FELC vs SPY
Fidelity Enhanced Large Cap Core ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FELC delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FELC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $8.0B | $821.1B | |
| Dividend Yield | 0.84% | 1.01% | |
| Holdings | 260 | 505 | |
| YTD Return | +13.86% | +12.35% | |
| 1Y Return | +21.93% | +20.15% | |
| 3Y Return (annualized) | - | +21.69% | |
| 5Y Return (annualized) | - | +12.77% | |
| Volatility (annualized) | 11.9% | 15.3% | |
| Max Drawdown | -18.6% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 20, 2023 | Jan 22, 1993 |
FELC vs SPY Performance
Fidelity Enhanced Large Cap Core ETF (FELC) 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 FELC returned +21.93% while SPY returned +20.15%. Year to date, FELC is up 13.86% versus a gain of 12.35% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.9% for FELC. 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 -18.6% for FELC 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 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FELC charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, FELC currently yields 0.84% against 1.01% for SPY.
Holdings Overlap
FELC and SPY share 165 holdings out of 582 unique holdings combined, representing a 65.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, FELC or SPY?
FELC has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, FELC or SPY?
Over the past year FELC returned +21.93% vs +20.15% for SPY, so FELC leads on 1-year performance. Over the longest common window we track (3 years), FELC annualized +22.93% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, FELC or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.9% for FELC. Worst drawdown: FELC -18.6% vs SPY -56.5%.
Should I hold both FELC and SPY?
FELC and SPY have a monthly-return correlation of 0.99, 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 FELC and SPY?
FELC and SPY share 165 common holdings with a 65.4% weight overlap. Combined, they hold 582 unique securities.
Which pays a higher dividend, FELC or SPY?
FELC yields 0.84% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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