FDLO vs SPY
Fidelity Low Volatility Factor ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FDLO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $1.4B | $789.1B | |
| Dividend Yield | 1.44% | 1.01% | |
| Holdings | 130 | 505 | |
| YTD Return | +10.97% | +13.79% | |
| 1Y Return | +17.67% | +23.66% | |
| 3Y Return (annualized) | +15.00% | +21.40% | |
| 5Y Return (annualized) | +10.04% | +13.37% | |
| Volatility (annualized) | 13.4% | 15.3% | |
| Max Drawdown | -34.7% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 12, 2016 | Jan 22, 1993 |
FDLO vs SPY Performance
Fidelity Low Volatility Factor ETF (FDLO) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FDLO returned +17.67% while SPY returned +23.66%. Year to date, FDLO is up 10.97% versus a gain of 13.79% for SPY.
Over three years, FDLO compounded at +15.00% per year against +21.40% for SPY; over five years the annualized figures are +10.04% and +13.37% respectively. Across the full 10-year window we track, FDLO has the edge at +12.36% annualized vs +8.85%. 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 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 -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 0.95. 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 1.44% against 1.01% for SPY.
Holdings Overlap
FDLO and SPY share 112 holdings out of 516 unique holdings combined, representing a 46.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $6 per year of difference.
Which performed better, FDLO or SPY?
Over the past year FDLO returned +17.67% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), FDLO annualized +12.36% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FDLO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.4% for FDLO. Worst drawdown: FDLO -34.7% vs SPY -56.5%.
Should I hold both FDLO and SPY?
FDLO and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FDLO and SPY?
FDLO and SPY share 112 common holdings with a 46.2% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, FDLO or SPY?
FDLO yields 1.44% while SPY yields 1.01%, so FDLO currently pays the higher dividend yield.
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