FCLD vs. FXAIX

Last updated Jun 4, 2026

FCLD (Fidelity Cloud Computing ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FCLD is a Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 3 years, FCLD returned 28.24%/yr vs 22.75%/yr for FXAIX. A 0.76 correlation means they provide meaningful diversification when combined. FCLD charges 0.39%/yr vs 0.02%/yr for FXAIX.

Performance

FCLD vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and Fidelity 500 Index Fund (FXAIX). 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 FXAIX's 11.71% return.

FCLD

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

FXAIX

• 1D: 0.13%
• 1M: 5.80%
• YTD: 11.71%
• 6M: 11.74%
• 1Y: 28.99%
• 3Y*: 22.75%
• 5Y*: 14.28%
• 10Y*: 15.66%

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

FCLD vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCLD Fidelity Cloud Computing ETF	34.57%	8.19%	21.80%	53.05%	-41.32%	-1.32%
FXAIX Fidelity 500 Index Fund	11.71%	17.84%	25.01%	26.29%	-18.14%	8.65%

Correlation

The correlation between FCLD and FXAIX is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.76

The correlation between FCLD and FXAIX shifts across timeframes, from 0.60 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCLD vs. FXAIX — 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

FXAIX

FXAIX Risk / Return Rank: 73
FXAIX Sharpe Ratio Rank: 76
FXAIX Sortino Ratio Rank: 67
FXAIX Omega Ratio Rank: 67
FXAIX Calmar Ratio Rank: 74
FXAIX Martin Ratio Rank: 83

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. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.52	-0.86
Sortino ratio: Return per unit of downside risk	2.27	3.42	-1.16
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	2.60	3.36	-0.76
Martin ratio: Return relative to average drawdown	6.81	15.70	-8.88
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. FXAIX - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.66, which is lower than the FXAIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of FCLD and FXAIX, 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	FXAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	2.52	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.82	-0.49

Drawdowns

FCLD vs. FXAIX - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FCLD and FXAIX.

Drawdown Indicators

	FCLD	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-33.79%	-17.06%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-8.89%	-8.59%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	-18.76%	-16.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-4.00%	0.00%	-4.00%
Average Drawdown Average peak-to-trough decline	-20.51%	-3.79%	-16.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.64%	1.90%	+4.74%

Volatility

FCLD vs. FXAIX - Volatility Comparison

Fidelity Cloud Computing ETF (FCLD) has a higher volatility of 10.45% compared to Fidelity 500 Index Fund (FXAIX) at 2.83%. This indicates that FCLD's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	2.83%	+7.62%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	8.97%	+13.10%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	11.86%	+15.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	16.91%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.50%	18.07%	+12.43%

FCLD vs. FXAIX - Expense Ratio Comparison

FCLD has a 0.39% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FCLD vs. FXAIX - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.02%, less than FXAIX's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCLD Fidelity Cloud Computing ETF	0.02%	0.03%	0.13%	0.17%	0.26%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.03%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FCLD and FXAIX in my portfolio?

FCLD and FXAIX have a correlation of 0.60, 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 FXAIX?

FCLD has higher volatility (10.45%) compared to FXAIX (2.83%). In terms of maximum drawdown, FCLD dropped -50.85% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.52 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.