FPFD vs. SPY

Last updated Jun 4, 2026

FPFD (Fidelity Preferred Securities & Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FPFD is a Preferred Stock/Convertible Bonds fund actively managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. FPFD is actively managed, while SPY is passively managed. Over the past 3 years, FPFD returned 7.66%/yr vs 22.35%/yr for SPY. At a 0.45 correlation, their price movements are largely independent. FPFD charges 0.59%/yr vs 0.09%/yr for SPY.

Performance

FPFD vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Preferred Securities & Income ETF (FPFD) 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, FPFD achieves a 0.73% return, which is significantly lower than SPY's 10.91% return.

FPFD

• 1D: -0.23%
• 1M: -0.51%
• YTD: 0.73%
• 6M: 0.81%
• 1Y: 6.27%
• 3Y*: 7.66%
• 5Y*: —
• 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)

FPFD vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPFD Fidelity Preferred Securities & Income ETF	0.73%	6.46%	8.50%	10.91%	-17.11%	1.89%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	13.69%

Correlation

The correlation between FPFD and SPY is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.45

The correlation between FPFD and SPY shifts across timeframes, from 0.45 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

FPFD vs. SPY - Sectors Allocation Comparison

Sectors	FPFD	SPY
Financial Services	16.4%	11.8%
Utilities	5.4%	2.4%
Communication Services	3.5%	11.3%
Real Estate	1.6%	1.9%
Technology	1.2%	35.9%
Industrials	0.8%	7.8%
Consumer Cyclical	0.3%	10.3%
Basic Materials	-	1.8%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%

Return for Risk

FPFD vs. SPY — Risk / Return Rank

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

FPFD

FPFD Risk / Return Rank: 59
FPFD Sharpe Ratio Rank: 63
FPFD Sortino Ratio Rank: 68
FPFD Omega Ratio Rank: 69
FPFD Calmar Ratio Rank: 47
FPFD Martin Ratio Rank: 51

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.

FPFD vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Preferred Securities & Income ETF (FPFD) 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.

	FPFD	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.38	-0.24
Sortino ratio: Return per unit of downside risk	3.14	3.24	-0.10
Omega ratio: Gain probability vs. loss probability	1.42	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	2.29	3.16	-0.87
Martin ratio: Return relative to average drawdown	8.64	14.72	-6.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPFD vs. SPY - Sharpe Ratio Comparison

The current FPFD Sharpe Ratio is 2.14, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FPFD 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

	FPFD	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.38	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.59	-0.26

Drawdowns

FPFD vs. SPY - Drawdown Comparison

The maximum FPFD drawdown since its inception was -20.83%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FPFD and SPY.

Drawdown Indicators

	FPFD	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-55.19%	+34.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-8.88%	+6.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-18.76%	+13.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.23%	-0.70%	-0.53%
Average Drawdown Average peak-to-trough decline	-6.82%	-9.05%	+2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.91%	-1.18%

Volatility

FPFD vs. SPY - Volatility Comparison

The current volatility for Fidelity Preferred Securities & Income ETF (FPFD) is 1.00%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that FPFD 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

	FPFD	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	2.84%	-1.84%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	8.90%	-6.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.95%	11.83%	-8.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	17.05%	-11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	17.94%	-12.62%

FPFD vs. SPY - Expense Ratio Comparison

FPFD has a 0.59% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FPFD vs. SPY - Dividend Comparison

FPFD's dividend yield for the trailing twelve months is around 5.15%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPFD Fidelity Preferred Securities & Income ETF	5.15%	5.04%	4.89%	5.09%	5.22%	1.59%	0.00%	0.00%	0.00%	0.00%	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 FPFD and SPY in my portfolio?

FPFD and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPFD or SPY?

SPY has higher volatility (2.84%) compared to FPFD (1.00%). In terms of maximum drawdown, FPFD dropped -20.83% vs SPY's -55.19%.

Which ETF is better, FPFD or SPY?

On 3-year performance, SPY leads with 22.35% vs 7.66% for FPFD. On fees, SPY is cheaper at 0.09% per year. On volatility, FPFD has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPFD or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 7.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPFD or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.59% for FPFD.

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

FPFD has the higher dividend yield at 5.15%, compared with 0.98% for SPY.

What is the main difference between FPFD and SPY?

FPFD is categorized as Preferred Stock/Convertible Bonds, while SPY is S&P 500. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.59% for FPFD and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.14), 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.