FLRN vs SPY
FLRN vs SPY
State Street SPDR Bloomberg Investment Grade Floating Rate ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FLRN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $3.1B | $789.1B | |
| Dividend Yield | 4.57% | 1.01% | |
| Holdings | 520 | 505 | |
| YTD Return | +2.12% | +13.10% | |
| 1Y Return | +4.12% | +22.80% | |
| 3Y Return (annualized) | +5.18% | +20.98% | |
| 5Y Return (annualized) | +4.15% | +13.20% | |
| Volatility (annualized) | 2.3% | 15.3% | |
| Max Drawdown | -20.1% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Nov 30, 2011 | Jan 22, 1993 |
FLRN vs SPY Performance
State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FLRN returned +4.12% while SPY returned +22.80%. Year to date, FLRN is up 2.12% versus a gain of 13.10% for SPY.
Over three years, FLRN compounded at +5.18% per year against +20.98% for SPY; over five years the annualized figures are +4.15% and +13.20% respectively. Across the full 15-year window we track, SPY has the edge at +8.83% annualized vs +1.54%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 2.3% for FLRN. 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 -20.1% for FLRN 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 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FLRN 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, FLRN currently yields 4.57% against 1.01% for SPY.
Holdings Overlap
FLRN and SPY share 1 holdings out of 814 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FLRN | Weight in SPY | Difference |
|---|---|---|---|
| GE | 0.09% | 0.61% | 0.52% |
Frequently Asked Questions
Which is cheaper, FLRN or SPY?
FLRN has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, FLRN or SPY?
Over the past year FLRN returned +4.12% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), FLRN annualized +1.54% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, FLRN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 2.3% for FLRN. Worst drawdown: FLRN -20.1% vs SPY -56.5%.
Should I hold both FLRN and SPY?
FLRN and SPY have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FLRN and SPY?
FLRN and SPY share 1 common holdings with a 0.1% weight overlap. Combined, they hold 814 unique securities.
Which pays a higher dividend, FLRN or SPY?
FLRN yields 4.57% while SPY yields 1.01%, so FLRN currently pays the higher dividend yield.
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