FSPGX vs SPY
Fidelity Large Cap Growth Index Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, FSPGX or SPY?
Large Cap Growth against Large Cap Blend.
FSPGX has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 56.8%.
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 | FSPGX | SPY |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.09% |
| AUM | $44.3B | $777.9B |
| Dividend Yield | 0.39% | 1.00% |
| Holdings | 372 | 1,011 |
| YTD Price Return | -3.01% | +9.77%Best |
| 1Y Price Return | -5.19% | +10.05%Best |
| 3Y Price Return (annualized) | +17.68% | +19.49%Best |
| 5Y Price Return (annualized) | +8.56% | +10.10%Best |
| Volatility (annualized) | 18.8% | 15.6%Best |
| Max Drawdown | -34.5% | -25.4%Best |
| $10,000 over 5 years | $15,078 | $16,178Best |
| Top 10 Weight | 56.8% | 38.9%Best |
| Fund Family | Fidelity Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Jun 7, 2016 | Jan 22, 1993 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FSPGX. Both funds are measured the same way, so the comparison holds. FSPGX yields 0.39% and SPY 1.00% on top.
Volatility and max drawdown are measured over the window both funds cover: Nov 11, 2021 to Nov 10, 2026 (5 years).
FSPGX 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.
FSPGX vs SPY Performance
Fidelity Large Cap Growth Index Fund (FSPGX) 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 FSPGX returned -5.19% while SPY returned +10.05%. Year to date, FSPGX is down 3.01% versus a gain of 9.77% for SPY.
Over three years, FSPGX compounded at +17.68% per year against +19.49% for SPY; over five years the annualized figures are +8.56% and +10.10% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FSPGX has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 15.6% 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 -34.5% for FSPGX 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FSPGX charges 0.04% per year while SPY charges 0.09%. On a $10,000 position that is $4 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FSPGX currently yields 0.39% against 1.00% for SPY.
Structure and taxes
FSPGX 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
94.1% of FSPGX's money is in holdings SPY also owns. 67.7% of SPY's money is in holdings FSPGX also owns.
Most of FSPGX is already inside SPY. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, FSPGX as of Aug 31, 2026 and SPY as of Oct 16, 2026, so some of the difference between them is the time between the two reports rather than the funds.
179 positions in common, counted across the 367 positions we hold weights for in FSPGX and 504 in SPY, against full books of 372 and 1,011.
What only one of them owns
Our book lists 320 positions for SPY that do not appear in our book for FSPGX (32.0% of the fund), and 130 for FSPGX that do not appear in SPY (5.3%).
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 FSPGX | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 15.45% | 8.05% | 7.40% |
| AAPLApple Inc | 7.45% | 7.53% | 0.08% |
| MSFTMicrosoft Corp | 5.65% | 5.96% | 0.31% |
| GOOGLAlphabet Inc | 5.93% | 3.07% | 2.86% |
| AVGOBroadcom Inc | 5.17% | 2.48% | 2.69% |
| GOOGAlphabet Inc. C | 4.79% | 2.46% | 2.33% |
| METAMeta Platforms Inc | 3.09% | 2.45% | 0.64% |
| MUMicron Technology, Inc. | 3.24% | 1.55% | 1.69% |
| TSLATesla Inc | 3.23% | 1.56% | 1.67% |
| AMZNAmazon.Com Inc | 0.63% | 3.75% | 3.12% |
94.1% of FSPGX 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, FSPGX or SPY?
FSPGX has an expense ratio of 0.04% while SPY charges 0.09%. FSPGX is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, FSPGX or SPY?
Over the past year FSPGX returned -5.19% vs +10.05% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSPGX or SPY?
FSPGX has been the more volatile fund at 18.8% annualized versus 15.6% for SPY. Worst drawdown: FSPGX -34.5% vs SPY -25.4%.
Should I hold both FSPGX and SPY?
FSPGX and SPY have a monthly-return correlation of 0.91, 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 FSPGX and SPY?
94.1% of FSPGX's money is in holdings SPY also owns. 67.7% of SPY's is in holdings FSPGX also owns. They hold 179 positions in common, counted across the 367 positions we hold weights for in FSPGX and 504 in SPY.
Which pays a higher dividend, FSPGX or SPY?
FSPGX yields 0.39% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is it better to hold FSPGX or SPY in a taxable account?
SPY is an ETF and FSPGX 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 FSPGX?
FSPGX has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPY is less concentrated, with 38.9% of the fund in its ten largest positions against 56.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.