FNCL vs SPY
Fidelity MSCI Financials Index ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FNCL or SPY?
Large Cap Value against Large Cap Blend.
FNCL has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 48.5%.
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 | FNCL | SPY |
|---|---|---|
| Expense Ratio | 0.08%Best | 0.09% |
| AUM | $2.4B | $811.2B |
| Dividend Yield | 1.53% | 0.98% |
| Holdings | 387 | 1,515 |
| YTD Return | -1.31% | +13.54%Best |
| 1Y Return | +2.18% | +16.25%Best |
| 3Y Return (annualized) | +20.85% | +23.72%Best |
| 5Y Return (annualized) | +9.05% | +13.95%Best |
| Volatility (annualized) | 18.6% | 14.5%Best |
| Max Drawdown | -45.0% | -34.1%Best |
| $10,000 over 5 years | $15,422 | $19,212Best |
| Top 10 Weight | 48.5% | 38.2%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Oct 21, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 24, 2013 to Oct 2, 2026 (12.9 years).
FNCL 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 12.9 years both funds cover.
FNCL vs SPY Performance
Fidelity MSCI Financials Index ETF (FNCL) 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 FNCL returned +2.18% while SPY returned +16.25%. Year to date, FNCL is down 1.31% versus a gain of 13.54% for SPY.
Over three years, FNCL compounded at +20.85% per year against +23.72% for SPY; over five years the annualized figures are +9.05% and +13.95% respectively. Across the full 13-year window we track, SPY has the edge at +12.79% annualized vs +9.90%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNCL has been the more volatile fund, with annualized monthly volatility of 18.6% compared with 14.5% 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 -45.0% for FNCL and -34.1% 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FNCL charges 0.08% per year while SPY charges 0.09%. On a $10,000 position that is $8 vs $9 annually, a gap of $1 per year that compounds over a long holding period. On income, FNCL currently yields 1.53% against 0.98% for SPY.
Holdings Overlap
85.3% of FNCL's money is in holdings SPY also owns. 12.1% of SPY's money is in holdings FNCL also owns.
Most of FNCL is already inside SPY. Owning both mostly buys the same companies twice.
74 positions in common, counted across the 369 positions we hold weights for in FNCL and 504 in SPY, against full books of 387 and 1,515.
What only one of them owns
Our book lists 424 positions for SPY that do not appear in our book for FNCL (87.2% of the fund), and 279 for FNCL that do not appear in SPY (13.0%).
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 FNCL | Weight in SPY | Difference |
|---|---|---|---|
| JPMJpmorgan Chase | 10.38% | 1.43% | 8.95% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 8.10% | 1.44% | 6.66% |
| VVisa Inc Class A | 6.95% | 0.95% | 6.00% |
| MAMastercard Inc | 5.20% | 0.71% | 4.49% |
| BACBank Of America Corp. | 4.31% | 0.59% | 3.72% |
| GSGoldman Sachs Group Inc/The | 3.25% | 0.44% | 2.81% |
| WFCWells Fargo & Co. | 3.00% | 0.41% | 2.59% |
| MSMorgan Stanley | 2.72% | 0.38% | 2.34% |
| CCitigroup Inc. | 2.59% | 0.35% | 2.24% |
| SCHWSchwab Strategic T | 1.98% | 0.27% | 1.71% |
85.3% of FNCL 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, FNCL or SPY?
FNCL has an expense ratio of 0.08% while SPY charges 0.09%. FNCL is the cheaper option, by $1 a year on a $10,000 investment.
Which performed better, FNCL or SPY?
Over the past year FNCL returned +2.18% vs +16.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (13 years), FNCL annualized +9.90% vs +12.79% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNCL or SPY?
FNCL has been the more volatile fund at 18.6% annualized versus 14.5% for SPY. Worst drawdown: FNCL -45.0% vs SPY -34.1%.
Should I hold both FNCL and SPY?
FNCL and SPY have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FNCL and SPY?
85.3% of FNCL's money is in holdings SPY also owns. 12.1% of SPY's is in holdings FNCL also owns. They hold 74 positions in common, counted across the 369 positions we hold weights for in FNCL and 504 in SPY.
Which pays a higher dividend, FNCL or SPY?
FNCL yields 1.53% while SPY yields 0.98%, so FNCL currently pays the higher dividend yield.
Is SPY better than FNCL?
FNCL has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 48.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.