FINFX vs. SPY

Last updated Jun 4, 2026

FINFX (American Funds Fundamental Investors® Class F-2) and SPY (State Street SPDR S&P 500 ETF) are both funds - FINFX is a Large Cap Blend Equities fund managed by American Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, FINFX returned 15.13%/yr vs 15.49%/yr for SPY. With a 0.97 correlation, they move nearly in lockstep. FINFX charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

FINFX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Fundamental Investors® Class F-2 (FINFX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FINFX achieves a 15.23% return, which is significantly higher than SPY's 10.91% return. Both investments have delivered pretty close results over the past 10 years, with FINFX having a 15.13% annualized return and SPY not far ahead at 15.49%.

FINFX

• 1D: 0.01%
• 1M: 5.92%
• YTD: 15.23%
• 6M: 16.26%
• 1Y: 34.80%
• 3Y*: 26.35%
• 5Y*: 15.15%
• 10Y*: 15.13%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FINFX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FINFX American Funds Fundamental Investors® Class F-2	15.23%	24.44%	22.98%	26.14%	-16.47%	22.68%	15.16%	27.34%	-7.96%	23.00%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FINFX and SPY is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 4, 2008	0.97

The correlation between FINFX and SPY has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Return for Risk

FINFX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FINFX

FINFX Risk / Return Rank: 75
FINFX Sharpe Ratio Rank: 80
FINFX Sortino Ratio Rank: 70
FINFX Omega Ratio Rank: 70
FINFX Calmar Ratio Rank: 74
FINFX Martin Ratio Rank: 83

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FINFX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Fundamental Investors® Class F-2 (FINFX) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FINFX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.38	+0.22
Sortino ratio: Return per unit of downside risk	3.49	3.24	+0.25
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	3.36	3.16	+0.20
Martin ratio: Return relative to average drawdown	15.58	14.72	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FINFX vs. SPY - Sharpe Ratio Comparison

The current FINFX Sharpe Ratio is 2.60, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FINFX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FINFX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.60	2.38	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.82	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.87	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.59	+0.03

Drawdowns

FINFX vs. SPY - Drawdown Comparison

The maximum FINFX drawdown since its inception was -46.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FINFX and SPY.

Drawdown Indicators

	FINFX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-46.54%	-55.19%	+8.65%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-8.88%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	-17.94%	-18.76%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-24.50%	-0.45%
Max Drawdown (10Y) Largest decline over 10 years	-33.91%	-33.72%	-0.19%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-5.99%	-9.05%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	1.91%	+0.38%

Volatility

FINFX vs. SPY - Volatility Comparison

American Funds Fundamental Investors® Class F-2 (FINFX) has a higher volatility of 3.69% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FINFX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FINFX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.69%	2.84%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	8.90%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	13.76%	11.83%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	17.05%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	17.94%	-0.21%

FINFX vs. SPY - Expense Ratio Comparison

FINFX has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FINFX vs. SPY - Dividend Comparison

FINFX's dividend yield for the trailing twelve months is around 7.59%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FINFX American Funds Fundamental Investors® Class F-2	7.59%	8.73%	9.11%	6.01%	5.21%	11.19%	2.81%	7.11%	9.54%	7.46%	4.91%	6.29%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FINFX and SPY in my portfolio?

With a correlation of 0.93, FINFX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FINFX or SPY?

FINFX has higher volatility (3.69%) compared to SPY (2.84%). In terms of maximum drawdown, FINFX dropped -46.54% vs SPY's -55.19%.

Which has better risk-adjusted returns?

FINFX currently has the higher Sharpe Ratio (2.60 vs 2.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.