FPX vs SPY
First Trust US Equity Opportunities ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FPX or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. FPX led over 3Y and the full window, SPY over 1Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.9%.
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 | FPX | SPY |
|---|---|---|
| Expense Ratio | 0.57% | 0.09%Best |
| AUM | $1.5B | $804.7B |
| Dividend Yield | 0.47% | 0.98% |
| Holdings | 204 | 505 |
| YTD Return | +9.39% | +12.47%Best |
| 1Y Return | +14.28% | +17.51%Best |
| 3Y Return (annualized) | +27.64%Best | +21.18% |
| 5Y Return (annualized) | +7.69% | +12.88%Best |
| Volatility (annualized) | 20.5% | 15.2%Best |
| Max Drawdown | -56.4%Best | -56.5% |
| $10,000 over 5 years | $14,484 | $18,327Best |
| Top 10 Weight | 42.9% | 38.0%Best |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Apr 12, 2006 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 13, 2006 to Sep 11, 2026 (20.4 years).
FPX 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 20.4 years both funds cover.
FPX vs SPY Performance
First Trust US Equity Opportunities ETF (FPX) is an ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FPX returned +14.28% while SPY returned +17.51%. Year to date, FPX is up 9.39% versus a gain of 12.47% for SPY.
Over three years, FPX compounded at +27.64% per year against +21.18% for SPY; over five years the annualized figures are +7.69% and +12.88% respectively. Across the full 20-year window we track, FPX has the edge at +11.47% annualized vs +9.52%.
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 15.2% 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 -56.4% for FPX and -56.5% 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 0.86. 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 0.47% against 0.98% for SPY.
Holdings Overlap
49.9% of FPX's money is in holdings SPY also owns. 3.9% of SPY's money is in holdings FPX also owns.
The two portfolios partly overlap.
20 positions in common, counted across the 100 positions we hold weights for in FPX and 504 in SPY, against full books of 204 and 505.
What only one of them owns
Our book lists 474 positions for SPY that do not appear in our book for FPX (95.6% of the fund), and 74 for FPX that do not appear in SPY (46.1%).
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 FPX | Weight in SPY | Difference |
|---|---|---|---|
| GEVGE Vernova, LLC | 9.77% | 0.41% | 9.36% |
| SNDKSandisk Corporation | 8.16% | 0.32% | 7.84% |
| STXSeagate Technology Plc | 6.15% | 0.28% | 5.87% |
| LLYEli Lilly & Co. | 3.60% | 1.33% | 2.27% |
| WBDWarner Bros. Discovery, Inc | 3.16% | 0.10% | 3.06% |
| LITELumentum Holdings Inc | 3.14% | 0.10% | 3.04% |
| DASHDoordash Inc | 2.23% | 0.12% | 2.11% |
| GSGoldman Sachs Group Inc. | 1.85% | 0.47% | 1.38% |
| FDXFedex Corp. | 2.13% | 0.10% | 2.03% |
| APPAppLovin Corp. Com Cl A | 1.62% | 0.17% | 1.45% |
49.9% of FPX 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, FPX or SPY?
FPX 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, FPX or SPY?
Over the past year FPX returned +14.28% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), FPX annualized +11.47% vs +9.52% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FPX or SPY?
FPX has been the more volatile fund at 20.5% annualized versus 15.2% 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 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 FPX and SPY?
49.9% of FPX's money is in holdings SPY also owns. 3.9% of SPY's is in holdings FPX also owns. They hold 20 positions in common, counted across the 100 positions we hold weights for in FPX and 504 in SPY.
Which pays a higher dividend, FPX or SPY?
FPX yields 0.47% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than FPX?
SPY has a lower expense ratio. FPX led over 3Y and the full window, SPY over 1Y and 5Y. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 42.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.