FFLS vs SPY
FFLS vs SPY
The Future Fund Long/Short ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FFLS | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.60% | 0.09% | |
| AUM | $42M | $789.1B | |
| Dividend Yield | 6.55% | 1.01% | |
| Holdings | 52 | 505 | |
| YTD Return | +3.38% | +13.79% | |
| 1Y Return | +1.12% | +23.66% | |
| 3Y Return (annualized) | +11.47% | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 9.7% | 15.3% | |
| Max Drawdown | -11.1% | -56.5% | |
| Fund Family | The Future Fund | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 20, 2022 | Jan 22, 1993 |
FFLS vs SPY Performance
The Future Fund Long/Short ETF (FFLS) is a ETF from The Future Fund and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FFLS returned +1.12% while SPY returned +23.66%. Year to date, FFLS is up 3.38% versus a gain of 13.79% for SPY.
Over three years, FFLS compounded at +11.47% per year against +21.40% for SPY. Across the full 3-year window we track, FFLS has the edge at +9.77% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.7% for FFLS. 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 -11.1% for FFLS 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FFLS charges 1.60% per year while SPY charges 0.09%. On a $10,000 position that is $160 vs $9 annually, a gap of $151 per year that compounds over a long holding period. On income, FFLS currently yields 6.55% against 1.01% for SPY.
Holdings Overlap
FFLS and SPY share 25 holdings out of 531 unique holdings combined, representing a 19.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FFLS | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 5.88% | 7.31% | 1.43% |
| AMZN | 5.41% | 3.69% | 1.72% |
| GOOGL | 4.15% | 3.32% | 0.83% |
| AVGO | Pro | Pro | Pro |
| PANW | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| EW | Pro | Pro | Pro |
| SQ | Pro | Pro | Pro |
| EQIX | Pro | Pro | Pro |
| GLW | Pro | Pro | Pro |
See all 10 holdings FFLS shares with SPY Exact weights in each fund and the difference, for every overlapping position. X-ray my whole portfolio$99/yr Pro · 7-day refund | |||
Frequently Asked Questions
Which is cheaper, FFLS or SPY?
FFLS has an expense ratio of 1.60% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $151 per year of difference.
Which performed better, FFLS or SPY?
Over the past year FFLS returned +1.12% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), FFLS annualized +9.77% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FFLS or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.7% for FFLS. Worst drawdown: FFLS -11.1% vs SPY -56.5%.
Should I hold both FFLS and SPY?
FFLS and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FFLS and SPY?
FFLS and SPY share 25 common holdings with a 19.1% weight overlap. Combined, they hold 531 unique securities.
Which pays a higher dividend, FFLS or SPY?
FFLS yields 6.55% while SPY yields 1.01%, so FFLS currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.