FNX vs SPY
FNX vs SPY
First Trust Mid Cap Core AlphaDEX Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. FNX delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FNX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.62% | 0.09% | |
| AUM | $1.4B | $789.1B | |
| Dividend Yield | 0.83% | 1.01% | |
| Holdings | 451 | 505 | |
| YTD Return | +15.76% | +13.50% | |
| 1Y Return | +27.36% | +23.56% | |
| 3Y Return (annualized) | +15.21% | +21.17% | |
| 5Y Return (annualized) | +9.63% | +13.46% | |
| Volatility (annualized) | 20.0% | 15.3% | |
| Max Drawdown | -57.6% | -56.5% | |
| Fund Family | First Trust Portfolios (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 8, 2007 | Jan 22, 1993 |
FNX vs SPY Performance
First Trust Mid Cap Core AlphaDEX Fund (FNX) is a ETF from First Trust Portfolios (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FNX returned +27.36% while SPY returned +23.56%. Year to date, FNX is up 15.76% versus a gain of 13.50% for SPY.
Over three years, FNX compounded at +15.21% per year against +21.17% for SPY; over five years the annualized figures are +9.63% and +13.46% respectively. Across the full 19-year window we track, FNX has the edge at +9.00% annualized vs +8.85%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNX has been the more volatile fund, with annualized monthly volatility of 20.0% compared with 15.3% 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 -57.6% for FNX 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 0.90. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FNX charges 0.62% per year while SPY charges 0.09%. On a $10,000 position that is $62 vs $9 annually, a gap of $53 per year that compounds over a long holding period. On income, FNX currently yields 0.83% against 1.01% for SPY.
Holdings Overlap
FNX and SPY share 44 holdings out of 908 unique holdings combined, representing a 0.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FNX | Weight in SPY | Difference |
|---|---|---|---|
| CF | 0.41% | 0.03% | 0.38% |
| APA | 0.41% | 0.02% | 0.39% |
| UHS | 0.40% | 0.01% | 0.39% |
| EG | Pro | Pro | Pro |
| SOLV | Pro | Pro | Pro |
| FDS | Pro | Pro | Pro |
| MOS | Pro | Pro | Pro |
| HST | Pro | Pro | Pro |
| VTRS | Pro | Pro | Pro |
| AIZ | Pro | Pro | Pro |
See all 10 holdings FNX 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, FNX or SPY?
FNX has an expense ratio of 0.62% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $53 per year of difference.
Which performed better, FNX or SPY?
Over the past year FNX returned +27.36% vs +23.56% for SPY, so FNX leads on 1-year performance. Over the longest common window we track (19 years), FNX annualized +9.00% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FNX or SPY?
FNX has been the more volatile fund at 20.0% annualized versus 15.3% for SPY. Worst drawdown: FNX -57.6% vs SPY -56.5%.
Should I hold both FNX and SPY?
FNX and SPY have a monthly-return correlation of 0.90, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FNX and SPY?
FNX and SPY share 44 common holdings with a 0.8% weight overlap. Combined, they hold 908 unique securities.
Which pays a higher dividend, FNX or SPY?
FNX yields 0.83% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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