FXNAX vs SPY
FXNAX vs SPY
Fidelity US Bond Index Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
FXNAX has a lower expense ratio. SPY delivered stronger 1-year returns. FXNAX offers more diversification with 5307 holdings.
Side-by-Side Comparison
| Metric | FXNAX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $39.5B | $789.1B | |
| Dividend Yield | 3.39% | 1.01% | |
| Holdings | 10,443 | 505 | |
| YTD Return | -2.46% | +13.50% | |
| 1Y Return | -1.72% | +23.56% | |
| 3Y Return (annualized) | +0.46% | +21.17% | |
| 5Y Return (annualized) | -3.43% | +13.46% | |
| Volatility (annualized) | 6.2% | 15.3% | |
| Max Drawdown | -21.6% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 4, 2011 | Jan 22, 1993 |
FXNAX vs SPY Performance
Fidelity US Bond Index Fund (FXNAX) is a mutual fund 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 FXNAX returned -1.72% while SPY returned +23.56%. Year to date, FXNAX is down 2.46% versus a gain of 13.50% for SPY.
Over three years, FXNAX compounded at +0.46% per year against +21.17% for SPY; over five years the annualized figures are -3.43% and +13.46% respectively. Across the full 5-year window we track, SPY has the edge at +8.85% annualized vs -3.43%. 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 6.2% for FXNAX. 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 -21.6% for FXNAX 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FXNAX charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $7 per year that compounds over a long holding period. On income, FXNAX currently yields 3.39% against 1.01% for SPY.
Holdings Overlap
FXNAX and SPY share 0 holdings out of 5810 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FXNAX or SPY?
FXNAX has an expense ratio of 0.03% while SPY charges 0.09%. FXNAX is the cheaper option. On a $10,000 investment, that is $7 per year of difference.
Which performed better, FXNAX or SPY?
Over the past year FXNAX returned -1.72% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), FXNAX annualized -3.43% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FXNAX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.2% for FXNAX. Worst drawdown: FXNAX -21.6% vs SPY -56.5%.
Should I hold both FXNAX and SPY?
FXNAX and SPY have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FXNAX and SPY?
FXNAX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 5810 unique securities.
Which pays a higher dividend, FXNAX or SPY?
FXNAX yields 3.39% while SPY yields 1.01%, so FXNAX currently pays the higher dividend yield.
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