FMNY vs SPY
First Trust New York Municipal High Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FMNY or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y 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 | FMNY | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $38M | $804.7B |
| Dividend Yield | 3.82% | 0.98% |
| Holdings | 112 | 505 |
| YTD Return | -2.32% | +11.52%Best |
| 1Y Return | -0.42% | +17.48%Best |
| 3Y Return (annualized) | +2.67% | +20.62%Best |
| 5Y Return (annualized) | -0.37% | +12.73%Best |
| Volatility (annualized) | 6.5%Best | 15.4% |
| Max Drawdown | -15.9%Best | -24.5% |
| $10,000 over 5 years | $9,816 | $18,205Best |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | May 12, 2021 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 13, 2021 to Sep 10, 2026 (5.3 years).
FMNY 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 5.3 years both funds cover.
FMNY vs SPY Performance
First Trust New York Municipal High Income ETF (FMNY) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FMNY returned -0.42% while SPY returned +17.48%. Year to date, FMNY is down 2.32% versus a gain of 11.52% for SPY.
Over three years, FMNY compounded at +2.67% per year against +20.62% for SPY; over five years the annualized figures are -0.37% and +12.73% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 6.5% for FMNY. 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 -15.9% for FMNY 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 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FMNY charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, FMNY currently yields 3.82% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 51 holdings in FMNY and 504 in SPY, totalling 40.5% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 51 positions we hold weights for in FMNY and 504 in SPY, against full books of 112 and 505.
You are not choosing between two funds in isolation.
Whichever of FMNY 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, FMNY or SPY?
FMNY has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, FMNY or SPY?
Over the past year FMNY returned -0.42% vs +17.48% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMNY or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 6.5% for FMNY. Worst drawdown: FMNY -15.9% vs SPY -24.5%.
Should I hold both FMNY and SPY?
FMNY and SPY have a monthly-return correlation of 0.65, 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, FMNY or SPY?
FMNY yields 3.82% while SPY yields 0.98%, so FMNY currently pays the higher dividend yield.
Is SPY better than FMNY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.