FFLC vs SPY
Fidelity Fundamental Large Cap Core ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FFLC or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. FFLC led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.2%.
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 | FFLC | SPY |
|---|---|---|
| Expense Ratio | 0.38% | 0.09%Best |
| AUM | $1.2B | $814.4B |
| Dividend Yield | 0.99% | 1.01% |
| Holdings | 108 | 505 |
| YTD Return | +12.41% | +13.34%Best |
| 1Y Return | +18.24% | +19.97%Best |
| 3Y Return (annualized) | +21.73%Best | +21.20% |
| 5Y Return (annualized) | +16.62%Best | +12.81% |
| Volatility (annualized) | 15.9% | 15.4%Best |
| Max Drawdown | -19.7%Best | -24.5% |
| $10,000 over 5 years | $21,571Best | $18,270 |
| Top 10 Weight | 40.2% | 38.0%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Jun 2, 2020 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jun 4, 2020 to Sep 4, 2026 (6.3 years).
FFLC 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 6.3 years both funds cover.
FFLC vs SPY Performance
Fidelity Fundamental Large Cap Core ETF (FFLC) is an ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FFLC returned +18.24% while SPY returned +19.97%. Year to date, FFLC is up 12.41% versus a gain of 13.34% for SPY.
Over three years, FFLC compounded at +21.73% per year against +21.20% for SPY; over five years the annualized figures are +16.62% and +12.81% respectively. Across the full 6-year window we track, FFLC has the edge at +19.96% annualized vs +16.97%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FFLC has been the more volatile fund, with annualized monthly volatility of 15.9% compared with 15.4% 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 -19.7% for FFLC 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FFLC charges 0.38% per year while SPY charges 0.09%. On a $10,000 position that is $38 vs $9 annually, a gap of $29 per year that compounds over a long holding period. On income, FFLC currently yields 0.99% against 1.01% for SPY.
Holdings Overlap
84.6% of FFLC's money is in holdings SPY also owns. 50.8% of SPY's money is in holdings FFLC also owns.
Most of FFLC is already inside SPY. Owning both mostly buys the same companies twice.
82 positions in common, counted across the 108 positions we hold weights for in FFLC and 504 in SPY, against full books of 108 and 505.
What only one of them owns
Our book lists 415 positions for SPY that do not appear in our book for FFLC (48.7% of the fund), and 15 for FFLC that do not appear in SPY (7.9%).
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 FFLC | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.73% | 7.71% | 1.02% |
| AAPLApple, Inc | 4.17% | 6.83% | 2.66% |
| GOOGLAlphabet Inc.Class A | 7.02% | 3.33% | 3.69% |
| AMZNAmazon.Com Inc | 5.48% | 4.08% | 1.40% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.75% | 5.50% | 2.75% |
| AVGOBroadcom Inc | 2.64% | 2.97% | 0.33% |
| METAMeta Platform Inc | 3.07% | 1.94% | 1.13% |
| LLYEli Lilly & Co. | 1.70% | 1.33% | 0.37% |
| XOMExxon Mobil Corp. | 1.92% | 0.96% | 0.96% |
| VVisa Inc Class A | 1.89% | 0.92% | 0.97% |
84.6% of FFLC 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, FFLC or SPY?
FFLC has an expense ratio of 0.38% while SPY charges 0.09%. SPY is the cheaper option, by $29 a year on a $10,000 investment.
Which performed better, FFLC or SPY?
Over the past year FFLC returned +18.24% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), FFLC annualized +19.96% vs +16.97% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FFLC or SPY?
FFLC has been the more volatile fund at 15.9% annualized versus 15.4% for SPY. Worst drawdown: FFLC -19.7% vs SPY -24.5%.
Should I hold both FFLC and SPY?
FFLC and SPY have a monthly-return correlation of 0.91, 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 FFLC and SPY?
84.6% of FFLC's money is in holdings SPY also owns. 50.8% of SPY's is in holdings FFLC also owns. They hold 82 positions in common, counted across the 108 positions we hold weights for in FFLC and 504 in SPY.
Which pays a higher dividend, FFLC or SPY?
FFLC yields 0.99% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than FFLC?
SPY has a lower expense ratio. FFLC led over 3Y, 5Y and the full window, SPY over 1Y. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 40.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.