FBCV vs. FELV

Last updated Jun 4, 2026

FBCV (Fidelity Blue Chip Value ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both Large Cap Value Equities funds from Fidelity. Both are actively managed. Over the past year, FBCV returned 24.49% vs 29.77% for FELV. Their correlation of 0.91 suggests significant overlap in exposure. FBCV charges 0.57%/yr vs 0.18%/yr for FELV.

Performance

FBCV vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Blue Chip Value ETF (FBCV) and Fidelity Enhanced Large Cap Value ETF (FELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBCV achieves a 9.91% return, which is significantly lower than FELV's 14.72% return.

FBCV

• 1D: -0.20%
• 1M: 2.72%
• YTD: 9.91%
• 6M: 11.56%
• 1Y: 24.49%
• 3Y*: 14.94%
• 5Y*: 8.64%
• 10Y*: —

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBCV vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBCV Fidelity Blue Chip Value ETF	9.91%	16.36%	10.26%	4.75%
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%

Correlation

The correlation between FBCV and FELV is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.91

The correlation between FBCV and FELV has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

FBCV vs. FELV - Sectors Allocation Comparison

Sectors	FBCV	FELV
Financial Services	21.6%	18.4%
Industrials	12.2%	12.5%
Healthcare	11.9%	10.1%
Technology	10.1%	19.8%
Energy	10.0%	5.8%
Consumer Defensive	9.8%	4.8%
Consumer Cyclical	9.3%	7.1%
Communication Services	8.3%	8.2%
Basic Materials	3.6%	3.8%
Utilities	2.5%	3.4%
Real Estate	0.8%	3.3%

Return for Risk

FBCV vs. FELV — Risk / Return Rank

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

FBCV

FBCV Risk / Return Rank: 72
FBCV Sharpe Ratio Rank: 71
FBCV Sortino Ratio Rank: 76
FBCV Omega Ratio Rank: 70
FBCV Calmar Ratio Rank: 70
FBCV Martin Ratio Rank: 75

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

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.

FBCV vs. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Blue Chip Value ETF (FBCV) and Fidelity Enhanced Large Cap Value ETF (FELV). 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.

	FBCV	FELV	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.79	-0.44
Sortino ratio: Return per unit of downside risk	3.46	3.93	-0.46
Omega ratio: Gain probability vs. loss probability	1.43	1.51	-0.09
Calmar ratio: Return relative to maximum drawdown	3.49	4.36	-0.87
Martin ratio: Return relative to average drawdown	14.27	18.85	-4.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBCV vs. FELV - Sharpe Ratio Comparison

The current FBCV Sharpe Ratio is 2.35, which is comparable to the FELV Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FBCV and FELV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBCV	FELV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.79	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.65	-0.72

Drawdowns

FBCV vs. FELV - Drawdown Comparison

The maximum FBCV drawdown since its inception was -15.55%, roughly equal to the maximum FELV drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for FBCV and FELV.

Drawdown Indicators

	FBCV	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-15.55%	-16.08%	+0.53%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-6.85%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-14.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.55%	—	—
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.45%	-2.07%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.58%	+0.14%

Volatility

FBCV vs. FELV - Volatility Comparison

The current volatility for Fidelity Blue Chip Value ETF (FBCV) is 2.18%, while Fidelity Enhanced Large Cap Value ETF (FELV) has a volatility of 2.79%. This indicates that FBCV experiences smaller price fluctuations and is considered to be less risky than FELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBCV	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	2.79%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	7.88%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	10.72%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.81%	13.40%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.73%	13.40%	+1.33%

FBCV vs. FELV - Expense Ratio Comparison

FBCV has a 0.57% expense ratio, which is higher than FELV's 0.18% expense ratio.

Dividends

FBCV vs. FELV - Dividend Comparison

FBCV's dividend yield for the trailing twelve months is around 2.69%, more than FELV's 1.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FBCV Fidelity Blue Chip Value ETF	2.69%	2.95%	1.75%	1.68%	2.01%	3.13%	0.44%
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBCV and FELV in my portfolio?

With a correlation of 0.90, FBCV and FELV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FBCV or FELV?

FELV has higher volatility (2.79%) compared to FBCV (2.18%). In terms of maximum drawdown, FBCV dropped -15.55% vs FELV's -16.08%.

Which ETF is better, FBCV or FELV?

On 1-year performance, FELV leads with 29.77% vs 24.49% for FBCV. On fees, FELV is cheaper at 0.18% per year. On volatility, FBCV has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBCV or FELV?

Over the 1-year period, FELV has performed better with a 29.77% return vs 24.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBCV or FELV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.57% for FBCV.

Which ETF pays a higher dividend yield, FBCV or FELV?

FBCV has the higher dividend yield at 2.69%, compared with 1.51% for FELV.

What is the main difference between FBCV and FELV?

Their fees differ too: 0.57% for FBCV and 0.18% for FELV.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.79 vs 2.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.