FMCX vs SPY
FM Focus Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FMCX or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 54.3%.
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 | FMCX | SPY |
|---|---|---|
| Expense Ratio | 0.72% | 0.09%Best |
| AUM | $120M | $814.4B |
| Dividend Yield | 0.29% | 1.01% |
| Holdings | 32 | 505 |
| YTD Return | +6.59% | +12.71%Best |
| 1Y Return | +7.55% | +19.36%Best |
| 3Y Return (annualized) | +14.47% | +21.09%Best |
| 5Y Return (annualized) | - | +12.69% |
| Volatility (annualized) | 15.5% | 15.1%Best |
| Max Drawdown | -18.5%Best | -18.8% |
| $10,000 over 4.4 years | $15,095 | $19,018Best |
| Top 10 Weight | 54.3% | 38.0%Best |
| Fund Family | First Manhattan | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 4.4 years row, are measured over the window both funds cover: Apr 25, 2022 to Sep 8, 2026 (4.4 years).
FMCX 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 4.4 years both funds cover.
FMCX vs SPY Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FMCX returned +7.55% while SPY returned +19.36%. Year to date, FMCX is up 6.59% versus a gain of 12.71% for SPY.
Over three years, FMCX compounded at +14.47% per year against +21.09% for SPY. Across the full 4-year window we track, SPY has the edge at +15.73% annualized vs +9.81%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 15.1% 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 -18.8% 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 0.96. 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
81.7% of FMCX's money is in holdings SPY also owns. 34.9% of SPY's money is in holdings FMCX also owns.
Most of FMCX is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 65 days apart, FMCX as of May 31, 2026 and SPY as of Aug 4, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 32 positions we hold weights for in FMCX and 503 in SPY, against full books of 32 and 505.
What only one of them owns
Our book lists 466 positions for SPY that do not appear in our book for FMCX (64.6% of the fund), and 3 for FMCX that do not appear in SPY (15.1%).
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 FMCX | Weight in SPY | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.63% | 5.50% | 1.13% |
| NVDANvidia Corp. | 1.93% | 7.71% | 5.78% |
| AMZNAmazon.Com Inc | 4.87% | 4.08% | 0.79% |
| AVGOBroadcom Inc | 3.83% | 2.97% | 0.86% |
| GEGeneral Electric Co. | 5.69% | 0.59% | 5.10% |
| INTCIntel Corp. | 5.38% | 0.72% | 4.66% |
| KKRKkr & Co., Inc., Series A, Pfd. | 5.21% | 0.11% | 5.10% |
| HONHoneywell International Inc. | 4.41% | 0.12% | 4.29% |
| GOOGAlphabet, Inc., Class C | 1.61% | 2.67% | 1.06% |
| GOOGL Alphabet Inc. Class A | 0.53% | 3.33% | 2.80% |
81.7% of FMCX 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, FMCX or SPY?
FMCX has an expense ratio of 0.72% while SPY charges 0.09%. SPY is the cheaper option, by $63 a year on a $10,000 investment.
Which performed better, FMCX or SPY?
Over the past year FMCX returned +7.55% vs +19.36% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), FMCX annualized +9.81% vs +15.73% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or SPY?
FMCX has been the more volatile fund at 15.5% annualized versus 15.1% for SPY. Worst drawdown: FMCX -18.5% vs SPY -18.8%.
Should I hold both FMCX and SPY?
FMCX and SPY have a monthly-return correlation of 0.96, 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 FMCX and SPY?
81.7% of FMCX's money is in holdings SPY also owns. 34.9% of SPY's is in holdings FMCX also owns. They hold 27 positions in common, counted across the 32 positions we hold weights for in FMCX and 503 in SPY.
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.
Is SPY better than FMCX?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.