FELV vs SPY
Fidelity Enhanced Large Cap Value ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FELV delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FELV | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $3.3B | $814.4B | |
| Dividend Yield | 1.41% | 1.01% | |
| Holdings | 373 | 505 | |
| YTD Return | +23.52% | +12.60% | |
| 1Y Return | +32.18% | +20.83% | |
| 3Y Return (annualized) | - | +20.98% | |
| 5Y Return (annualized) | - | +12.56% | |
| Volatility (annualized) | 11.5% | 15.3% | |
| Max Drawdown | -16.1% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 20, 2023 | Jan 22, 1993 |
FELV vs SPY Performance
Fidelity Enhanced Large Cap Value ETF (FELV) 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 FELV returned +32.18% while SPY returned +20.83%. Year to date, FELV is up 23.52% versus a gain of 12.60% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.5% for FELV. 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 -16.1% for FELV 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 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FELV 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, FELV currently yields 1.41% against 1.01% for SPY.
Holdings Overlap
FELV and SPY share 222 holdings out of 650 unique holdings combined, representing a 47.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FELV or SPY?
FELV 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, FELV or SPY?
Over the past year FELV returned +32.18% vs +20.83% for SPY, so FELV leads on 1-year performance. Over the longest common window we track (3 years), FELV annualized +23.30% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, FELV or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.5% for FELV. Worst drawdown: FELV -16.1% vs SPY -56.5%.
Should I hold both FELV and SPY?
FELV and SPY have a monthly-return correlation of 0.78, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FELV and SPY?
FELV and SPY share 222 common holdings with a 47.2% weight overlap. Combined, they hold 650 unique securities.
Which pays a higher dividend, FELV or SPY?
FELV yields 1.41% while SPY yields 1.01%, so FELV currently pays the higher dividend yield.
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