FVAL vs SPY

FVAL vs SPY

Which is better, FVAL or SPY?

Large Cap Value against Large Cap Blend.

SPY has a lower expense ratio. FVAL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.1%.

Lower Fees: SPYHigher Returns: splitLess Concentrated: SPY

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

MetricFVALSPY
Expense Ratio0.15%0.09%Best
AUM$1.3B$804.7B
Dividend Yield1.56%0.98%
Holdings130505
YTD Return+13.69%Best+12.09%
1Y Return+20.68%Best+16.29%
3Y Return (annualized)+20.20%+21.20%Best
5Y Return (annualized)+13.11%+13.37%Best
Volatility (annualized)16.3%15.4%Best
Max Drawdown-37.7%-34.1%Best
$10,000 over 5 years$18,514$18,728Best
Top 10 Weight42.1%37.8%Best
Fund FamilyFidelity Investments (US)State Street Investment Management
CategoryEquityEquity
StyleLarge Cap ValueLarge Cap Blend
InceptionSep 12, 2016Jan 22, 1993

Volatility and max drawdown are measured over the window both funds cover: Sep 15, 2016 to Sep 18, 2026 (10 years).

FVAL 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 10 years both funds cover.

FVAL vs SPY Performance

Fidelity Value Factor ETF (FVAL) 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 FVAL returned +20.68% while SPY returned +16.29%. Year to date, FVAL is up 13.69% versus a gain of 12.09% for SPY.

Over three years, FVAL compounded at +20.20% per year against +21.20% for SPY; over five years the annualized figures are +13.11% and +13.37% respectively. Across the full 10-year window we track, SPY has the edge at +14.30% annualized vs +13.52%.

Past performance does not guarantee future results.

Risk: Volatility and Drawdowns

FVAL has been the more volatile fund, with annualized monthly volatility of 16.3% compared with 15.4% 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 -37.7% for FVAL and -34.1% 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.

Fees and Cost Over Time

FVAL charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FVAL currently yields 1.56% against 0.98% for SPY.

Holdings Overlap

FVAL already in SPY85.1%
SPY already in FVAL56.3%

85.1% of FVAL's money is in holdings SPY also owns. 56.3% of SPY's money is in holdings FVAL also owns.

Most of FVAL is already inside SPY. Owning both mostly buys the same companies twice.

106 positions in common, counted across the 132 positions we hold weights for in FVAL and 504 in SPY, against full books of 130 and 505.

What only one of them owns

Our book lists 392 positions for SPY that do not appear in our book for FVAL (43.2% of the fund), and 23 for FVAL that do not appear in SPY (13.2%).

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

StockWeight in FVALWeight in SPYDifference
NVDANvidia Corp7.72%8.01%0.29%
AAPLApple, Inc6.86%7.26%0.40%
MSFTMicrosoft Corp5.63%5.66%0.03%
GOOGLAlphabet Inc,class A4.72%2.99%1.73%
AMZNAmazon.Com Inc3.45%3.79%0.34%
AVGOBroadcom Inc2.98%2.66%0.32%
MUMicron Technology, Inc.2.26%1.60%0.66%
METAMeta Platforms Inc1.80%1.93%0.13%
BRK.BBerkshire Hathaway Inc Brk/B Us Equity1.80%1.40%0.40%
TSLATesla Inc1.50%1.52%0.02%

85.1% of FVAL 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.

FVALSPY

Free for up to 10 holdings. No account needed.

Frequently Asked Questions

Which is cheaper, FVAL or SPY?

FVAL has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.

Which performed better, FVAL or SPY?

Over the past year FVAL returned +20.68% vs +16.29% for SPY, so FVAL leads on 1-year performance. Over the longest common window we track (10 years), FVAL annualized +13.52% vs +14.30% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.

Which is riskier, FVAL or SPY?

FVAL has been the more volatile fund at 16.3% annualized versus 15.4% for SPY. Worst drawdown: FVAL -37.7% vs SPY -34.1%.

Should I hold both FVAL and SPY?

FVAL and SPY have a monthly-return correlation of 0.97, 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 FVAL and SPY?

85.1% of FVAL's money is in holdings SPY also owns. 56.3% of SPY's is in holdings FVAL also owns. They hold 106 positions in common, counted across the 132 positions we hold weights for in FVAL and 504 in SPY.

Which pays a higher dividend, FVAL or SPY?

FVAL yields 1.56% while SPY yields 0.98%, so FVAL currently pays the higher dividend yield.

Is SPY better than FVAL?

SPY has a lower expense ratio. FVAL led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.