FMAG vs SPY
Fidelity Magellan ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FMAG or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%.
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 | FMAG | SPY |
|---|---|---|
| Expense Ratio | 0.57% | 0.09%Best |
| AUM | $246M | $814.4B |
| Dividend Yield | 0.08% | 1.01% |
| Holdings | 52 | 505 |
| YTD Return | +5.16% | +13.34%Best |
| 1Y Return | +2.81% | +19.97%Best |
| 3Y Return (annualized) | +17.25% | +21.20%Best |
| 5Y Return (annualized) | +8.54% | +12.81%Best |
| Volatility (annualized) | 17.9% | 15.2%Best |
| Max Drawdown | -32.9% | -24.5%Best |
| $10,000 over 5 years | $15,064 | $18,270Best |
| Top 10 Weight | 46.8% | 38.0%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large 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).
FMAG 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.
FMAG vs SPY Performance
Fidelity Magellan ETF (FMAG) 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 FMAG returned +2.81% while SPY returned +19.97%. Year to date, FMAG is up 5.16% versus a gain of 13.34% for SPY.
Over three years, FMAG compounded at +17.25% per year against +21.20% for SPY; over five years the annualized figures are +8.54% and +12.81% respectively. Across the full 6-year window we track, SPY has the edge at +14.68% annualized vs +11.09%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMAG has been the more volatile fund, with annualized monthly volatility of 17.9% 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 -32.9% for FMAG 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 0.94. 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
91.9% of FMAG's money is in holdings SPY also owns. 39.2% of SPY's money is in holdings FMAG also owns.
Most of FMAG is already inside SPY. Owning both mostly buys the same companies twice.
46 positions in common, counted across the 51 positions we hold weights for in FMAG and 504 in SPY, against full books of 52 and 505.
What only one of them owns
Our book lists 450 positions for SPY that do not appear in our book for FMAG (60.3% of the fund), and 1 for FMAG that do not appear in SPY (1.3%).
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 FMAG | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 10.69% | 7.71% | 2.98% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.46% | 5.50% | 1.04% |
| AMZNAmazon.Com Inc | 5.75% | 4.08% | 1.67% |
| AVGOBroadcom Inc | 4.83% | 2.97% | 1.86% |
| GOOGLAlphabet Inc.Class A | 3.98% | 3.33% | 0.65% |
| GOOGAlphabet Inc. C | 3.37% | 2.67% | 0.70% |
| METAMeta Platform Inc | 3.38% | 1.94% | 1.44% |
| AMDAdvanced Micro Devices Inc | 3.92% | 1.27% | 2.65% |
| KLACKla Corp | 3.54% | 0.38% | 3.16% |
| LRCXLam Research Corp | 2.85% | 0.60% | 2.25% |
91.9% of FMAG is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $48 a year on a $10,000 investment.
Which performed better, FMAG or SPY?
Over the past year FMAG returned +2.81% vs +19.97% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), FMAG annualized +11.09% vs +14.68% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMAG or SPY?
FMAG has been the more volatile fund at 17.9% annualized versus 15.2% for SPY. Worst drawdown: FMAG -32.9% vs SPY -24.5%.
Should I hold both FMAG and SPY?
FMAG and SPY have a monthly-return correlation of 0.94, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMAG and SPY?
91.9% of FMAG's money is in holdings SPY also owns. 39.2% of SPY's is in holdings FMAG also owns. They hold 46 positions in common, counted across the 51 positions we hold weights for in FMAG and 504 in SPY.
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.
Is SPY better than FMAG?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.