FLC vs SPY
Flaherty & Crumrine Total Return Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FLC or SPY?
Preferred Stock against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
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 | FLC | SPY |
|---|---|---|
| Expense Ratio | 1.64% | 0.09%Best |
| AUM | $193M | $814.4B |
| Dividend Yield | 6.82% | 1.01% |
| Holdings | 257 | 505 |
| YTD Return | -1.43% | +13.34%Best |
| 1Y Return | +2.32% | +19.97%Best |
| 3Y Return (annualized) | +13.05% | +21.20%Best |
| 5Y Return (annualized) | -0.13% | +12.81%Best |
| Volatility (annualized) | 19.3% | 14.6%Best |
| Max Drawdown | -83.0% | -56.5%Best |
| $10,000 over 5 years | $9,935 | $18,270Best |
| Fund Family | Flaherty & Crumrine | State Street Investment Management |
| Category | Allocation/Balanced | Equity |
| Style | Preferred Stock | Large Cap Blend |
| Inception | Aug 29, 2003 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 29, 2003 to Sep 4, 2026 (22.9 years).
FLC 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
FLC vs SPY Performance
Flaherty & Crumrine Total Return Fund (FLC) is an ETF from Flaherty & Crumrine and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FLC returned +2.32% while SPY returned +19.97%. Year to date, FLC is down 1.43% versus a gain of 13.34% for SPY.
Over three years, FLC compounded at +13.05% per year against +21.20% for SPY; over five years the annualized figures are -0.13% and +12.81% respectively. Across the full 23-year window we track, SPY has the edge at +9.62% annualized vs -0.08%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FLC has been the more volatile fund, with annualized monthly volatility of 19.3% compared with 14.6% 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 -83.0% for FLC 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 0.44. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FLC charges 1.64% per year while SPY charges 0.09%. On a $10,000 position that is $164 vs $9 annually, a gap of $155 per year that compounds over a long holding period. On income, FLC currently yields 6.82% against 1.01% for SPY.
Holdings Overlap
At least 1.1% of SPY's money is in holdings FLC also owns.
Only one direction is shown: for FLC, our book for it lists positions totalling 130.3% of the fund, which is what a leveraged book looks like and is not a denominator we can divide by.
SPY and FLC share little of their money.
The two holdings books were reported 249 days apart, FLC as of Nov 28, 2025 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
10 positions in common, counted across the 184 positions we hold weights for in FLC and 504 in SPY, against full books of 257 and 505.
Top Shared Holdings
| Stock | Weight in FLC | Weight in SPY | Difference |
|---|---|---|---|
| SYFSynchrony Financial | 1.38% | 0.04% | 1.34% |
| CFGCitizens Financial Group Inc. | 0.91% | 0.05% | 0.86% |
| FITBFifth Third Bancorp | 0.80% | 0.08% | 0.72% |
| HBANHuntington Bancshares Inc./Oh | 0.77% | 0.05% | 0.72% |
| WFCWells Fargo & Co. | 0.32% | 0.41% | 0.09% |
| APOAthene (Ath) / Apollo Global Management (Apo) | 0.62% | 0.09% | 0.53% |
| BKBank Of New York Mellon Corp | 0.40% | 0.16% | 0.24% |
| XELXcel Energy Inc. | 0.40% | 0.07% | 0.33% |
| DTEDte Energy Co. | 0.40% | 0.04% | 0.36% |
| GMGeneral Motors Financial Co Inc | 0.11% | 0.12% | 0.01% |
You are not choosing between two funds in isolation.
Whichever of FLC 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, FLC or SPY?
FLC has an expense ratio of 1.64% while SPY charges 0.09%. SPY is the cheaper option, by $155 a year on a $10,000 investment.
Which performed better, FLC or SPY?
Over the past year FLC returned +2.32% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (23 years), FLC annualized -0.08% vs +9.62% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FLC or SPY?
FLC has been the more volatile fund at 19.3% annualized versus 14.6% for SPY. Worst drawdown: FLC -83.0% vs SPY -56.5%.
Should I hold both FLC and SPY?
FLC and SPY have a monthly-return correlation of 0.44, 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 FLC and SPY?
At least 1.1% of SPY's money is in holdings FLC also owns. Our book for FLC is partial, so the real figure is this or higher. They hold 10 positions in common, counted across the 184 positions we hold weights for in FLC and 504 in SPY.
Which pays a higher dividend, FLC or SPY?
FLC yields 6.82% while SPY yields 1.01%, so FLC currently pays the higher dividend yield.
Is SPY better than FLC?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.