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FVAL vs SPY: Differences, Returns & Fees

FVAL and SPY hold 53% of their weight in the same names, and FVAL returned +20.9% over the year. Net assets: $1.4bn on Sep 30, 2026 for Fidelity Value Factor ETF, and $817.2bn on Oct 8, 2026 for SPDR S&P 500 ETF Trust.

SPY costs 0.06 points a year less; their one-year returns differ by 3.6 points; SPY is far larger, $809.2bn against $1.4bn.

FVAL vs SPY: Differences, Returns & Fees
FVALSPY
Expense ratio0.15%0.09%
Net assets, as of Sep 30, 2026$1.4bn$809.2bn
Total return, 1 year+20.9%+17.3%
What it tracksFidelity U.S. Value Factor IndexS&P 500 Index
Holdings in common53%
Top ten holdings, share of the fund42.3%39.1%

Holdings in common uses holdings dated Jul 31, 2026 and Oct 8, 2026.

+20.9%
FVAL total return, 1 year
+17.3%
SPY total return, 1 year
0.15%
FVAL expense ratio
0.09%
SPY expense ratio

What they hold in common

By the books each fund has filed, FVAL and SPY hold 53% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 8, 2026.

half

53% in common

Positions both hold, largest shared weight first
Holding FVAL SPY
NVIDIA CORP 7.71% 8.34%
APPLE INC 7.24% 7.42%
MICROSOFT CORP 5.65% 5.80%
AMAZON.COM INC 4.39% 3.73%
ALPHABET INC 5.63% 3.06%
BROADCOM INC 3.42% 2.56%
META PLATFORMS INC 1.96% 2.38%
MICRON TECHNOLOGY INC 2.67% 1.75%
BERKSHIRE HATHAWAY INC DEL 1.86% 1.42%
ELI LILLY and CO 1.76% 1.40%
EXXONMOBIL HOLDINGS CORP 1.11% 1.04%
VISA INC 1.45% 0.96%
Only in FVAL
ZOOM COMMUNICATIONS INC 0.69%
MACYS INC 0.60%
JACKSON FINANCIAL INC 0.54%
BANK OZK 0.53%
ANNALY CAPITAL MANAGEMENT INC 0.53%
RUSH ENTERPRISES INC 0.45%
FLUOR CORP NEW 0.44%
OWENS CORNING NEW 0.42%
Only in SPY
ALPHABET INC CL C 2.45%
TESLA INC 1.58%
ADVANCED MICRO DEVICES 1.51%
JPMORGAN CHASE + CO 1.32%
INTEL CORP 0.80%
MASTERCARD INC A 0.69%
PALANTIR TECHNOLOGIES INC A 0.68%
CISCO SYSTEMS INC 0.68%

Check overlap with more funds →

On the same fields

FVAL
Fidelity Value Factor ETF
SPY
SPDR S&P 500 ETF Trust
Where it sits Stock ETF Stock ETF
Issuer Fidelity State Street
What it is Tracks an index Tracks the S&P 500
Total return, 1 year +20.9% +17.3%
Its benchmark over the same days not published +17.3% (VOO)
Gap to its benchmark not available −0.1 pts vs VOO
Expense ratio 0.15% 0.09%
Already in the S&P 500 91.8% 99.8%
Holdings 124 504
Net assets, FVAL as of Sep 30, 2026 and SPY as of Oct 8, 2026 $1.4bn $817.2bn

FVAL and SPY on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About FVAL

FVAL tracks an index. Over the year to Oct 9, 2026 it returned +20.9% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings filed for Jul 31, 2026, 92% of the fund by weight is stocks the S&P 500 also holds, across 124 positions, with the top ten at 42.3%.

About SPY

SPY tracks the S&P 500. Over the year to Oct 9, 2026 it returned +17.3% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 8, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 39.1%.

Questions people ask

Which returned more over the last year, FVAL or SPY?
In the year to Oct 9, 2026, with distributions reinvested, FVAL returned +20.9% and SPY +17.3%.
Which is cheaper, FVAL or SPY?
SPY is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do FVAL and SPY overlap with the S&P 500?
By their latest filed holdings, 92% of FVAL and 100% of SPY by weight is stocks the S&P 500 already holds.
Other comparisons
FVAL vs IVVFVAL vs VTIFVAL vs VOOFVAL vs SPYMQVML vs SPYQLC vs SPYSPHB vs SPYQDPL vs SPY
FVAL on its own →SPY on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FVAL filings on SEC EDGAR ↗FVAL prospectus with the expense ratio (SEC) ↗Fidelity website ↗SPY filings on SEC EDGAR ↗State Street website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FVAL against SPY, data as of Oct 9, 2026. https://etfiq.com/compare/any/fval-vs-spy

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.