FULVX vs. SPY

Last updated Jun 23, 2026

FULVX (Fidelity U.S. Low Volatility Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - FULVX is a Large Cap Blend Equities fund managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. A 0.79 correlation means they provide meaningful diversification when combined. FULVX charges 0.66%/yr vs 0.09%/yr for SPY.

Performance

FULVX vs. SPY - Performance Comparison

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

Returns By Period

FULVX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

FULVX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FULVX Fidelity U.S. Low Volatility Equity Fund	-0.01%	5.23%	17.76%	6.38%	-10.43%	17.79%	3.83%	4.30%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	5.23%

Correlation

The correlation between FULVX and SPY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 5, 2019	0.79

Over the past year, the correlation between FULVX and SPY has dropped to 0.48 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

Return for Risk

FULVX vs. SPY — Risk / Return Rank

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

FULVX

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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

FULVX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Low Volatility Equity Fund (FULVX) 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.

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.

	FULVX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.16	—
Sortino ratio: Return per unit of downside risk	—	2.91	—
Omega ratio: Gain probability vs. loss probability	—	1.39	—
Calmar ratio: Return relative to maximum drawdown	—	3.01	—
Martin ratio: Return relative to average drawdown	—	13.54	—

Drawdowns

Drawdown Indicators

	FULVX	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	—	-1.75%	—
Average Drawdown Average peak-to-trough decline	—	-9.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.97%	—

Volatility

Volatility by Period

	FULVX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.43%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.14%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.99%	—

FULVX vs. SPY - Expense Ratio Comparison

FULVX has a 0.66% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FULVX vs. SPY - Dividend Comparison

FULVX's dividend yield for the trailing twelve months is around 8.06%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FULVX Fidelity U.S. Low Volatility Equity Fund	8.06%	6.82%	5.76%	1.65%	4.98%	5.35%	0.62%	0.28%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	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 FULVX and SPY in my portfolio?

FULVX and SPY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.