FENI vs SPY
Fidelity Enhanced International ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FENI delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FENI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.28% | 0.09% | |
| AUM | $11.0B | $821.1B | |
| Dividend Yield | 2.89% | 1.01% | |
| Holdings | 406 | 505 | |
| YTD Return | +14.52% | +12.68% | |
| 1Y Return | +25.14% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 11.5% | 15.3% | |
| Max Drawdown | -14.2% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 20, 2023 | Jan 22, 1993 |
FENI vs SPY Performance
Fidelity Enhanced International ETF (FENI) 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 FENI returned +25.14% while SPY returned +21.82%. Year to date, FENI is up 14.52% versus a gain of 12.68% 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 FENI. 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 -14.2% for FENI 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 0.56. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FENI charges 0.28% per year while SPY charges 0.09%. On a $10,000 position that is $28 vs $9 annually, a gap of $19 per year that compounds over a long holding period. On income, FENI currently yields 2.89% against 1.01% for SPY.
Holdings Overlap
FENI and SPY share 0 holdings out of 906 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FENI or SPY?
FENI has an expense ratio of 0.28% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $19 per year of difference.
Which performed better, FENI or SPY?
Over the past year FENI returned +25.14% vs +21.82% for SPY, so FENI leads on 1-year performance. Over the longest common window we track (3 years), FENI annualized +23.64% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, FENI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.5% for FENI. Worst drawdown: FENI -14.2% vs SPY -56.5%.
Should I hold both FENI and SPY?
FENI and SPY have a monthly-return correlation of 0.56, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FENI and SPY?
FENI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 906 unique securities.
Which pays a higher dividend, FENI or SPY?
FENI yields 2.89% while SPY yields 1.01%, so FENI currently pays the higher dividend yield.
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