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.
FXAIX has outpaced SPY over the trailing twelve months, posting a 17.26% total return against 17.12%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 15.38% for SPY. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2011” measures every fund from May 10, 2011 — 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.
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.
FXAIX (Fidelity 500 Index Fund) is a mutual fund, while SPY (SPDR S&P 500 ETF Trust) is an ETF — their trading structures differ.
FXAIX offers the higher yield at 1.03% vs 0.99% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
FXAIX is cheaper with an expense ratio of 0.015% compared to 0.0945%.
FXAIX is the larger fund by assets ($859B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, FXAIX would generate roughly $8.58/month, while SPY would produce $8.25/month, at current distribution rates. Both pay quarterly distributions.
FXAIX yield1.03%
SPY yield0.99%
Monthly diff on $10K$0.33
Cost & efficiency
Over 10 years on $10,000, FXAIX would cost approximately $15 in fees vs $95 for SPY (simplified, not compounded). The $79.50 difference may be offset by yield or performance.
FXAIX ER0.015%
SPY ER0.0945%
Strategy & risk
SPY tracks S&P 500 Index with a large cap approach. FXAIX is a mutual fund whose tracked index or strategy detail is not recorded in our data, so this comparison rests on the measured figures — yield, fees, size, and performance — rather than strategy labels.
FXAIX beta1.0
SPY beta1.0
Fund details
FXAIX is managed by Fidelity Investments (launched 02/17/1988) with $859B in assets. SPY is managed by State Street (launched 01/22/1993) with $783B in assets.
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Frequently asked questions
What is the difference between FXAIX and SPY?
Same S&P 500 index, different wrapper. FXAIX (Fidelity 500 Index Fund) is a Fidelity index mutual fund that transacts at end-of-day net asset value. SPY (SPDR S&P 500 ETF Trust) is a unit investment trust that trades all day at a market price. Cost is 0.015% versus 0.0945%; distributions are 1.03% and 0.99% as of September 2026. Performance gaps are mostly cost and structure, not two different markets. FXAIX is a mutual fund, not an exchange-traded fund.
What is the current distribution rate for FXAIX and SPY?
FXAIX currently distributes 1.03% and SPY 0.99%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is FXAIX or SPY better for dividend income?
It depends on your goals. FXAIX 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.
Can I hold both FXAIX 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 FXAIX 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 — they are effectively tied: FXAIX scores 100, SPY scores 100. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
Which has lower fees, FXAIX or SPY?
FXAIX has an expense ratio of 0.015% 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 FXAIX vs SPY generate?
At current rates, $10,000 in FXAIX would generate roughly $8.58 per month ($103.00 annually). The same in SPY would produce about $8.25 per month ($99.00 annually).
Which has performed better historically, FXAIX or SPY?
FXAIX has outpaced SPY over the trailing twelve months, posting a 17.26% total return against 17.12%. The lead holds up over 10 years too: FXAIX has compounded at 15.52% a year, against 15.38% for SPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Both FXAIX and SPY track the S&P 500 Index and hold nearly identical underlying stocks, making them functionally equivalent core equity holdings. However, SPY trades like a stock throughout the day at market prices, while FXAIX settles at end-of-day net asset value—a flexibility gain for SPY that often outweighs the fee edge in practice.
SPY: Traders or tactical allocators who want to execute buys and sells at real-time prices; also fits buy-and-hold investors prioritizing tax efficiency if they anticipate selling in taxable accounts, since ETF distributions typically include fewer embedded gains.
Key risks to know
Market exposure concentration. Both funds hold identical S&P 500 constituents, so your portfolio concentration in the largest ten stocks (roughly 30% of the index) mirrors the index itself—a structural reality of large-cap blend investing, not a flaw in these vehicles.
Intraday price drift (SPY). While SPY's liquidity is excellent, the ETF trades at a discount or premium to NAV depending on market conditions; large purchases during volatile sessions can result in paying slightly above or below the true fund value.
Opportunity cost if expense ratio environment shifts.FXAIX's 0.6-basis-point edge assumes fees stay stable; if SPY's issuer cuts expenses or competitors innovate, the fee gap could narrow, reducing FXAIX's long-term advantage. If you value intraday tradability or hold shares in a taxable account and expect to rebalance periodically, SPY's ETF structure and tax efficiency may offset its slightly higher fee. Both track the same benchmark; the choice hinges on your trading frequency and tax circumstances, not the quality of the underlying index.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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