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ETF Comparison

FDVV vs SPY: Which Is the Better Pick in 2026?

A head-to-head comparison of Fidelity High Dividend ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • FDVVInvestors who want higher current income (2.38% vs 0.98% for SPY).
  • SPYInvestors who want simple, diversified core exposure in one low-cost fund.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

FDVV has lagged SPY over the trailing twelve months, posting a 11.98% total return against 16.38%. The lead holds up over 10 years too: SPY has compounded at 15.37% a year, against 13.09% for FDVV. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDVV9.21%11.98%20.42%13.87%13.09%13.13%12.6%1.131.63-15.9%
SPY13.54%16.38%23.14%13.63%15.37%15.38%15.2%1.081.57-18.8%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2016” measures every fund from September 15, 2016 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricFDVVSPY
Full nameFidelity High Dividend ETFSPDR S&P 500 ETF Trust
IssuerFidelity InvestmentsState Street
Underlying indexFidelity High Dividend IndexS&P 500 Index
Last Close$60.92 as of October 2, 2026$769.64 as of October 2, 2026
Distribution rate2.38%0.98%
Trailing 12-month yield2.81%0.99%
Distribution Safety Score™ 93100
Safety-Adjusted Yield 2.21%0.98%
Expense ratio0.15%0.0945%
AUM$10.3B$817B
Distribution frequencyQuarterlyQuarterly
ObjectiveSeeks to track the Fidelity High Dividend Index, investing at least 80% of assets in large- and mid-capitalization high-dividend-paying companies expected to keep paying and growing their dividends.Track the S&P 500 Index before expenses.
Asset classEquityEquity
Inception date09/12/201601/22/1993
Beta0.761.0
Last dividend$0.362$1.88883
Ex-dividend date09/18/202609/18/2026

Bottom lineChoose FDVV if you want higher current income (2.38% vs 0.98% for SPY). Choose SPY if you want simple, diversified core exposure in one low-cost fund.

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Fidelity Investments
ETFs85
Total AUM$210B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FDVV.

See all Fidelity Investments ETFs
State Street
ETFs179
Total AUM$2146B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPY.

See all State Street ETFs

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Quick verdict

FDVV (Fidelity High Dividend ETF) and SPY (SPDR S&P 500 ETF Trust) are both quarterly-pay dividend ETFs, but they take different approaches.

FDVV offers the higher yield at 2.38% vs 0.98% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPY is cheaper with an expense ratio of 0.0945% compared to 0.15%.

They have different reference exposures: FDVV is linked to Fidelity High Dividend Index while SPY is linked to S&P 500 Index, which means their performance drivers differ.

SPY is the larger fund by assets ($817B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FDVV

Fidelity High Dividend ETF

  • Want higher current income — FDVV yields 2.38% vs 0.98% for SPY.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.8 vs 1.0 for SPY.

Choose SPY

SPDR S&P 500 ETF Trust

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.0945% expense ratio vs 0.15% for FDVV.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, FDVV would generate roughly $59.50 cash per distribution, while SPY would produce $24.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.

FDVV yield2.38%
SPY yield0.98%
Cash diff on $10K$35.00

Cost & efficiency

Over 10 years on $10,000, FDVV would cost approximately $150 in fees vs $95 for SPY (simplified, not compounded). The $55.50 difference may be offset by yield or performance.

FDVV ER0.15%
SPY ER0.0945%

Strategy & risk

FDVV tracks Fidelity High Dividend Index, while SPY tracks S&P 500 Index with a large cap approach. Beta is 0.76 for FDVV and 1.0 for SPY, making FDVV the less volatile of the two by this measure.

FDVV beta0.76
SPY beta1.0

Fund details

FDVV is managed by Fidelity Investments (launched 09/12/2016) with $10.3B in assets. SPY is managed by State Street (launched 01/22/1993) with $817B in assets.

FDVV AUM$10.3B
SPY AUM$817B
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Frequently asked questions

What is the current distribution rate for FDVV and SPY?

FDVV currently distributes 2.38% and SPY 0.98%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is FDVV or SPY better for dividend income?

It depends on your goals. FDVV currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between FDVV and SPY?

FDVV (Fidelity High Dividend ETF) tracks Fidelity High Dividend Index, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by Fidelity Investments and State Street respectively.

Can I hold both FDVV and SPY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is FDVV or SPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, FDVV scores 93, so SPY's payout currently looks the more resilient of the two. FDVV has also shown lower price volatility (beta 0.76 vs 1.00 for SPY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FDVV or SPY?

FDVV has an expense ratio of 0.15% while SPY charges 0.0945%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FDVV vs SPY generate?

At current rates, $10,000 in FDVV would generate roughly $59.50 cash per distribution ($238.00 annually). The same in SPY would produce about $24.50 cash per distribution ($98.00 annually).

Which has performed better historically, FDVV or SPY?

FDVV has lagged SPY over the trailing twelve months, posting a 11.98% total return against 16.38%. The lead holds up over 10 years too: SPY has compounded at 15.37% a year, against 13.09% for FDVV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FDVV vs SPY — at a glance

Generated October 3, 2026.

Overview

FDVV and SPY are both large-cap U.S. equity ETFs tracking different indexes. SPY tracks the S&P 500's broad market exposure, while FDVV isolates companies within the large- and mid-cap universe specifically selected for dividend-paying capacity and growth history. The key distinction: FDVV targets dividend growers; SPY targets market-weight exposure to 500 large companies regardless of dividend policy.

How they differ

SPY holds the entire S&P 500 by market weight, giving it exposure to all dividend-payers, non-payers, and growth stocks. FDVV applies a dividend-focused screen and selects only companies Fidelity's index methodology expects to sustain and grow payouts, creating a smaller, more concentrated holding list. The yield difference is stark: FDVV distributes 2.38%, while SPY yields 0.98%—roughly 2.4 times higher. FDVV's lower beta of 0.76 versus SPY's 1.0 reflects lower equity-market sensitivity, a typical pattern for dividend-heavy portfolios. SPY is far larger, with $817B in assets versus FDVV's $10.3B, and charges slightly less: 0.0945% against 0.15%.

Who each is best for

FDVV: Fits investors seeking concentrated exposure to established dividend-growers with lower market beta, who want current income and are comfortable sacrificing broad index diversification and some upside capture during strong growth rallies.

SPY: Fits investors who want core large-cap U.S. market exposure with minimal fees and maximum diversification across all sectors and dividend policies, and who prioritize capturing full market returns over tilting toward income.

Key risks to know

  • Concentration and sector tilt in FDVV. By excluding non-dividend-payers, FDVV screens out many technology and growth names, potentially creating overweight exposure to sectors like financials and utilities that dominate dividend-payer lists. Holdings overlap with SPY but diverge significantly in composition.
  • Lower upside capture in FDVV during growth rallies. A beta of 0.76 means FDVV is likely to lag SPY when the broad market rallies hard, particularly in periods favoring growth and momentum over value and income.
  • Dividend sustainability risk in FDVV. While the index methodology aims to select growers, dividend cuts or suspension among holdings would reduce yield directly and, in turn, fund NAV, with no cushion from non-dividend exposure elsewhere.
  • Interest-rate sensitivity. Both funds hold equities, but FDVV's dividend focus tilts the portfolio toward rate-sensitive sectors; rising rates can pressure both valuations and dividend attractiveness relative to safer income alternatives.

Bottom line

If you want the full S&P 500 experience at a rock-bottom cost, SPY delivers broad diversification and market-weight exposure. If you prioritize current income and are willing to accept lower growth-phase returns and higher sector concentration, FDVV's 2.38% yield and 0.76 beta offer a different risk-return profile aimed at dividend consistency. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.