FMAG vs. INKM

Last updated Jun 5, 2026

FMAG (Fidelity Magellan ETF) and INKM (SPDR SSgA Income Allocation ETF) are both Global Equities funds. Both are actively managed. Over the past 5 years, FMAG returned 11.89%/yr vs 4.04%/yr for INKM. A 0.60 correlation means they provide meaningful diversification when combined. FMAG charges 0.59%/yr vs 0.50%/yr for INKM.

Performance

FMAG vs. INKM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) and SPDR SSgA Income Allocation ETF (INKM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAG achieves a 8.00% return, which is significantly higher than INKM's 6.00% return.

FMAG

• 1D: -0.05%
• 1M: 3.34%
• YTD: 8.00%
• 6M: 7.59%
• 1Y: 11.45%
• 3Y*: 21.02%
• 5Y*: 11.89%
• 10Y*: —

INKM

• 1D: 0.37%
• 1M: 0.86%
• YTD: 6.00%
• 6M: 6.18%
• 1Y: 12.99%
• 3Y*: 10.25%
• 5Y*: 4.04%
• 10Y*: 5.60%

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

FMAG vs. INKM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	8.00%	10.40%	28.52%	31.25%	-26.92%	25.37%
INKM SPDR SSgA Income Allocation ETF	6.00%	11.86%	5.70%	10.26%	-12.58%	7.35%

Correlation

The correlation between FMAG and INKM is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.60

The correlation between FMAG and INKM shifts across timeframes, from 0.50 (3 years) to 0.60 (all time), reflecting how their relationship changes across market environments.

FMAG vs. INKM - Sectors Allocation Comparison

Sectors	FMAG	INKM
Technology	38.9%	13.2%
Industrials	16.1%	14.6%
Financial Services	14.3%	8.3%
Consumer Cyclical	12.6%	5.1%
Communication Services	6.1%	6.2%
Healthcare	4.4%	6.8%
Basic Materials	4.3%	1.4%
Utilities	2.3%	13.9%
Consumer Defensive	1.9%	8.6%
Real Estate	1.4%	10.9%
Energy	-	11.1%

Return for Risk

FMAG vs. INKM — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 23
FMAG Sharpe Ratio Rank: 24
FMAG Sortino Ratio Rank: 24
FMAG Omega Ratio Rank: 23
FMAG Calmar Ratio Rank: 20
FMAG Martin Ratio Rank: 23

INKM

INKM Risk / Return Rank: 66
INKM Sharpe Ratio Rank: 67
INKM Sortino Ratio Rank: 69
INKM Omega Ratio Rank: 71
INKM Calmar Ratio Rank: 58
INKM Martin Ratio Rank: 63

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.

FMAG vs. INKM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) and SPDR SSgA Income Allocation ETF (INKM). 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.

	FMAG	INKM	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.19	-1.39
Sortino ratio: Return per unit of downside risk	1.22	3.12	-1.89
Omega ratio: Gain probability vs. loss probability	1.15	1.42	-0.27
Calmar ratio: Return relative to maximum drawdown	0.82	2.87	-2.04
Martin ratio: Return relative to average drawdown	2.91	11.30	-8.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAG vs. INKM - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.81, which is lower than the INKM Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FMAG and INKM, 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

	FMAG	INKM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	2.19	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.49	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.58	+0.04

Drawdowns

FMAG vs. INKM - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, which is greater than INKM's maximum drawdown of -28.58%. Use the drawdown chart below to compare losses from any high point for FMAG and INKM.

Drawdown Indicators

	FMAG	INKM	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-28.58%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-4.55%	-9.42%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-9.25%	-10.87%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	-19.18%	-13.75%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.58%	—
Current Drawdown Current decline from peak	-0.73%	0.00%	-0.73%
Average Drawdown Average peak-to-trough decline	-8.98%	-3.69%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	1.15%	+2.80%

Volatility

FMAG vs. INKM - Volatility Comparison

Fidelity Magellan ETF (FMAG) has a higher volatility of 3.65% compared to SPDR SSgA Income Allocation ETF (INKM) at 1.65%. This indicates that FMAG's price experiences larger fluctuations and is considered to be riskier than INKM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAG	INKM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	1.65%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	4.60%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	5.96%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	8.30%	+11.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	9.78%	+9.90%

FMAG vs. INKM - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than INKM's 0.50% expense ratio.

Dividends

FMAG vs. INKM - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than INKM's 4.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INKM SPDR SSgA Income Allocation ETF	4.84%	5.82%	4.83%	4.56%	5.03%	3.74%	3.88%	4.38%	4.08%	3.10%	3.39%	3.45%

Frequently Asked Questions

Can I hold both FMAG and INKM in my portfolio?

FMAG and INKM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAG or INKM?

FMAG has higher volatility (3.65%) compared to INKM (1.65%). In terms of maximum drawdown, FMAG dropped -32.93% vs INKM's -28.58%.

Which ETF is better, FMAG or INKM?

On 5-year performance, FMAG leads with 11.89% vs 4.04% for INKM. On fees, INKM is cheaper at 0.50% per year. On volatility, INKM 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, FMAG or INKM?

Over the 5-year period, FMAG has performed better with a 11.89% return vs 4.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or INKM?

INKM is cheaper with a 0.50% expense ratio, compared with 0.59% for FMAG.

Which ETF pays a higher dividend yield, FMAG or INKM?

INKM has the higher dividend yield at 4.84%, compared with 0.08% for FMAG.

What is the main difference between FMAG and INKM?

They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.59% for FMAG and 0.50% for INKM.

Which has better risk-adjusted returns?

INKM currently has the higher Sharpe Ratio (2.19 vs 0.81), 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.