FPX vs SPY
First Trust US Equity Opportunities ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FPX delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FPX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.57% | 0.09% | |
| AUM | $1.5B | $821.1B | |
| Dividend Yield | 0.48% | 1.01% | |
| Holdings | 102 | 505 | |
| YTD Return | +11.65% | +13.17% | |
| 1Y Return | +25.73% | +21.53% | |
| 3Y Return (annualized) | +30.22% | +22.06% | |
| 5Y Return (annualized) | +8.75% | +13.35% | |
| Volatility (annualized) | 20.5% | 15.3% | |
| Max Drawdown | -56.4% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 12, 2006 | Jan 22, 1993 |
FPX vs SPY Performance
First Trust US Equity Opportunities ETF (FPX) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FPX returned +25.73% while SPY returned +21.53%. Year to date, FPX is up 11.65% versus a gain of 13.17% for SPY.
Over three years, FPX compounded at +30.22% per year against +22.06% for SPY; over five years the annualized figures are +8.75% and +13.35% respectively. Across the full 20-year window we track, FPX has the edge at +11.62% annualized vs +8.82%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FPX has been the more volatile fund, with annualized monthly volatility of 20.5% compared with 15.3% 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 -56.4% for FPX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FPX 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, FPX currently yields 0.48% against 1.01% for SPY.
Holdings Overlap
FPX and SPY share 20 holdings out of 584 unique holdings combined, representing a 3.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FPX or SPY?
FPX has an expense ratio of 0.57% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $48 per year of difference.
Which performed better, FPX or SPY?
Over the past year FPX returned +25.73% vs +21.53% for SPY, so FPX leads on 1-year performance. Over the longest common window we track (20 years), FPX annualized +11.62% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, FPX or SPY?
FPX has been the more volatile fund at 20.5% annualized versus 15.3% for SPY. Worst drawdown: FPX -56.4% vs SPY -56.5%.
Should I hold both FPX and SPY?
FPX and SPY have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FPX and SPY?
FPX and SPY share 20 common holdings with a 3.9% weight overlap. Combined, they hold 584 unique securities.
Which pays a higher dividend, FPX or SPY?
FPX yields 0.48% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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