FLAX vs SPY
Franklin FTSE Asia ex Japan ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FLAX or SPY?
Each has led over a different period.
SPY has a lower expense ratio. FLAX led over 1Y and 3Y, SPY over 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.0%.
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
| Metric | FLAX | SPY |
|---|---|---|
| Expense Ratio | 0.19% | 0.09%Best |
| AUM | $56M | $823.2B |
| Dividend Yield | 2.02% | 0.99% |
| Holdings | 1,623 | 1,515 |
| YTD Return | +16.06%Best | +13.53% |
| 1Y Return | +24.84%Best | +17.47% |
| 3Y Return (annualized) | +22.58%Best | +22.36% |
| 5Y Return (annualized) | +8.03% | +13.21%Best |
| Volatility (annualized) | 18.0% | 16.3%Best |
| Max Drawdown | -42.5% | -34.1%Best |
| $10,000 over 5 years | $14,714 | $18,596Best |
| Top 10 Weight | 40.0% | 38.2%Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Feb 6, 2018 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 8, 2018 to Oct 14, 2026 (8.7 years).
FLAX 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 8.7 years both funds cover.
FLAX vs SPY Performance
Franklin FTSE Asia ex Japan ETF (FLAX) is an ETF from Franklin Templeton Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FLAX returned +24.84% while SPY returned +17.47%. Year to date, FLAX is up 16.06% versus a gain of 13.53% for SPY.
Over three years, FLAX compounded at +22.58% per year against +22.36% for SPY; over five years the annualized figures are +8.03% and +13.21% respectively. Across the full 9-year window we track, SPY has the edge at +14.44% annualized vs +6.65%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FLAX has been the more volatile fund, with annualized monthly volatility of 18.0% compared with 16.3% 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 -42.5% for FLAX 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 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
FLAX charges 0.19% per year while SPY charges 0.09%. On a $10,000 position that is $19 vs $9 annually, a gap of $10 per year that compounds over a long holding period. On income, FLAX currently yields 2.02% against 0.99% for SPY.
Holdings Overlap
0.1% of FLAX's money is in holdings SPY also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
1 positions in common, counted across the 1,597 positions we hold weights for in FLAX and 504 in SPY, against full books of 1,623 and 1,515.
What only one of them owns
Our book lists 495 positions for SPY that do not appear in our book for FLAX (99.0% of the fund), and 5 for FLAX that do not appear in SPY (0.7%).
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
| Stock | Weight in FLAX | Weight in SPY | Difference |
|---|---|---|---|
| HALHalliburton Co. | 0.08% | 0.04% | 0.04% |
You are not choosing between two funds in isolation.
Whichever of FLAX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FLAX or SPY?
FLAX has an expense ratio of 0.19% while SPY charges 0.09%. SPY is the cheaper option, by $10 a year on a $10,000 investment.
Which performed better, FLAX or SPY?
Over the past year FLAX returned +24.84% vs +17.47% for SPY, so FLAX leads on 1-year performance. Over the longest common window we track (9 years), FLAX annualized +6.65% vs +14.44% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FLAX or SPY?
FLAX has been the more volatile fund at 18.0% annualized versus 16.3% for SPY. Worst drawdown: FLAX -42.5% vs SPY -34.1%.
Should I hold both FLAX and SPY?
FLAX and SPY have a monthly-return correlation of 0.65, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FLAX or SPY?
FLAX yields 2.02% while SPY yields 0.99%, so FLAX currently pays the higher dividend yield.
Is SPY better than FLAX?
SPY has a lower expense ratio. FLAX led over 1Y and 3Y, SPY over 5Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.