FSST vs. SPY

Last updated Jun 4, 2026

FSST (Fidelity Sustainability U.S. Equity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FSST is a Sustainable fund tracking the Russell 3000, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. FSST charges 0.59%/yr vs 0.09%/yr for SPY.

Performance

FSST vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Sustainability U.S. Equity ETF (FSST) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FSST

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 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)

FSST vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSST Fidelity Sustainability U.S. Equity ETF	0.00%	15.40%	21.40%	25.49%	-18.30%	12.81%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-18.18%	13.69%

Correlation

The correlation between FSST and SPY 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	0.83
Correlation (All Time) Calculated using the full available price history since Jun 18, 2021	0.91

Over the past year, the correlation between FSST and SPY has dropped to 0.52 - well below their long-term average of 0.91, suggesting their price drivers have been diverging.

FSST vs. SPY - Sectors Allocation Comparison

Sectors	FSST	SPY
Technology	29.6%	35.9%
Industrials	13.0%	7.8%
Financial Services	12.1%	11.8%
Communication Services	11.7%	11.3%
Consumer Cyclical	11.5%	10.3%
Healthcare	10.2%	8.4%
Consumer Defensive	4.6%	4.8%
Basic Materials	3.4%	1.8%
Energy	1.9%	3.6%
Real Estate	1.3%	1.9%
Utilities	0.9%	2.4%

Return for Risk

FSST vs. SPY — Risk / Return Rank

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

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.

FSST vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Sustainability U.S. Equity ETF (FSST) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FSST	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
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	—	0.59	—

Drawdowns

Drawdown Indicators

	FSST	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
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	—	-0.70%	—
Average Drawdown Average peak-to-trough decline	—	-9.05%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	FSST	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.83%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.05%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.94%	—

FSST vs. SPY - Expense Ratio Comparison

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

Dividends

FSST vs. SPY - Dividend Comparison

FSST's dividend yield for the trailing twelve months is around 0.14%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSST Fidelity Sustainability U.S. Equity ETF	0.14%	0.19%	2.01%	0.68%	1.00%	0.34%	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 FSST and SPY in my portfolio?

FSST and SPY 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 ETF is better, FSST or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSST or SPY?

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

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

SPY has the higher dividend yield at 0.98%, compared with 0.14% for FSST.

What is the main difference between FSST and SPY?

FSST is categorized as Sustainable, while SPY is S&P 500. FSST tracks Russell 3000, while SPY tracks S&P 500 Index. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.59% for FSST and 0.09% for SPY.