ARKW vs. FEMG

Last updated Jun 4, 2026

ARKW (ARK Next Generation Internet ETF) and FEMG (Fidelity Enhanced Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined. ARKW charges 0.76%/yr vs 0.23%/yr for FEMG.

Performance

ARKW vs. FEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARK Next Generation Internet ETF (ARKW) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ARKW

• 1D: -2.98%
• 1M: 2.53%
• YTD: -0.79%
• 6M: -3.36%
• 1Y: 19.55%
• 3Y*: 40.12%
• 5Y*: 1.89%
• 10Y*: 22.99%

FEMG

• 1D: -0.84%
• 1M: 3.74%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARKW vs. FEMG - Yearly Performance Comparison

	2026 (YTD)
ARKW ARK Next Generation Internet ETF	6.99%
FEMG Fidelity Enhanced Mid Cap Growth ETF	4.23%

Correlation

The correlation between ARKW and FEMG is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 1, 2026	0.65

ARKW vs. FEMG - Sectors Allocation Comparison

Sectors	ARKW	FEMG
Technology	44.2%	24.0%
Consumer Cyclical	16.3%	17.4%
Communication Services	15.0%	2.7%
Financial Services	14.2%	6.0%
Industrials	1.7%	26.5%
Basic Materials	-	0.7%
Consumer Defensive	-	1.4%
Energy	-	3.3%
Healthcare	-	12.6%
Real Estate	-	1.8%
Utilities	-	2.9%

Return for Risk

ARKW vs. FEMG — Risk / Return Rank

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

ARKW

ARKW Risk / Return Rank: 17
ARKW Sharpe Ratio Rank: 18
ARKW Sortino Ratio Rank: 19
ARKW Omega Ratio Rank: 19
ARKW Calmar Ratio Rank: 15
ARKW Martin Ratio Rank: 14

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.

ARKW vs. FEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARK Next Generation Internet ETF (ARKW) and Fidelity Enhanced Mid Cap Growth ETF (FEMG). 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.

	ARKW	FEMG	Difference
Sharpe ratio: Return per unit of total volatility	0.60	—	—
Sortino ratio: Return per unit of downside risk	1.01	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.54	—	—
Martin ratio: Return relative to average drawdown	1.12	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ARKW	FEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.60	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	4.78	-4.21

Drawdowns

ARKW vs. FEMG - Drawdown Comparison

The maximum ARKW drawdown since its inception was -80.52%, which is greater than FEMG's maximum drawdown of -3.29%. Use the drawdown chart below to compare losses from any high point for ARKW and FEMG.

Drawdown Indicators

	ARKW	FEMG	Difference
Max Drawdown Largest peak-to-trough decline	-80.52%	-3.29%	-77.23%
Max Drawdown (1Y) Largest decline over 1 year	-36.21%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-36.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-77.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.52%	—	—
Current Drawdown Current decline from peak	-20.48%	-1.18%	-19.30%
Average Drawdown Average peak-to-trough decline	-23.98%	-0.96%	-23.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.52%	—	—

Volatility

Volatility by Period

	ARKW	FEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.93%	12.29%	+20.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.49%	12.29%	+31.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.69%	12.29%	+25.40%

ARKW vs. FEMG - Expense Ratio Comparison

ARKW has a 0.76% expense ratio, which is higher than FEMG's 0.23% expense ratio.

Dividends

ARKW vs. FEMG - Dividend Comparison

ARKW's dividend yield for the trailing twelve months is around 1.60%, while FEMG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARKW ARK Next Generation Internet ETF	1.60%	1.59%	0.00%	0.00%	0.00%	0.17%	1.29%	0.00%	13.05%	2.05%	0.00%	2.29%
FEMG Fidelity Enhanced Mid Cap Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARKW and FEMG in my portfolio?

ARKW and FEMG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARKW or FEMG?

On fees, FEMG is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARKW or FEMG?

FEMG is cheaper with a 0.23% expense ratio, compared with 0.76% for ARKW.

Which ETF pays a higher dividend yield, ARKW or FEMG?

ARKW has the higher dividend yield at 1.60%, compared with 0.00% for FEMG.

What is the main difference between ARKW and FEMG?

They also come from different issuers: ARK and Fidelity. Their fees differ too: 0.76% for ARKW and 0.23% for FEMG.