FMCX vs SPY
FM Focus Equity 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 | FMCX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.72% | 0.09% | |
| AUM | $122M | $821.1B | |
| Dividend Yield | 0.29% | 1.01% | |
| Holdings | 32 | 505 | |
| YTD Return | +7.05% | +12.93% | |
| 1Y Return | +9.20% | +20.62% | |
| 3Y Return (annualized) | +15.27% | +22.00% | |
| 5Y Return (annualized) | - | +13.33% | |
| Volatility (annualized) | 15.7% | 15.3% | |
| Max Drawdown | -18.5% | -56.5% | |
| Fund Family | First Manhattan | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 22, 2022 | Jan 22, 1993 |
FMCX vs SPY Performance
FM Focus Equity ETF (FMCX) is a ETF from First Manhattan and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FMCX returned +9.20% while SPY returned +20.62%. Year to date, FMCX is up 7.05% versus a gain of 12.93% for SPY.
Over three years, FMCX compounded at +15.27% per year against +22.00% for SPY. Across the full 4-year window we track, FMCX has the edge at +10.06% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 15.7% 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 -18.5% for FMCX 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMCX charges 0.72% per year while SPY charges 0.09%. On a $10,000 position that is $72 vs $9 annually, a gap of $63 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 1.01% for SPY.
Holdings Overlap
FMCX and SPY share 27 holdings out of 509 unique holdings combined, representing a 25.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FMCX or SPY?
FMCX has an expense ratio of 0.72% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $63 per year of difference.
Which performed better, FMCX or SPY?
Over the past year FMCX returned +9.20% vs +20.62% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), FMCX annualized +10.06% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, FMCX or SPY?
FMCX has been the more volatile fund at 15.7% annualized versus 15.3% for SPY. Worst drawdown: FMCX -18.5% vs SPY -56.5%.
Should I hold both FMCX and SPY?
FMCX and SPY have a monthly-return correlation of 0.96, 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 FMCX and SPY?
FMCX and SPY share 27 common holdings with a 25.1% weight overlap. Combined, they hold 509 unique securities.
Which pays a higher dividend, FMCX or SPY?
FMCX yields 0.29% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.