FCLD vs. FELC

Last updated Jun 4, 2026

FCLD (Fidelity Cloud Computing ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FCLD is a Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross, while FELC is a Large Cap Growth Equities fund actively managed by Fidelity. FCLD is passively managed, while FELC is actively managed. Over the past year, FCLD returned 45.14% vs 28.58% for FELC. A 0.70 correlation means they provide meaningful diversification when combined. FCLD charges 0.39%/yr vs 0.18%/yr for FELC.

Performance

FCLD vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCLD achieves a 34.57% return, which is significantly higher than FELC's 11.23% return.

FCLD

• 1D: -2.61%
• 1M: 19.91%
• YTD: 34.57%
• 6M: 36.74%
• 1Y: 45.14%
• 3Y*: 28.24%
• 5Y*: —
• 10Y*: —

FELC

• 1D: -0.59%
• 1M: 5.59%
• YTD: 11.23%
• 6M: 11.57%
• 1Y: 28.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCLD vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCLD Fidelity Cloud Computing ETF	34.57%	8.19%	21.80%	10.22%
FELC Fidelity Enhanced Large Cap Core ETF	11.23%	17.09%	25.25%	5.68%

Correlation

The correlation between FCLD and FELC is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.71

The correlation between FCLD and FELC has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

FCLD vs. FELC - Sectors Allocation Comparison

Sectors	FCLD	FELC
Technology	86.1%	38.2%
Real Estate	7.9%	1.0%
Communication Services	3.7%	12.4%
Consumer Cyclical	2.3%	9.8%
Basic Materials	-	1.5%
Consumer Defensive	-	2.8%
Energy	-	3.7%
Financial Services	-	12.2%
Healthcare	-	7.4%
Industrials	-	9.6%
Utilities	-	1.3%

Return for Risk

FCLD vs. FELC — Risk / Return Rank

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

FCLD

FCLD Risk / Return Rank: 46
FCLD Sharpe Ratio Rank: 47
FCLD Sortino Ratio Rank: 45
FCLD Omega Ratio Rank: 43
FCLD Calmar Ratio Rank: 52
FCLD Martin Ratio Rank: 42

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 72
FELC Sortino Ratio Rank: 71
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 63
FELC Martin Ratio Rank: 75

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.

FCLD vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and Fidelity Enhanced Large Cap Core ETF (FELC). 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.

	FCLD	FELC	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.41	-0.76
Sortino ratio: Return per unit of downside risk	2.27	3.29	-1.03
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.16
Calmar ratio: Return relative to maximum drawdown	2.60	3.16	-0.56
Martin ratio: Return relative to average drawdown	6.81	14.66	-7.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCLD vs. FELC - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.66, which is lower than the FELC Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FCLD and FELC, 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

	FCLD	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.41	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.59	-1.26

Drawdowns

FCLD vs. FELC - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FCLD and FELC.

Drawdown Indicators

	FCLD	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-18.59%	-32.26%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-9.09%	-8.39%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	—	—
Current Drawdown Current decline from peak	-4.00%	-0.59%	-3.41%
Average Drawdown Average peak-to-trough decline	-20.51%	-1.91%	-18.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.64%	1.95%	+4.69%

Volatility

FCLD vs. FELC - Volatility Comparison

Fidelity Cloud Computing ETF (FCLD) has a higher volatility of 10.45% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 2.78%. This indicates that FCLD's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	2.78%	+7.67%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	8.93%	+13.14%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	11.90%	+15.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	15.17%	+15.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.50%	15.17%	+15.33%

FCLD vs. FELC - Expense Ratio Comparison

FCLD has a 0.39% expense ratio, which is higher than FELC's 0.18% expense ratio.

Dividends

FCLD vs. FELC - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.02%, less than FELC's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021
FCLD Fidelity Cloud Computing ETF	0.02%	0.03%	0.13%	0.17%	0.26%	0.13%
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCLD and FELC in my portfolio?

FCLD and FELC have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCLD or FELC?

FCLD has higher volatility (10.45%) compared to FELC (2.78%). In terms of maximum drawdown, FCLD dropped -50.85% vs FELC's -18.59%.

Which ETF is better, FCLD or FELC?

On 1-year performance, FCLD leads with 45.14% vs 28.58% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCLD or FELC?

Over the 1-year period, FCLD has performed better with a 45.14% return vs 28.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCLD or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.39% for FCLD.

Which ETF pays a higher dividend yield, FCLD or FELC?

FELC has the higher dividend yield at 0.85%, compared with 0.02% for FCLD.

What is the main difference between FCLD and FELC?

FCLD is categorized as Technology Equities, while FELC is Large Cap Growth Equities. Their fees differ too: 0.39% for FCLD and 0.18% for FELC.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.41 vs 1.66), 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.