FDWM vs SPY
Fidelity Womens Leadership ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FDWM or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97. FDWM is less concentrated, with 36.7% of the fund in its ten largest positions against 38.2%.
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 | FDWM | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $5M | $811.2B |
| Dividend Yield | 0.52% | 0.98% |
| Holdings | 82 | 1,515 |
| Volatility (annualized) | 17.3% | 15.9%Best |
| Max Drawdown | -29.1% | -24.5%Best |
| $10,000 over 4.4 years | $13,877 | $16,942Best |
| Top 10 Weight | 36.7%Best | 38.2% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jun 15, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 323 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FDWM has data through Nov 13, 2025 and SPY through Oct 2, 2026.
Volatility and max drawdown, and the $10,000 over 4.4 years row, are measured over the window both funds cover: Jun 17, 2021 to Nov 13, 2025 (4.4 years).
Risk: Volatility and Drawdowns
FDWM has been the more volatile fund, with annualized monthly volatility of 17.3% compared with 15.9% 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 -29.1% for FDWM and -24.5% 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FDWM charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, FDWM currently yields 0.52% against 0.98% for SPY.
Holdings Overlap
84.6% of FDWM's money is in holdings SPY also owns. 41.9% of SPY's money is in holdings FDWM also owns.
Most of FDWM is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 410 days apart, FDWM as of Jul 31, 2025 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
65 positions in common, counted across the 86 positions we hold weights for in FDWM and 504 in SPY, against full books of 82 and 1,515.
What only one of them owns
Our book lists 432 positions for SPY that do not appear in our book for FDWM (57.3% of the fund), and 19 for FDWM that do not appear in SPY (12.4%).
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 FDWM | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.02% | 7.78% | 0.76% |
| AAPLApple, Inc | 5.91% | 7.45% | 1.54% |
| MSFTMicrosoft Corp | 7.10% | 5.71% | 1.39% |
| AMZNAmazon.Com Inc | 4.73% | 3.78% | 0.95% |
| GOOGAlphabet Inc. C | 3.70% | 2.49% | 1.21% |
| JPMJpmorgan Chase | 2.12% | 1.43% | 0.69% |
| LLYEli Lilly & Co. | 1.69% | 1.37% | 0.32% |
| MUMicron Technology, Inc. | 1.26% | 1.59% | 0.33% |
| MAMastercard Inc | 1.32% | 0.71% | 0.61% |
| GEVGe Vernova, Inc. | 1.54% | 0.36% | 1.18% |
84.6% of FDWM 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, FDWM or SPY?
FDWM has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which is riskier, FDWM or SPY?
FDWM has been the more volatile fund at 17.3% annualized versus 15.9% for SPY. Worst drawdown: FDWM -29.1% vs SPY -24.5%.
Should I hold both FDWM and SPY?
FDWM and SPY have a monthly-return correlation of 0.97, 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 FDWM and SPY?
84.6% of FDWM's money is in holdings SPY also owns. 41.9% of SPY's is in holdings FDWM also owns. They hold 65 positions in common, counted across the 86 positions we hold weights for in FDWM and 504 in SPY.
Which pays a higher dividend, FDWM or SPY?
FDWM yields 0.52% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than FDWM?
SPY has a lower expense ratio. SPY led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.97. FDWM is less concentrated, with 36.7% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.