SPYG vs. FNCMX

Last updated Jun 4, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. Both are passively managed. Over the past 10 years, SPYG returned 18.20%/yr vs 19.45%/yr for FNCMX. Their correlation of 0.92 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.29%/yr for FNCMX.

Performance

SPYG vs. FNCMX - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYG achieves a 13.75% return, which is significantly lower than FNCMX's 16.82% return. Over the past 10 years, SPYG has underperformed FNCMX with an annualized return of 18.20%, while FNCMX has yielded a comparatively higher 19.45% annualized return.

SPYG

• 1D: -0.98%
• 1M: 7.38%
• YTD: 13.75%
• 6M: 13.57%
• 1Y: 33.95%
• 3Y*: 28.16%
• 5Y*: 16.07%
• 10Y*: 18.20%

FNCMX

• 1D: 0.03%
• 1M: 8.17%
• YTD: 16.82%
• 6M: 15.82%
• 1Y: 40.51%
• 3Y*: 27.91%
• 5Y*: 15.70%
• 10Y*: 19.45%

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

SPYG vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	13.75%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%
FNCMX Fidelity NASDAQ Composite Index Fund	16.82%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between SPYG and FNCMX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 9, 2003	0.92

The correlation between SPYG and FNCMX has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

Return for Risk

SPYG vs. FNCMX — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 57
SPYG Sharpe Ratio Rank: 62
SPYG Sortino Ratio Rank: 60
SPYG Omega Ratio Rank: 59
SPYG Calmar Ratio Rank: 49
SPYG Martin Ratio Rank: 57

FNCMX

FNCMX Risk / Return Rank: 68
FNCMX Sharpe Ratio Rank: 79
FNCMX Sortino Ratio Rank: 64
FNCMX Omega Ratio Rank: 63
FNCMX Calmar Ratio Rank: 69
FNCMX Martin Ratio Rank: 65

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.

SPYG vs. FNCMX - Risk-Adjusted Trends Comparison

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

	SPYG	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.58	-0.46
Sortino ratio: Return per unit of downside risk	2.90	3.36	-0.46
Omega ratio: Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	2.48	3.22	-0.74
Martin ratio: Return relative to average drawdown	10.25	12.65	-2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYG vs. FNCMX - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 2.12, which is comparable to the FNCMX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SPYG and FNCMX, 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

	SPYG	FNCMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.58	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.70	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.58	-0.23

Drawdowns

SPYG vs. FNCMX - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than FNCMX's maximum drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for SPYG and FNCMX.

Drawdown Indicators

	SPYG	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-55.08%	-12.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-13.01%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-24.20%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-35.64%	+2.97%
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	-35.64%	+2.97%
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-24.33%	-7.86%	-16.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	3.30%	+0.02%

Volatility

SPYG vs. FNCMX - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 4.35% compared to Fidelity NASDAQ Composite Index Fund (FNCMX) at 4.12%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	4.12%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	12.46%	12.10%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.06%	16.23%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	22.46%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	22.05%	-1.41%

SPYG vs. FNCMX - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than FNCMX's 0.29% expense ratio.

Dividends

SPYG vs. FNCMX - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.47%, more than FNCMX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCMX Fidelity NASDAQ Composite Index Fund	0.44%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.47%	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 SPYG and FNCMX in my portfolio?

With a correlation of 0.97, SPYG and FNCMX 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, SPYG or FNCMX?

SPYG has higher volatility (4.35%) compared to FNCMX (4.12%). In terms of maximum drawdown, SPYG dropped -67.63% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FNCMX currently has the higher Sharpe Ratio (2.58 vs 2.12), 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.