FMCX vs SPYM
FM Focus Equity ETF vs State Street SPDR Portfolio S&P 500 ETF
Which is better, FMCX or SPYM?
Nearly the same fund. SPYM costs less.
SPYM has a lower expense ratio. SPYM led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPYM is less concentrated, with 39.0% of the fund in its ten largest positions against 54.3%.
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 | FMCX | SPYM |
|---|---|---|
| Expense Ratio | 0.72% | 0.02%Best |
| AUM | $118M | $185.2B |
| Dividend Yield | 0.29% | 1.01% |
| Holdings | 32 | 509 |
| YTD Return | +5.03% | +13.57%Best |
| 1Y Return | +3.97% | +17.53%Best |
| 3Y Return (annualized) | +15.01% | +22.46%Best |
| 5Y Return (annualized) | - | +13.29% |
| Volatility (annualized) | 15.4% | 15.0%Best |
| Max Drawdown | -18.5%Best | -18.7% |
| $10,000 over 4.5 years | $14,878 | $19,215Best |
| Top 10 Weight | 54.3% | 39.0%Best |
| Fund Family | First Manhattan | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Nov 8, 2005 |
Volatility and max drawdown, and the $10,000 over 4.5 years row, are measured over the window both funds cover: Apr 25, 2022 to Oct 14, 2026 (4.5 years).
FMCX vs SPYM 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 4.5 years both funds cover.
FMCX vs SPYM Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and State Street SPDR Portfolio S&P 500 ETF (SPYM) is an ETF from State Street Investment Management. Over the past year FMCX returned +3.97% while SPYM returned +17.53%. Year to date, FMCX is up 5.03% versus a gain of 13.57% for SPYM.
Over three years, FMCX compounded at +15.01% per year against +22.46% for SPYM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 15.0% for SPYM. 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 -18.5% for FMCX and -18.7% for SPYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMCX charges 0.72% per year while SPYM charges 0.02%. On a $10,000 position that is $72 vs $2 annually, a gap of $70 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 1.01% for SPYM.
Holdings Overlap
81.7% of FMCX's money is in holdings SPYM also owns. 34.9% of SPYM's money is in holdings FMCX also owns.
Most of FMCX is already inside SPYM. Owning both mostly buys the same companies twice.
The two holdings books were reported 124 days apart, FMCX as of May 31, 2026 and SPYM as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 32 positions we hold weights for in FMCX and 505 in SPYM, against full books of 32 and 509.
What only one of them owns
Our book lists 471 positions for SPYM that do not appear in our book for FMCX (64.3% of the fund), and 3 for FMCX that do not appear in SPYM (15.1%).
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 FMCX | Weight in SPYM | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.63% | 5.76% | 0.87% |
| NVDANvidia Corp | 1.93% | 8.49% | 6.56% |
| AMZNAmazon.Com Inc | 4.87% | 3.70% | 1.17% |
| AVGOBroadcom Inc | 3.83% | 2.53% | 1.30% |
| INTCIntel Corporation | 5.38% | 0.89% | 4.49% |
| GEGeneral Electric Co. | 5.69% | 0.48% | 5.21% |
| KKRKkr & Co. Inc. Class a | 5.21% | 0.09% | 5.12% |
| HONHoneywell International Inc | 4.41% | 0.10% | 4.31% |
| METAMeta Platforms Inc | 1.79% | 2.41% | 0.62% |
| GOOGAlphabet Inc. C | 1.61% | 2.42% | 0.81% |
81.7% of FMCX is already inside SPYM.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMCX or SPYM?
FMCX has an expense ratio of 0.72% while SPYM charges 0.02%. SPYM is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, FMCX or SPYM?
Over the past year FMCX returned +3.97% vs +17.53% for SPYM, so SPYM leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or SPYM?
FMCX has been the more volatile fund at 15.4% annualized versus 15.0% for SPYM. Worst drawdown: FMCX -18.5% vs SPYM -18.7%.
Should I hold both FMCX and SPYM?
FMCX and SPYM have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMCX and SPYM?
81.7% of FMCX's money is in holdings SPYM also owns. 34.9% of SPYM's is in holdings FMCX also owns. They hold 27 positions in common, counted across the 32 positions we hold weights for in FMCX and 505 in SPYM.
Which pays a higher dividend, FMCX or SPYM?
FMCX yields 0.29% while SPYM yields 1.01%, so SPYM currently pays the higher dividend yield.
Is SPYM better than FMCX?
SPYM has a lower expense ratio. SPYM led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.96. SPYM is less concentrated, with 39.0% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.