FNILX vs SPY
Fidelity ZERO Large Cap Index Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FNILX or SPY?
Large Cap Growth against Large Cap Blend.
FNILX has a lower expense ratio. FNILX led over 1Y, 3Y and 5Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.95. FNILX is less concentrated, with 35.6% of the fund in its ten largest positions against 37.8%.
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 | FNILX | SPY |
|---|---|---|
| Expense Ratio | 0.00%Best | 0.09% |
| AUM | - | $804.7B |
| Dividend Yield | 0.90% | 0.98% |
| Holdings | 508 | 505 |
| YTD Price Return | +11.25%Best | +10.38% |
| 1Y Price Return | +14.38%Best | +14.25% |
| 3Y Price Return (annualized) | +19.83%Best | +19.38% |
| 5Y Price Return (annualized) | +11.31%Best | +11.02% |
| Volatility (annualized) | 15.3%Best | 15.8% |
| Max Drawdown | -26.6% | -25.4%Best |
| $10,000 over 5 years | $17,087Best | $16,866 |
| Top 10 Weight | 35.6%Best | 37.8% |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Sep 13, 2018 | Jan 22, 1993 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FNILX. Both funds are measured the same way, so the comparison holds. FNILX yields 0.90% and SPY 0.98% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 17, 2021 to Sep 15, 2026 (5 years).
FNILX 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.
FNILX vs SPY Performance
Fidelity ZERO Large Cap Index Fund (FNILX) 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 FNILX returned +14.38% while SPY returned +14.25%. Year to date, FNILX is up 11.25% versus a gain of 10.38% for SPY.
Over three years, FNILX compounded at +19.83% per year against +19.38% for SPY; over five years the annualized figures are +11.31% and +11.02% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.8% compared with 15.3% for FNILX. 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 -26.6% for FNILX 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 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FNILX charges 0.00% per year while SPY charges 0.09%. On a $10,000 position that is $0 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, FNILX currently yields 0.90% against 0.98% for SPY.
Structure and taxes
FNILX 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
96.7% of FNILX's money is in holdings SPY also owns. 98.2% of SPY's money is in holdings FNILX also owns.
Most of SPY is already inside FNILX. Owning both mostly buys the same companies twice.
The two holdings books were reported 63 days apart, FNILX as of Jun 30, 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.
435 positions in common, counted across the 506 positions we hold weights for in FNILX and 504 in SPY, against full books of 508 and 505.
What only one of them owns
Our book lists 66 positions for SPY that do not appear in our book for FNILX (1.3% of the fund), and 58 for FNILX that do not appear in SPY (2.8%).
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 FNILX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.39% | 8.01% | 0.62% |
| AAPLApple, Inc | 6.46% | 7.26% | 0.80% |
| MSFTMicrosoft Corp | 4.21% | 5.66% | 1.45% |
| AMZNAmazon.Com Inc | 3.54% | 3.79% | 0.25% |
| GOOGLAlphabet Inc,class A | 3.16% | 2.99% | 0.17% |
| AVGOBroadcom Inc | 2.72% | 2.66% | 0.06% |
| GOOGAlphabet Inc | 2.51% | 2.39% | 0.12% |
| METAMeta Platforms Inc | 1.87% | 1.93% | 0.06% |
| MUMicron Technology, Inc. | 1.98% | 1.60% | 0.38% |
| TSLATesla Inc | 1.80% | 1.52% | 0.28% |
98.2% of SPY is already inside FNILX.
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, FNILX or SPY?
FNILX has an expense ratio of 0.00% while SPY charges 0.09%. FNILX is the cheaper option, by $9 a year on a $10,000 investment.
Which performed better, FNILX or SPY?
Over the past year FNILX returned +14.38% vs +14.25% for SPY, so FNILX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNILX or SPY?
SPY has been the more volatile fund at 15.8% annualized versus 15.3% for FNILX. Worst drawdown: FNILX -26.6% vs SPY -25.4%.
Should I hold both FNILX and SPY?
FNILX and SPY have a monthly-return correlation of 0.95, 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 FNILX and SPY?
98.2% of SPY's money is in holdings FNILX also owns. 98.2% of SPY's is in holdings FNILX also owns. They hold 435 positions in common, counted across the 506 positions we hold weights for in FNILX and 504 in SPY.
Which pays a higher dividend, FNILX or SPY?
FNILX yields 0.90% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is it better to hold FNILX or SPY in a taxable account?
SPY is an ETF and FNILX 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 FNILX?
FNILX has a lower expense ratio. FNILX led over 1Y, 3Y and 5Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.95. FNILX is less concentrated, with 35.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.