40% | 0.29% |
| LLYEli Lilly & Co. | 1.62% | 1.40% | 0.22% |
| CSCOCisco Systems Inc. - Ordinary Shares | 1.81% | 0.66% | 1.15% |
96.5% of FDLO is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FDLO or SPY?
FDLO has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, FDLO or SPY?
Over the past year FDLO returned +10.27% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), FDLO annualized +11.88% vs +14.30% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FDLO or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 13.4% for FDLO. Worst drawdown: FDLO -34.7% vs SPY -34.1%.
Should I hold both FDLO and SPY?
FDLO and SPY have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FDLO and SPY?
96.5% of FDLO's money is in holdings SPY also owns. 53.5% of SPY's is in holdings FDLO also owns. They hold 123 positions in common, counted across the 131 positions we hold weights for in FDLO and 504 in SPY.
Which pays a higher dividend, FDLO or SPY?
FDLO yields 1.34% while SPY yields 0.98%, so FDLO currently pays the higher dividend yield.
Is SPY better than FDLO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. FDLO is less concentrated, with 35.9% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.