FZFLX vs. SPY
Compare and contrast key facts about Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) and State Street SPDR S&P 500 ETF (SPY).
FZFLX is managed by Fidelity. It was launched on Aug 12, 2015. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Performance
FZFLX vs. SPY - Performance Comparison
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FZFLX vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund | 7.81% | 10.76% | 15.52% | 17.75% | -15.62% | 20.40% | 19.78% | 31.96% | -9.25% | 18.41% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, FZFLX achieves a 7.81% return, which is significantly higher than SPY's -3.65% return. Over the past 10 years, FZFLX has underperformed SPY with an annualized return of 12.08%, while SPY has yielded a comparatively higher 14.06% annualized return.
FZFLX
- 1D
- 5.00%
- 1M
- -6.21%
- YTD
- 7.81%
- 6M
- 9.60%
- 1Y
- 26.35%
- 3Y*
- 16.05%
- 5Y*
- 8.15%
- 10Y*
- 12.08%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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FZFLX vs. SPY - Expense Ratio Comparison
FZFLX has a 0.05% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
FZFLX vs. SPY — Risk / Return Rank
FZFLX
SPY
FZFLX vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) 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.
| FZFLX | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.13 | 0.96 | +0.17 |
Sortino ratioReturn per unit of downside risk | 1.66 | 1.49 | +0.17 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.53 | +0.19 |
Martin ratioReturn relative to average drawdown | 7.43 | 7.27 | +0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FZFLX | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.96 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.70 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | 0.79 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.56 | -0.03 |
Correlation
The correlation between FZFLX and SPY is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
FZFLX vs. SPY - Dividend Comparison
FZFLX's dividend yield for the trailing twelve months is around 53.58%, more than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZFLX Fidelity SAI Small-Mid Cap 500 Index Fund | 53.58% | 57.77% | 10.20% | 2.35% | 79.79% | 50.77% | 7.19% | 6.49% | 7.69% | 1.68% | 0.93% | 0.67% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
FZFLX vs. SPY - Drawdown Comparison
The maximum FZFLX drawdown since its inception was -42.03%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FZFLX and SPY.
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Drawdown Indicators
| FZFLX | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.03% | -55.19% | +13.16% |
Max Drawdown (1Y)Largest decline over 1 year | -14.54% | -12.05% | -2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -24.77% | -24.50% | -0.27% |
Max Drawdown (10Y)Largest decline over 10 years | -42.03% | -33.72% | -8.31% |
Current DrawdownCurrent decline from peak | -6.21% | -5.53% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -9.09% | +3.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.38% | 2.54% | +0.84% |
Volatility
FZFLX vs. SPY - Volatility Comparison
Fidelity SAI Small-Mid Cap 500 Index Fund (FZFLX) has a higher volatility of 11.32% compared to State Street SPDR S&P 500 ETF (SPY) at 5.35%. This indicates that FZFLX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FZFLX | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.32% | 5.35% | +5.97% |
Volatility (6M)Calculated over the trailing 6-month period | 16.31% | 9.50% | +6.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.32% | 19.06% | +5.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.78% | 17.06% | +3.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.91% | 17.92% | +2.99% |