FEX vs SPY
First Trust Large Cap Core AlphaDEX Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FEX or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. FEX led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. FEX is less concentrated, with 5.4% of the fund in its ten largest positions against 38.0%.
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 | FEX | SPY |
|---|---|---|
| Expense Ratio | 0.57% | 0.09%Best |
| AUM | $1.6B | $814.4B |
| Dividend Yield | 0.95% | 1.01% |
| Holdings | 752 | 505 |
| YTD Return | +15.60%Best | +13.34% |
| 1Y Return | +21.31%Best | +19.97% |
| 3Y Return (annualized) | +19.33% | +21.20%Best |
| 5Y Return (annualized) | +10.55% | +12.81%Best |
| Volatility (annualized) | 17.1% | 15.5%Best |
| Max Drawdown | -59.7% | -56.5%Best |
| $10,000 over 5 years | $16,512 | $18,270Best |
| Top 10 Weight | 5.4%Best | 38.0% |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 8, 2007 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 10, 2007 to Sep 4, 2026 (19.3 years).
FEX 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 19.3 years both funds cover.
FEX vs SPY Performance
First Trust Large Cap Core AlphaDEX Fund (FEX) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FEX returned +21.31% while SPY returned +19.97%. Year to date, FEX is up 15.60% versus a gain of 13.34% for SPY.
Over three years, FEX compounded at +19.33% per year against +21.20% for SPY; over five years the annualized figures are +10.55% and +12.81% respectively. Across the full 19-year window we track, SPY has the edge at +9.27% annualized vs +8.60%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FEX has been the more volatile fund, with annualized monthly volatility of 17.1% compared with 15.5% 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 -59.7% for FEX and -56.5% 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FEX charges 0.57% per year while SPY charges 0.09%. On a $10,000 position that is $57 vs $9 annually, a gap of $48 per year that compounds over a long holding period. On income, FEX currently yields 0.95% against 1.01% for SPY.
Holdings Overlap
83.1% of FEX's money is in holdings SPY also owns. 72.1% of SPY's money is in holdings FEX also owns.
Most of FEX is already inside SPY. Owning both mostly buys the same companies twice.
310 positions in common, counted across the 369 positions we hold weights for in FEX and 504 in SPY, against full books of 752 and 505.
What only one of them owns
Our book lists 188 positions for SPY that do not appear in our book for FEX (27.6% of the fund), and 53 for FEX that do not appear in SPY (14.1%).
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 FEX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.29% | 7.71% | 7.42% |
| AAPLApple, Inc | 0.19% | 6.83% | 6.64% |
| AMZNAmazon.Com Inc | 0.20% | 4.08% | 3.88% |
| GOOGLAlphabet Inc.Class A | 0.36% | 3.33% | 2.97% |
| AVGOBroadcom Inc | 0.29% | 2.97% | 2.68% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 0.46% | 1.42% | 0.96% |
| MUMicron Technology, Inc. | 0.34% | 1.51% | 1.17% |
| LLYEli Lilly & Co. | 0.34% | 1.33% | 0.99% |
| AMDAdvanced Micro Devices Inc | 0.36% | 1.27% | 0.91% |
| JPMJpmorgan Chase | 0.10% | 1.44% | 1.34% |
83.1% of FEX 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, FEX or SPY?
FEX has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, FEX or SPY?
Over the past year FEX returned +21.31% vs +19.97% for SPY, so FEX leads on 1-year performance. Over the longest common window we track (19 years), FEX annualized +8.60% vs +9.27% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FEX or SPY?
FEX has been the more volatile fund at 17.1% annualized versus 15.5% for SPY. Worst drawdown: FEX -59.7% vs SPY -56.5%.
Should I hold both FEX and SPY?
FEX and SPY have a monthly-return correlation of 0.96, 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 FEX and SPY?
83.1% of FEX's money is in holdings SPY also owns. 72.1% of SPY's is in holdings FEX also owns. They hold 310 positions in common, counted across the 369 positions we hold weights for in FEX and 504 in SPY.
Which pays a higher dividend, FEX or SPY?
FEX yields 0.95% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than FEX?
SPY has a lower expense ratio. FEX led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. FEX is less concentrated, with 5.4% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.