FFSM vs SPY
Fidelity Fundamental Small-Mid Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FFSM or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. FFSM led over 1Y, SPY over 3Y, 5Y and the full window. FFSM is less concentrated, with 14.9% 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 | FFSM | SPY |
|---|---|---|
| Expense Ratio | 0.43% | 0.09%Best |
| AUM | $1.5B | $814.4B |
| Dividend Yield | 0.44% | 1.01% |
| Holdings | 222 | 505 |
| YTD Return | +17.07%Best | +13.34% |
| 1Y Return | +24.68%Best | +19.97% |
| 3Y Return (annualized) | +19.15% | +21.20%Best |
| 5Y Return (annualized) | +9.62% | +12.81%Best |
| Volatility (annualized) | 18.6% | 15.2%Best |
| Max Drawdown | -26.6% | -24.5%Best |
| $10,000 over 5 years | $15,829 | $18,270Best |
| Top 10 Weight | 14.9%Best | 38.0% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Feb 2, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 4, 2021 to Sep 4, 2026 (5.6 years).
FFSM 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 5.6 years both funds cover.
FFSM vs SPY Performance
Fidelity Fundamental Small-Mid Cap ETF (FFSM) 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 FFSM returned +24.68% while SPY returned +19.97%. Year to date, FFSM is up 17.07% versus a gain of 13.34% for SPY.
Over three years, FFSM compounded at +19.15% per year against +21.20% for SPY; over five years the annualized figures are +9.62% and +12.81% respectively. Across the full 6-year window we track, SPY has the edge at +14.68% annualized vs +11.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FFSM has been the more volatile fund, with annualized monthly volatility of 18.6% compared with 15.2% 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 -26.6% for FFSM 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 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FFSM charges 0.43% per year while SPY charges 0.09%. On a $10,000 position that is $43 vs $9 annually, a gap of $34 per year that compounds over a long holding period. On income, FFSM currently yields 0.44% against 1.01% for SPY.
Holdings Overlap
9.5% of FFSM's money is in holdings SPY also owns. 1.6% of SPY's money is in holdings FFSM also owns.
FFSM and SPY share little of their money.
21 positions in common, counted across the 219 positions we hold weights for in FFSM and 504 in SPY, against full books of 222 and 505.
What only one of them owns
Our book lists 475 positions for SPY that do not appear in our book for FFSM (97.8% of the fund), and 170 for FFSM that do not appear in SPY (84.9%).
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 FFSM | Weight in SPY | Difference |
|---|---|---|---|
| WDCWestern Digital Corp Company Guar 11/28 3 | 1.16% | 0.28% | 0.88% |
| FIXComfort Systems USA Inc. | 0.98% | 0.09% | 0.89% |
| COHRCoherent, Inc | 0.90% | 0.10% | 0.80% |
| VTRVentas Inc . | 0.81% | 0.07% | 0.74% |
| EMEEmcor Group Inc | 0.61% | 0.05% | 0.56% |
| UHSUniversal Health Services Inc. | 0.61% | 0.01% | 0.60% |
| STXSeagate Technology Holdings Plc | 0.30% | 0.28% | 0.02% |
| PCGPg&E Corp. | 0.46% | 0.06% | 0.40% |
| RJFRaymond James Financial Inc. | 0.46% | 0.05% | 0.41% |
| KDPKeurig Dr Pepper Inc (kdp Us) | 0.39% | 0.06% | 0.33% |
You are not choosing between two funds in isolation.
Whichever of FFSM and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FFSM or SPY?
FFSM has an expense ratio of 0.43% while SPY charges 0.09%. SPY is the cheaper option, by $34 a year on a $10,000 investment.
Which performed better, FFSM or SPY?
Over the past year FFSM returned +24.68% vs +19.97% for SPY, so FFSM leads on 1-year performance. Over the longest common window we track (6 years), FFSM annualized +11.48% vs +14.68% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FFSM or SPY?
FFSM has been the more volatile fund at 18.6% annualized versus 15.2% for SPY. Worst drawdown: FFSM -26.6% vs SPY -24.5%.
Should I hold both FFSM and SPY?
FFSM and SPY have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FFSM and SPY?
9.5% of FFSM's money is in holdings SPY also owns. 1.6% of SPY's is in holdings FFSM also owns. They hold 21 positions in common, counted across the 219 positions we hold weights for in FFSM and 504 in SPY.
Which pays a higher dividend, FFSM or SPY?
FFSM yields 0.44% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Is SPY better than FFSM?
SPY has a lower expense ratio. FFSM led over 1Y, SPY over 3Y, 5Y and the full window. FFSM is less concentrated, with 14.9% 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.