FMAG vs SPY
Fidelity Magellan 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 505 holdings.
Side-by-Side Comparison
| Metric | FMAG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.57% | 0.09% | |
| AUM | $246M | $821.1B | |
| Dividend Yield | 0.08% | 1.01% | |
| Holdings | 52 | 505 | |
| YTD Return | +8.63% | +14.24% | |
| 1Y Return | +5.36% | +21.71% | |
| 3Y Return (annualized) | +19.44% | +22.10% | |
| 5Y Return (annualized) | +9.81% | +13.21% | |
| Volatility (annualized) | 18.1% | 15.3% | |
| Max Drawdown | -32.9% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Feb 2, 2021 | Jan 22, 1993 |
FMAG vs SPY Performance
Fidelity Magellan ETF (FMAG) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FMAG returned +5.36% while SPY returned +21.71%. Year to date, FMAG is up 8.63% versus a gain of 14.24% for SPY.
Over three years, FMAG compounded at +19.44% per year against +22.10% for SPY; over five years the annualized figures are +9.81% and +13.21% respectively. Across the full 6-year window we track, FMAG has the edge at +11.86% annualized vs +8.86%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMAG has been the more volatile fund, with annualized monthly volatility of 18.1% compared with 15.3% 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 -32.9% for FMAG 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMAG charges 0.57% per year while SPY charges 0.09%. On a $10,000 position that is $57 vs $9 annually, a gap of $48 per year that compounds over a long holding period. On income, FMAG currently yields 0.08% against 1.01% for SPY.
Holdings Overlap
FMAG and SPY share 46 holdings out of 509 unique holdings combined, representing a 37.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FMAG or SPY?
FMAG has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $48 per year of difference.
Which performed better, FMAG or SPY?
Over the past year FMAG returned +5.36% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), FMAG annualized +11.86% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, FMAG or SPY?
FMAG has been the more volatile fund at 18.1% annualized versus 15.3% for SPY. Worst drawdown: FMAG -32.9% vs SPY -56.5%.
Should I hold both FMAG and SPY?
FMAG and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FMAG and SPY?
FMAG and SPY share 46 common holdings with a 37.2% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, FMAG or SPY?
FMAG yields 0.08% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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