FLHK vs SPY
Franklin FTSE Hong Kong ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FLHK or SPY?
Large Cap Value against Large Cap Blend.
SPY led over 1Y 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 | FLHK | SPY |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $13M | $814.4B |
| Dividend Yield | 4.33% | 1.01% |
| Holdings | 72 | 505 |
| Volatility (annualized) | 26.1% | 16.9%Best |
| Max Drawdown | -47.0% | -34.1%Best |
| $10,000 over 7.6 years | $9,700 | $25,248Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Nov 2, 2017 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 430 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FLHK has data through Jul 1, 2025 and SPY through Sep 4, 2026.
Volatility and max drawdown, and the $10,000 over 7.6 years row, are measured over the window both funds cover: Nov 8, 2017 to Jul 1, 2025 (7.6 years).
Risk: Volatility and Drawdowns
FLHK has been the more volatile fund, with annualized monthly volatility of 26.1% compared with 16.9% 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 -47.0% for FLHK and -34.1% 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 0.31. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FLHK charges 0.09% per year while SPY charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, FLHK currently yields 4.33% against 1.01% for SPY.
You are not choosing between two funds in isolation.
Whichever of FLHK 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, FLHK or SPY?
FLHK has an expense ratio of 0.09% while SPY charges 0.09%. At the precision these are quoted to, they cost the same.
Which is riskier, FLHK or SPY?
FLHK has been the more volatile fund at 26.1% annualized versus 16.9% for SPY. Worst drawdown: FLHK -47.0% vs SPY -34.1%.
Should I hold both FLHK and SPY?
FLHK and SPY have a monthly-return correlation of 0.31, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FLHK or SPY?
FLHK yields 4.33% while SPY yields 1.01%, so FLHK currently pays the higher dividend yield.
Is SPY better than FLHK?
SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.