FNCMX vs SPY
Fidelity NASDAQ Composite Index vs State Street SPDR S&P 500 ETF Trust
Which is better, FNCMX or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. FNCMX led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.4%.
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 | FNCMX | SPY |
|---|---|---|
| Expense Ratio | 0.29% | 0.09%Best |
| AUM | - | $804.7B |
| Dividend Yield | 0.45% | 0.98% |
| Holdings | 2,946 | 505 |
| YTD Price Return | +14.59%Best | +13.22% |
| 1Y Price Return | +18.06%Best | +15.99% |
| 3Y Price Return (annualized) | +24.83%Best | +21.59% |
| 5Y Price Return (annualized) | +12.50%Best | +12.27% |
| Volatility (annualized) | 19.9% | 15.8%Best |
| Max Drawdown | -36.8% | -25.4%Best |
| $10,000 over 5 years | $18,020Best | $17,837 |
| Top 10 Weight | 56.4% | 37.8%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Sep 25, 2003 | Jan 22, 1993 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FNCMX. Both funds are measured the same way, so the comparison holds. FNCMX yields 0.45% and SPY 0.98% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 22, 2021 to Sep 18, 2026 (5 years).
FNCMX 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 years both funds cover. Prices exclude distributions, on both funds alike.
FNCMX vs SPY Performance
Fidelity NASDAQ Composite Index (FNCMX) is a mutual fund 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 FNCMX returned +18.06% while SPY returned +15.99%. Year to date, FNCMX is up 14.59% versus a gain of 13.22% for SPY.
Over three years, FNCMX compounded at +24.83% per year against +21.59% for SPY; over five years the annualized figures are +12.50% and +12.27% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNCMX has been the more volatile fund, with annualized monthly volatility of 19.9% compared with 15.8% 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 -36.8% for FNCMX and -25.4% 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FNCMX charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, FNCMX currently yields 0.45% against 0.98% for SPY.
Structure and taxes
FNCMX is a mutual fund and SPY is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
81.8% of FNCMX's money is in holdings SPY also owns. 53.6% of SPY's money is in holdings FNCMX also owns.
Most of FNCMX is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 185 days apart, FNCMX as of Feb 28, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
159 positions in common, counted across the 2,830 positions we hold weights for in FNCMX and 504 in SPY, against full books of 2,946 and 505.
What only one of them owns
Our book lists 340 positions for SPY that do not appear in our book for FNCMX (45.8% of the fund), and 507 for FNCMX that do not appear in SPY (12.3%).
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 FNCMX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 11.20% | 8.01% | 3.19% |
| AAPLApple, Inc | 10.15% | 7.26% | 2.89% |
| MSFTMicrosoft Corp | 7.59% | 5.66% | 1.93% |
| AMZNAmazon.Com Inc | 5.84% | 3.79% | 2.05% |
| GOOGAlphabet Inc | 4.72% | 2.39% | 2.33% |
| AVGOBroadcom Inc | 3.92% | 2.66% | 1.26% |
| METAMeta Platforms Inc | 3.67% | 1.93% | 1.74% |
| TSLATesla Inc | 3.93% | 1.52% | 2.41% |
| WMTWalmart, Inc. | 2.65% | 0.71% | 1.94% |
| MUMicron Technology, Inc. | 1.20% | 1.60% | 0.40% |
81.8% of FNCMX 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, FNCMX or SPY?
FNCMX has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, FNCMX or SPY?
Over the past year FNCMX returned +18.06% vs +15.99% for SPY, so FNCMX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNCMX or SPY?
FNCMX has been the more volatile fund at 19.9% annualized versus 15.8% for SPY. Worst drawdown: FNCMX -36.8% vs SPY -25.4%.
Should I hold both FNCMX and SPY?
FNCMX and SPY have a monthly-return correlation of 0.93, 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 FNCMX and SPY?
81.8% of FNCMX's money is in holdings SPY also owns. 53.6% of SPY's is in holdings FNCMX also owns. They hold 159 positions in common, counted across the 2,830 positions we hold weights for in FNCMX and 504 in SPY.
Which pays a higher dividend, FNCMX or SPY?
FNCMX yields 0.45% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is it better to hold FNCMX or SPY in a taxable account?
SPY is an ETF and FNCMX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is SPY better than FNCMX?
SPY has a lower expense ratio. FNCMX led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 56.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.