Dividend comparison

SPY vs FXAIX: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and Fidelity 500 Index Fund, side by side. Updated October 21, 2026.

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SPY vs FXAIX: key differences
The short answer, from the latest data on this page.
  • Income. Their trailing yields are almost the same: 0.98% for SPY and 1.04% for FXAIX. Both pay quarterly.
  • Performance. Over the last 5 years, SPY returned 81.3% versus 80.4% for FXAIX, with dividends reinvested. $10,000 would have grown to $18,129 in SPY and $18,039 in FXAIX.
  • Risk. Their worst declines over the last 5 years were similar: -24.5% for SPY and -24.5% for FXAIX from peak to trough.
  • Diversification. SPY holds 504 positions and FXAIX holds 100. The ten largest positions make up 38.7% of SPY and 37.8% of FXAIX.
  • Overlap. At least 71% of the two portfolios overlap by weight, across 92 shared holdings. Owning both adds little diversification.
  • Dividend growth. FXAIX grew its yearly payout 7.0% a year over the last 4 years, versus 6.4% for SPY.

Bottom line: SPY has the edge on these figures, with broader diversification. FXAIX does not lead on any of the measures compared here. With 71% overlap, most investors would hold one or the other rather than both.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
FXAIX
Fidelity 500 Index Fund
Dividend yield (TTM)0.98%1.04%
Dividend / share (TTM)$7.53$2.80
Payout frequencyQuarterlyQuarterly
Last dividend$1.9035 on Jul 31, 2026$0.7130 on Oct 5, 2026
Ex-dividend dateSep 18, 2026Oct 2, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs7.0% over 4 yrs
Price$769.05$268.06
Dividend growth streak16 years4 years
Beta1.011.00
Max drawdown (5Y)-24.5%-24.5%
Market cap$813.99B$857.59B
ExchangeAMEXNASDAQ
Expense ratio0.09%—
Assets under management$816.57B—
Number of holdings504100
Top 10 concentration38.7%37.8%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

FXAIX

$8.71/mo

$104 /yr at 1.04% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; FXAIX pays quarterly.
YearSPYFXAIX
2025$7.2533$2.6480
2024$7.0056$2.5430
2023$6.5091$2.4010
2022$6.1723$2.2560
2021$5.6618$2.0190
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs FXAIX actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,129 in SPY and $18,039 in FXAIX.
PeriodSPYFXAIX
1 month0.97%0.61%
3 months3.63%3.42%
Year to date13.37%12.76%
1 year15.51%14.54%
3 years88.86%87.63%
5 years81.29%80.39%
  • SPY
  • FXAIX
73132190202120222023202420252026181180

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • SPY
  • FXAIX
0%10%19%29%38%Technology38.4%Financial Services11.7%Communication Services9.8%Healthcare9.6%Consumer Cyclical8.8%Industrials8.0%Consumer Defensive4.7%Energy3.6%Utilities2.0%Real Estate1.7%Other1.9%
SPY vs FXAIX holdings overlap
At least 71% overlap by weight, with 92 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsSPY weightFXAIX weight
NVDANVIDIA CORP7.93%8.08%
AAPLAPPLE INC7.55%7.03%
MSFTMICROSOFT CORP5.98%5.69%
AMZNAMAZON.COM INC3.89%3.84%
GOOGLALPHABET INC CL A3.05%3.01%
AVGOBROADCOM INC2.40%2.65%
GOOGALPHABET INC CL C2.44%2.40%
METAMETA PLATFORMS INC CLASS A2.35%1.90%
TSLATESLA INC1.57%1.56%
MUMICRON TECHNOLOGY INC1.54%1.63%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

FXAIX100 holdings total

NameWeight
NVDANVIDIA Corp8.08%
AAPLApple Inc7.03%
MSFTMicrosoft Corp5.69%
AMZNAmazon.com Inc3.84%
GOOGLAlphabet Inc Class A3.01%
AVGOBroadcom Inc2.65%
GOOGAlphabet Inc Class C2.40%
METAMeta Platforms Inc Class A1.90%
MUMicron Technology Inc1.63%
TSLATesla Inc1.56%

Quick verdict

SPY has the edge on these figures, with broader diversification. FXAIX does not lead on any of the measures compared here. With 71% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPY or FXAIX better for dividend income?
It depends on your goals. SPY currently yields 0.98% Trailing Twelve Months (TTM) while FXAIX yields 1.04%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between SPY and FXAIX?
State Street SPDR S&P 500 ETF (SPY) is an ETF listed on AMEX. Fidelity 500 Index Fund (FXAIX) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which has performed better, SPY or FXAIX?
Over the last 5 years, SPY has the higher total return with dividends reinvested: SPY returned 81.3% and FXAIX returned 80.4%. Past performance does not predict future returns.
Which is riskier, SPY or FXAIX?
Measured by the worst peak-to-trough decline over the last five years, FXAIX has been riskier: SPY fell as much as 24.5% and FXAIX as much as 24.5%. Their betas are 1.01 and 1.00.
How much do SPY and FXAIX overlap?
At least 71% of the two portfolios overlap by weight, across 92 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both adds little diversification.
How often do SPY and FXAIX pay dividends?
Both pay quarterly. The most recent payments were $1.9035 for SPY and $0.7130 for FXAIX.
How much income does $10,000 in SPY vs FXAIX generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 annually). The same amount in FXAIX would produce about $8.71 per month ($104 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPY and FXAIX?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare SPY vs FXAIX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY and FXAIX fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.