Here's the update of the no fee Schwab model and we see its returns have been marginally better than SPY over the past 3 months.
The model uses a combination of a SPY proxy (SCHB), a real estate proxy (SCHH), a low volatility proxy version of SPY (SPLV), and emerging market proxy (SCHE) and an aggregate foreign markets proxy (SCHF)... as well as SPY as a benchmark.
It may be surprising,. but over a 2 year lookback period SPY has only held the #1 ranked slot for 5 days.
If nothing else, consider using SCHB is lieu of SPY for other models in order to take advantage of the no fee perk.