FMAG vs. SPYG

Last updated Aug 4, 2026

FMAG (Fidelity Magellan ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both exchange-traded funds - FMAG is a Large Cap Growth Equities fund actively managed by Fidelity, while SPYG is a S&P 500 fund tracking the S&P 500 Growth Index. FMAG is actively managed, while SPYG is passively managed. Over the past 5 years, FMAG returned 9.54%/yr vs 13.61%/yr for SPYG. Their correlation of 0.95 means they have usually moved in the same direction. FMAG charges 0.57%/yr vs 0.04%/yr for SPYG.

Performance

FMAG vs. SPYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAG achieves a 6.71% return, which is significantly lower than SPYG's 12.43% return.

FMAG

• 1D: 1.22%
• 1M: 1.43%
• 6M: 6.21%
• YTD: 6.71%
• 1Y: 5.63%
• 3Y*: 18.63%
• 5Y*: 9.54%
• 10Y*: —
• ALL TIME*: 11.64%

SPYG

• 1D: 2.15%
• 1M: 2.10%
• 6M: 11.46%
• YTD: 12.43%
• 1Y: 24.33%
• 3Y*: 25.98%
• 5Y*: 13.61%
• 10Y*: 17.52%
• ALL TIME*: 7.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMAG Fidelity Magellan ETF	$432.45K	$646.72K	$734.38K
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	$323.67M	$273.71M	$308.17M

FMAG vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	6.71%	10.40%	28.52%	31.25%	-26.92%	26.06%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	12.43%	22.09%	35.99%	30.02%	-29.41%	28.19%

Correlation

The correlation between FMAG and SPYG is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.95

The correlation between FMAG and SPYG has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

FMAG vs. SPYG - Sectors Allocation Comparison

Sectors	FMAG	SPYG
Technology	45.8%	52.3%
Industrials	15.2%	6.4%
Consumer Cyclical	11.9%	8.6%
Communication Services	10.4%	15.6%
Financial Services	7.2%	8.7%
Basic Materials	3.7%	0.3%
Healthcare	3.1%	6.2%
Utilities	2.3%	0.4%
Consumer Defensive	1.6%	1.0%
Real Estate	1.2%	0.6%
Energy	-	0.1%

Return for Risk

FMAG vs. SPYG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMAG

FMAG Risk / Return Rank: 19
FMAG Sharpe Ratio Rank: 19
FMAG Sortino Ratio Rank: 18
FMAG Omega Ratio Rank: 18
FMAG Calmar Ratio Rank: 18
FMAG Martin Ratio Rank: 21

SPYG

SPYG Risk / Return Rank: 53
SPYG Sharpe Ratio Rank: 55
SPYG Sortino Ratio Rank: 54
SPYG Omega Ratio Rank: 52
SPYG Calmar Ratio Rank: 48
SPYG Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMAG vs. SPYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FMAG	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	0.35	1.34	-1.00
Sortino ratio: Return per unit of downside risk	0.60	1.93	-1.33
Omega ratio: Gain probability vs. loss probability	1.07	1.24	-0.16
Calmar ratio: Return relative to maximum drawdown	0.40	1.78	-1.37
Martin ratio: Return relative to average drawdown	1.35	6.45	-5.10

FMAG vs. SPYG - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.35, which is lower than the SPYG Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FMAG and SPYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FMAG vs. SPYG - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for FMAG and SPYG.

Drawdown Indicators

	FMAG	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-67.63%	+34.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-13.76%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-22.14%	+2.02%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	-32.67%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.67%	—
Current Drawdown Current decline from peak	-1.91%	-2.28%	+0.37%
Average Drawdown Average peak-to-trough decline	-8.81%	-24.20%	+15.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	3.78%	+0.41%

Volatility

FMAG vs. SPYG - Volatility Comparison

Fidelity Magellan ETF (FMAG) and State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) have volatilities of 6.14% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAG	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	6.35%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	13.83%	14.96%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	18.23%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.19%	21.53%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	20.81%	-1.02%

FMAG vs. SPYG - Expense Ratio Comparison

FMAG has a 0.57% expense ratio, which is higher than SPYG's 0.04% expense ratio.

Dividends

FMAG vs. SPYG - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than SPYG's 0.48% 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%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both FMAG and SPYG in my portfolio?

With a correlation of 0.92, FMAG and SPYG 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, FMAG or SPYG?

SPYG has higher volatility (6.35%) compared to FMAG (6.14%). In terms of maximum drawdown, FMAG dropped -32.93% vs SPYG's -67.63%.

Which ETF is better, FMAG or SPYG?

On 5-year performance, SPYG leads with 13.61% vs 9.54% for FMAG. On fees, SPYG is cheaper at 0.04% per year. On volatility, FMAG has been the lower-risk option at 6.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or SPYG?

Over the 5-year period, SPYG has performed better with a 13.61% return vs 9.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.57% for FMAG.

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

SPYG has the higher dividend yield at 0.48%, compared with 0.08% for FMAG.

What is the main difference between FMAG and SPYG?

FMAG is categorized as Large Cap Growth Equities, while SPYG is S&P 500. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.57% for FMAG and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.34 vs 0.35), 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.