FDMO vs SPY
Fidelity Momentum Factor ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FDMO or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. FDMO led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.95. FDMO is less concentrated, with 37.2% 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 | FDMO | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $904M | $804.7B |
| Dividend Yield | 0.61% | 0.98% |
| Holdings | 140 | 505 |
| YTD Return | +11.68% | +12.22%Best |
| 1Y Return | +15.50% | +16.97%Best |
| 3Y Return (annualized) | +25.66%Best | +21.16% |
| 5Y Return (annualized) | +14.18%Best | +13.00% |
| Volatility (annualized) | 16.4% | 15.4%Best |
| Max Drawdown | -34.2% | -34.1%Best |
| $10,000 over 5 years | $19,407Best | $18,424 |
| Top 10 Weight | 37.2%Best | 37.8% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | 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 17, 2026 (10 years).
FDMO 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.
FDMO vs SPY Performance
Fidelity Momentum Factor ETF (FDMO) 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 FDMO returned +15.50% while SPY returned +16.97%. Year to date, FDMO is up 11.68% versus a gain of 12.22% for SPY.
Over three years, FDMO compounded at +25.66% per year against +21.16% for SPY; over five years the annualized figures are +14.18% and +13.00% respectively. Across the full 10-year window we track, FDMO has the edge at +14.62% annualized vs +14.32%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FDMO has been the more volatile fund, with annualized monthly volatility of 16.4% compared with 15.4% for SPY. 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 -34.2% for FDMO 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FDMO 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, FDMO currently yields 0.61% against 0.98% for SPY.
Holdings Overlap
91.0% of FDMO's money is in holdings SPY also owns. 52.6% of SPY's money is in holdings FDMO also owns.
Most of FDMO is already inside SPY. Owning both mostly buys the same companies twice.
103 positions in common, counted across the 134 positions we hold weights for in FDMO and 504 in SPY, against full books of 140 and 505.
What only one of them owns
Our book lists 395 positions for SPY that do not appear in our book for FDMO (46.9% of the fund), and 27 for FDMO that do not appear in SPY (8.1%).
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 FDMO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.70% | 8.01% | 0.69% |
| AAPLApple, Inc | 7.80% | 7.26% | 0.54% |
| GOOGLAlphabet Inc,class A | 5.41% | 2.99% | 2.42% |
| AMZNAmazon.Com Inc | 3.62% | 3.79% | 0.17% |
| MUMicron Technology, Inc. | 2.71% | 1.60% | 1.11% |
| AMDAdvanced Micro Devices Inc | 2.08% | 1.14% | 0.94% |
| JPMJpmorgan Chase | 1.75% | 1.45% | 0.30% |
| LLYEli Lilly & Co. | 1.74% | 1.40% | 0.34% |
| TSLATesla Inc | 1.58% | 1.52% | 0.06% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 1.70% | 1.40% | 0.30% |
91.0% of FDMO 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, FDMO or SPY?
FDMO 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, FDMO or SPY?
Over the past year FDMO returned +15.50% vs +16.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (10 years), FDMO annualized +14.62% vs +14.32% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FDMO or SPY?
FDMO has been the more volatile fund at 16.4% annualized versus 15.4% for SPY. Worst drawdown: FDMO -34.2% vs SPY -34.1%.
Should I hold both FDMO and SPY?
FDMO and SPY have a monthly-return correlation of 0.95, 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 FDMO and SPY?
91.0% of FDMO's money is in holdings SPY also owns. 52.6% of SPY's is in holdings FDMO also owns. They hold 103 positions in common, counted across the 134 positions we hold weights for in FDMO and 504 in SPY.
Which pays a higher dividend, FDMO or SPY?
FDMO yields 0.61% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than FDMO?
SPY has a lower expense ratio. FDMO led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.95. FDMO is less concentrated, with 37.2% 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.