FNDX vs SPY
Schwab Fundamental US Large Company ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, FNDX or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. FNDX led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. FNDX is less concentrated, with 22.3% of the fund in its ten largest positions against 38.2%.
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 | FNDX | SPY |
|---|---|---|
| Expense Ratio | 0.25% | 0.09%Best |
| AUM | $28.0B | $823.2B |
| Dividend Yield | 1.50% | 0.99% |
| Holdings | 736 | 1,515 |
| YTD Return | +19.26%Best | +14.77% |
| 1Y Return | +25.57%Best | +18.61% |
| 3Y Return (annualized) | +21.97% | +22.83%Best |
| 5Y Return (annualized) | +13.81% | +13.84%Best |
| Volatility (annualized) | 14.8% | 14.4%Best |
| Max Drawdown | -37.7% | -34.1%Best |
| $10,000 over 5 years | $19,094 | $19,119Best |
| Top 10 Weight | 22.3%Best | 38.2% |
| Fund Family | Charles Schwab Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Aug 15, 2013 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Aug 15, 2013 to Oct 13, 2026 (13.2 years).
FNDX 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 13.2 years both funds cover.
FNDX vs SPY Performance
Schwab Fundamental US Large Company ETF (FNDX) is an ETF from Charles Schwab Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year FNDX returned +25.57% while SPY returned +18.61%. Year to date, FNDX is up 19.26% versus a gain of 14.77% for SPY.
Over three years, FNDX compounded at +21.97% per year against +22.83% for SPY; over five years the annualized figures are +13.81% and +13.84% respectively. Across the full 13-year window we track, SPY has the edge at +13.09% annualized vs +11.89%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FNDX has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.4% 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 -37.7% for FNDX 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FNDX charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, FNDX currently yields 1.50% against 0.99% for SPY.
Holdings Overlap
89.7% of FNDX's money is in holdings SPY also owns. 96.2% of SPY's money is in holdings FNDX also owns.
Most of SPY is already inside FNDX. Owning both mostly buys the same companies twice.
453 positions in common, counted across the 733 positions we hold weights for in FNDX and 504 in SPY, against full books of 736 and 1,515.
What only one of them owns
Our book lists 44 positions for SPY that do not appear in our book for FNDX (3.1% of the fund), and 261 for FNDX that do not appear in SPY (9.6%).
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 FNDX | Weight in SPY | Difference |
|---|---|---|---|
| AAPLApple, Inc | 4.82% | 7.45% | 2.63% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 3.20% | 5.71% | 2.51% |
| NVDANvidia Corp. | 0.80% | 7.78% | 6.98% |
| AMZNAmazon.Com Inc | 1.93% | 3.78% | 1.85% |
| GOOGLAlphabet Inc Cap Stk Cl A | 1.77% | 3.12% | 1.35% |
| METAMeta Platform Inc | 1.84% | 2.22% | 0.38% |
| GOOGAlphabet Inc Class C | 1.42% | 2.49% | 1.07% |
| XOMExxon Mobil Corp. | 2.37% | 1.04% | 1.33% |
| BRK.BBrk/B | 1.74% | 1.44% | 0.30% |
| JPMJpmorgan Chase | 1.57% | 1.43% | 0.14% |
96.2% of SPY is already inside FNDX.
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, FNDX or SPY?
FNDX has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, FNDX or SPY?
Over the past year FNDX returned +25.57% vs +18.61% for SPY, so FNDX leads on 1-year performance. Over the longest common window we track (13 years), FNDX annualized +11.89% vs +13.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FNDX or SPY?
FNDX has been the more volatile fund at 14.8% annualized versus 14.4% for SPY. Worst drawdown: FNDX -37.7% vs SPY -34.1%.
Should I hold both FNDX and SPY?
FNDX and SPY have a monthly-return correlation of 0.94, 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 FNDX and SPY?
96.2% of SPY's money is in holdings FNDX also owns. 96.2% of SPY's is in holdings FNDX also owns. They hold 453 positions in common, counted across the 733 positions we hold weights for in FNDX and 504 in SPY.
Which pays a higher dividend, FNDX or SPY?
FNDX yields 1.50% while SPY yields 0.99%, so FNDX currently pays the higher dividend yield.
Is SPY better than FNDX?
SPY has a lower expense ratio. FNDX led over 1Y, SPY over 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.94. FNDX is less concentrated, with 22.3% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.