FPRO vs SPY
Fidelity Real Estate Investment ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FPRO or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.6%.
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 | FPRO | SPY |
|---|---|---|
| Expense Ratio | 0.57% | 0.09%Best |
| AUM | $17M | $814.4B |
| Dividend Yield | 2.45% | 1.01% |
| Holdings | 44 | 505 |
| YTD Return | +11.74% | +13.78%Best |
| 1Y Return | +10.28% | +21.44%Best |
| 3Y Return (annualized) | +9.55% | +21.38%Best |
| 5Y Return (annualized) | +1.21% | +12.80%Best |
| Volatility (annualized) | 18.6% | 15.2%Best |
| Max Drawdown | -32.8% | -24.5%Best |
| $10,000 over 5 years | $10,620 | $18,262Best |
| Top 10 Weight | 58.6% | 38.0%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Feb 2, 2021 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 4, 2021 to Sep 3, 2026 (5.6 years).
FPRO 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 5.6 years both funds cover.
FPRO vs SPY Performance
Fidelity Real Estate Investment ETF (FPRO) 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 FPRO returned +10.28% while SPY returned +21.44%. Year to date, FPRO is up 11.74% versus a gain of 13.78% for SPY.
Over three years, FPRO compounded at +9.55% per year against +21.38% for SPY; over five years the annualized figures are +1.21% and +12.80% respectively. Across the full 6-year window we track, SPY has the edge at +14.77% annualized vs +6.11%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FPRO has been the more volatile fund, with annualized monthly volatility of 18.6% compared with 15.2% 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 -32.8% for FPRO 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 0.78. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FPRO charges 0.57% per year while SPY charges 0.09%. On a $10,000 position that is $57 vs $9 annually, a gap of $48 per year that compounds over a long holding period. On income, FPRO currently yields 2.45% against 1.01% for SPY.
Holdings Overlap
77.5% of FPRO's money is in holdings SPY also owns. 1.6% of SPY's money is in holdings FPRO also owns.
Most of FPRO is already inside SPY. Owning both mostly buys the same companies twice.
21 positions in common, counted across the 43 positions we hold weights for in FPRO and 504 in SPY, against full books of 44 and 505.
What only one of them owns
Measured across the 43 and 504 positions we hold weights for.
SPY holds 475 positions FPRO does not, 97.9% of the fund.
Largest: NVDA 7.71%, AAPL 6.83%, MSFT 5.50%, AMZN 4.08%, GOOGL 3.33%
Top Shared Holdings
| Stock | Weight in FPRO | Weight in SPY | Difference |
|---|---|---|---|
| PLDPrologis Inc | 9.36% | 0.19% | 9.17% |
| EQIXEquinix Inc. Real Estate Investment Trust | 9.32% | 0.16% | 9.16% |
| AMTAmerican Tower Corporation | 8.41% | 0.12% | 8.29% |
| WELLWelltower, Inc. | 8.12% | 0.25% | 7.87% |
| SPGSimon Property Group Inc | 5.15% | 0.11% | 5.04% |
| DLRDigital Realty Trust Inc. | 4.31% | 0.10% | 4.21% |
| KIMKimco Realty Corp | 3.88% | 0.03% | 3.85% |
| UDRUdr Inc. | 3.59% | 0.02% | 3.57% |
| CBRECBRE group | 3.32% | 0.07% | 3.25% |
| VTRVentas Inc . | 3.13% | 0.07% | 3.06% |
77.5% of FPRO 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, FPRO or SPY?
FPRO has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option, by $48 a year on a $10,000 investment.
Which performed better, FPRO or SPY?
Over the past year FPRO returned +10.28% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), FPRO annualized +6.11% vs +14.77% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FPRO or SPY?
FPRO has been the more volatile fund at 18.6% annualized versus 15.2% for SPY. Worst drawdown: FPRO -32.8% vs SPY -24.5%.
Should I hold both FPRO and SPY?
FPRO and SPY have a monthly-return correlation of 0.78, 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 FPRO and SPY?
77.5% of FPRO's money is in holdings SPY also owns. 1.6% of SPY's is in holdings FPRO also owns. They hold 21 positions in common, counted across the 43 positions we hold weights for in FPRO and 504 in SPY.
Which pays a higher dividend, FPRO or SPY?
FPRO yields 2.45% while SPY yields 1.01%, so FPRO currently pays the higher dividend yield.
Is SPY better than FPRO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 58.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.