FIXD vs. SPY

Last updated Jun 3, 2026

FIXD (First Trust Smith Opportunistic Fixed Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FIXD is a Intermediate Core-Plus Bond fund actively managed by First Trust, while SPY is a S&P 500 fund tracking the S&P 500 Index. FIXD is actively managed, while SPY is passively managed. Over the past 5 years, FIXD returned -0.25%/yr vs 13.83%/yr for SPY. At a 0.05 correlation, their price movements are largely independent. FIXD charges 0.65%/yr vs 0.09%/yr for SPY.

Performance

FIXD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Smith Opportunistic Fixed Income ETF (FIXD) 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, FIXD achieves a 0.37% return, which is significantly lower than SPY's 10.91% return.

FIXD

• 1D: 0.07%
• 1M: 0.38%
• YTD: 0.37%
• 6M: 0.27%
• 1Y: 5.81%
• 3Y*: 3.94%
• 5Y*: -0.25%
• 10Y*: —

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)

FIXD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIXD First Trust Smith Opportunistic Fixed Income ETF	0.37%	7.95%	0.75%	5.72%	-15.00%	-1.07%	8.99%	10.56%	-0.00%	3.50%
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%	15.80%

Correlation

The correlation between FIXD and SPY is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017	0.05

Over the past year, FIXD and SPY have become more correlated (0.33) than their long-term average of 0.05, meaning their price movements have been converging.

FIXD vs. SPY - Sectors Allocation Comparison

Sectors	FIXD	SPY
Utilities	100.0%	2.4%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Financial Services	-	11.8%
Healthcare	-	8.4%
Industrials	-	7.8%
Real Estate	-	1.9%
Technology	-	35.9%

Return for Risk

FIXD vs. SPY — Risk / Return Rank

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

FIXD

FIXD Risk / Return Rank: 36
FIXD Sharpe Ratio Rank: 39
FIXD Sortino Ratio Rank: 40
FIXD Omega Ratio Rank: 36
FIXD Calmar Ratio Rank: 34
FIXD Martin Ratio Rank: 33

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.

FIXD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) 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.

	FIXD	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.39	2.38	-0.99
Sortino ratio Return per unit of downside risk	2.04	3.24	-1.20
Omega ratio Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio Return relative to maximum drawdown	1.70	3.16	-1.46
Martin ratio Return relative to average drawdown	5.15	14.72	-9.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIXD vs. SPY - Sharpe Ratio Comparison

The current FIXD Sharpe Ratio is 1.39, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FIXD 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

	FIXD	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	2.38	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.82	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.59	-0.23

Drawdowns

FIXD vs. SPY - Drawdown Comparison

The maximum FIXD drawdown since its inception was -20.44%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FIXD and SPY.

Drawdown Indicators

	FIXD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.44%	-55.19%	+34.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.21%	-8.88%	+5.67%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-18.76%	+11.79%
Max Drawdown (5Y) Largest decline over 5 years	-20.44%	-24.50%	+4.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-3.35%	-0.70%	-2.65%
Average Drawdown Average peak-to-trough decline	-5.50%	-9.05%	+3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	1.91%	-0.85%

Volatility

FIXD vs. SPY - Volatility Comparison

The current volatility for First Trust Smith Opportunistic Fixed Income ETF (FIXD) is 1.65%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that FIXD experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIXD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	2.84%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	8.90%	-5.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	11.83%	-7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	17.05%	-10.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	17.94%	-12.10%

FIXD vs. SPY - Expense Ratio Comparison

FIXD has a 0.65% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FIXD vs. SPY - Dividend Comparison

FIXD's dividend yield for the trailing twelve months is around 4.68%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIXD First Trust Smith Opportunistic Fixed Income ETF	4.68%	4.50%	4.56%	3.93%	3.07%	1.74%	3.14%	5.10%	2.81%	1.95%	0.00%	0.00%
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 FIXD and SPY in my portfolio?

FIXD and SPY have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIXD or SPY?

SPY has higher volatility (2.84%) compared to FIXD (1.65%). In terms of maximum drawdown, FIXD dropped -20.44% vs SPY's -55.19%.

Which ETF is better, FIXD or SPY?

On 5-year performance, SPY leads with 13.83% vs -0.25% for FIXD. On fees, SPY is cheaper at 0.09% per year. On volatility, FIXD has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIXD or SPY?

Over the 5-year period, SPY has performed better with a 13.83% return vs -0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIXD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.65% for FIXD.

Which ETF pays a higher dividend yield, FIXD or SPY?

FIXD has the higher dividend yield at 4.68%, compared with 0.98% for SPY.

What is the main difference between FIXD and SPY?

FIXD is categorized as Intermediate Core-Plus Bond, while SPY is S&P 500. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.65% for FIXD and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.39), 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.