FLCB vs SPY
Franklin US Core Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. FLCB offers more diversification with 602 holdings.
Side-by-Side Comparison
| Metric | FLCB | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $3.1B | $821.1B | |
| Dividend Yield | 4.38% | 1.01% | |
| Holdings | 602 | 505 | |
| YTD Return | -0.20% | +12.68% | |
| 1Y Return | +2.53% | +21.82% | |
| 3Y Return (annualized) | +4.66% | +21.98% | |
| 5Y Return (annualized) | -0.40% | +12.89% | |
| Volatility (annualized) | 5.6% | 15.3% | |
| Max Drawdown | -20.4% | -56.5% | |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 17, 2019 | Jan 22, 1993 |
FLCB vs SPY Performance
Franklin US Core Bond ETF (FLCB) is a ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FLCB returned +2.53% while SPY returned +21.82%. Year to date, FLCB is down 0.20% versus a gain of 12.68% for SPY.
Over three years, FLCB compounded at +4.66% per year against +21.98% for SPY; over five years the annualized figures are -0.40% and +12.89% respectively. Across the full 7-year window we track, SPY has the edge at +8.81% annualized vs +0.22%. 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 5.6% for FLCB. 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 -20.4% for FLCB 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FLCB charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FLCB currently yields 4.38% against 1.01% for SPY.
Holdings Overlap
FLCB and SPY share 1 holdings out of 851 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FLCB | Weight in SPY | Difference |
|---|---|---|---|
| TMUS | 0.09% | 0.12% | 0.03% |
Frequently Asked Questions
Which is cheaper, FLCB or SPY?
FLCB has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, FLCB or SPY?
Over the past year FLCB returned +2.53% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), FLCB annualized +0.22% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, FLCB or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.6% for FLCB. Worst drawdown: FLCB -20.4% vs SPY -56.5%.
Should I hold both FLCB and SPY?
FLCB and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FLCB and SPY?
FLCB and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 851 unique securities.
Which pays a higher dividend, FLCB or SPY?
FLCB yields 4.38% while SPY yields 1.01%, so FLCB currently pays the higher dividend yield.
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