FMDE vs SPY
FMDE vs SPY
Fidelity Enhanced Mid Cap Core 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 | FMDE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.23% | 0.09% | |
| AUM | $7.4B | $789.1B | |
| Dividend Yield | 1.08% | 1.01% | |
| Holdings | 342 | 505 | |
| YTD Return | +15.77% | +13.50% | |
| 1Y Return | +22.20% | +23.56% | |
| 3Y Return (annualized) | - | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 13.2% | 15.3% | |
| Max Drawdown | -21.1% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 20, 2023 | Jan 22, 1993 |
FMDE vs SPY Performance
Fidelity Enhanced Mid Cap Core ETF (FMDE) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FMDE returned +22.20% while SPY returned +23.56%. Year to date, FMDE is up 15.77% versus a gain of 13.50% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.2% for FMDE. 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 -21.1% for FMDE 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMDE charges 0.23% per year while SPY charges 0.09%. On a $10,000 position that is $23 vs $9 annually, a gap of $14 per year that compounds over a long holding period. On income, FMDE currently yields 1.08% against 1.01% for SPY.
Holdings Overlap
FMDE and SPY share 181 holdings out of 740 unique holdings combined, representing a 8.7% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FMDE | Weight in SPY | Difference |
|---|---|---|---|
| TER | 1.14% | 0.09% | 1.05% |
| HWM | 0.96% | 0.17% | 0.79% |
| KEYS | 0.99% | 0.08% | 0.91% |
| FIX | Pro | Pro | Pro |
| LHX | Pro | Pro | Pro |
| WDC | Pro | Pro | Pro |
| HUM | Pro | Pro | Pro |
| MPC | Pro | Pro | Pro |
| KMI | Pro | Pro | Pro |
| AME | Pro | Pro | Pro |
See all 10 holdings FMDE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, FMDE or SPY?
FMDE has an expense ratio of 0.23% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $14 per year of difference.
Which performed better, FMDE or SPY?
Over the past year FMDE returned +22.20% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), FMDE annualized +22.57% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FMDE or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.2% for FMDE. Worst drawdown: FMDE -21.1% vs SPY -56.5%.
Should I hold both FMDE and SPY?
FMDE and SPY have a monthly-return correlation of 0.81, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FMDE and SPY?
FMDE and SPY share 181 common holdings with a 8.7% weight overlap. Combined, they hold 740 unique securities.
Which pays a higher dividend, FMDE or SPY?
FMDE yields 1.08% while SPY yields 1.01%, so FMDE currently pays the higher dividend yield.
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