FHEQvsSPYETF Comparison
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Fidelity Hedged Equity ETF (FHEQ) belongs to the Options Strategies segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. FHEQ's top 3 sector exposures are Information Technology, Communication Services and Financials. In contrast, SPY's top sector exposures are Information Technology, Financials and Communication Services. FHEQ is more expensive with a Total Expense Ratio (TER) of 0.52%, versus 0.0945% for SPY. FHEQ is up 2.52% year-to-date (YTD) with +$31M in YTD flows. SPY performs better with 4.2% YTD performance, and -$15.94B in YTD flows. Run a side-by-side ETF comparison of FHEQ and SPY below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FHEQ vs SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FHEQ SPY | +6.67%+8.08% | +2.42%+3.07% | +2.52%+4.20% | +23.39%+33.72% | n/a+78.48% | n/a+82.04% |
| Flows | FHEQ SPY | -$57M+$21.26B | -$16M-$2.28B | +$31M-$15.94B | +$162M-$15.60B | -+$50.18B | -+$70.45B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FHEQ SPY | +10.50%+15.17% | +9.65%+12.58% | n/a+14.96% | n/a+16.92% |
| Max drawdown | FHEQ SPY | -7.39%-8.89% | -7.39%-8.89% | n/a-18.74% | n/a-24.50% |
| Max drawdown duration | FHEQ SPY | 71d76d | 71d76d | n/a126d | n/a708d |
Trading data
FHEQ | SPY | |
Last sale 4/24/2026 at 1:30 PM | $31.76 | $713.94 |
| Previous close 04/23/2026 | $31.49 | $708.45 |
| Consolidated volume 04/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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FHEQ
is actively managed and doesn’t replicate an indexFHEQ | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/24/2026 at 1:30 PM
Live
Closed
FHEQ | SPY | |
|---|---|---|
| Last price | $31.76 | $713.94 |
| 1D performance | +0.86% | +0.77% |
| AuM | $807.71 M | $723.48 B |
| E/R | 0.52% | 0.0945% |
Characteristics
FHEQ | SPY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Fidelity | State Street Investment Management |
| Benchmark | - | S&P 500 Index |
| N° of holdings | 146 | 478 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | April 9, 2024 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
FHEQ
USA
96.67%
Other
3.33%
SPY
USA
96.95%
Other
3.05%
Sectors
FHEQ
Information Techn.
36.08%
Communication Ser.
11.45%
Financials
10.8%
Consumer Discreti.
10.01%
Industrials
8.77%
Health Care
8.07%
Other
14.82%
SPY
Information Techn.
33.93%
Financials
10.39%
Communication Ser.
10.23%
Consumer Discreti.
10.01%
Health Care
9.32%
Industrials
8.33%
Other
17.78%
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Diversification
FHEQ
Total weight of top 15 holdings out of 15
46.29%
SPY
Total weight of top 15 holdings out of 15
42.5%
Top 15 holdings
Data as of March 31, 2026
FHEQ
NVIDIA
7.80%
APPLE
7.42%
MICROSOFT-T
4.82%
AMAZON.COM INC
4.02%
BROADCOM LIMITED
3.17%
ALPHABET INC-CL
3.13%
META PLATFORMS
2.42%
ALPHABET INC-CL
2.36%
BERKSHIRE HATHWAY
2.15%
JPMORGAN CHASE
1.72%
LILLY
1.69%
EXXON
1.65%
TESLA
1.50%
MASTERCARD
1.22%
ABBVIE
1.21%
SPY
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.91%
AMAZON.COM INC
3.64%
ALPHABET INC-CL
2.99%
BROADCOM LIMITED
2.62%
ALPHABET INC-CL
2.40%
META PLATFORMS
2.24%
TESLA
1.87%
BERKSHIRE HATHWAY
1.57%
JPMORGAN CHASE
1.42%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
Frequently asked questions about FHEQ and SPY
How have the FHEQ and SPY ETFs performed in 2026?
As of April 23, 2026, FHEQ is up 2.52% year-to-date (YTD), while SPY has returned 4.2%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: FHEQ or SPY?
Year-to-date, the FHEQ ETF saw +$31M in flows, compared to -$15.94B for SPY.
Which ETF is more volatile: FHEQ or SPY?
Over the past year, FHEQ had a volatility of 9.65%, while SPY experienced 12.58%.
Which ETF is bigger: FHEQ or SPY?
As of April 23, 2026, FHEQ holds $807.71 M in assets under management (AUM), while SPY manages $723.48 B.
What sectors do the FHEQ and SPY ETFs invest in?
FHEQ leans toward sectors like Information Technology, Communication Services and Financials. Meanwhile, SPY focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the FHEQ ETF and SPY ETF?
FHEQ top holdings include NVIDIA, APPLE and MICROSOFT-T. SPY holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: FHEQ or SPY?
FHEQ holds 157 securities with 46.29% of its assets in the top 15. SPY has 502 securities and a top 15 weight of 42.5%.
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