FDX should be very worried about the new state trend to identify and recover improper independent contractor misclassification fraud. States are going after significant lost tax revenues (see the Bloomberg story). Their ground IC business model wreaks of illegality.
Well, here's some generally accepted metrics. Forward P/E: FDX 14.45, UPS 17. So, unless we beat expectations, value investors would choose FDX. Here's the thing though. For a buy and hold investor, UPS has been paying 5X the dividend or over $2/share more quite some time. If one has held for say 10 years, that's $20/share plus they still hold an appreciating stock. Comparatively, FDX has been a traders delight.