FCLD vs. IAK

Last updated Jun 13, 2026

FCLD (Fidelity Cloud Computing ETF) and IAK (iShares U.S. Insurance ETF) are both exchange-traded funds - FCLD is a Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross, while IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index. Both are passively managed. Over the past 3 years, FCLD returned 24.61%/yr vs 18.27%/yr for IAK. At a 0.25 correlation, their price movements are largely independent. FCLD charges 0.39%/yr vs 0.43%/yr for IAK.

Performance

FCLD vs. IAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and iShares U.S. Insurance ETF (IAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCLD achieves a 26.37% return, which is significantly higher than IAK's 1.11% return.

FCLD

• 1D: 1.88%
• 1M: 10.02%
• YTD: 26.37%
• 6M: 24.95%
• 1Y: 37.85%
• 3Y*: 24.61%
• 5Y*: —
• 10Y*: —

IAK

• 1D: 0.68%
• 1M: 3.33%
• YTD: 1.11%
• 6M: 0.88%
• 1Y: 5.16%
• 3Y*: 18.27%
• 5Y*: 13.37%
• 10Y*: 12.67%

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

FCLD vs. IAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCLD Fidelity Cloud Computing ETF	26.37%	8.19%	21.80%	53.05%	-41.32%	-1.59%
IAK iShares U.S. Insurance ETF	1.11%	9.50%	28.25%	11.28%	11.33%	4.44%

Correlation

The correlation between FCLD and IAK is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.25

The correlation between FCLD and IAK shifts across timeframes, from -0.03 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

FCLD vs. IAK - Sectors Allocation Comparison

Sectors	FCLD	IAK
Technology	86.1%	-
Real Estate	7.9%	-
Communication Services	3.7%	-
Consumer Cyclical	2.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	99.5%
Healthcare	-	0.5%
Industrials	-	-
Utilities	-	-

Return for Risk

FCLD vs. IAK — Risk / Return Rank

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

FCLD

FCLD Risk / Return Rank: 41
FCLD Sharpe Ratio Rank: 41
FCLD Sortino Ratio Rank: 40
FCLD Omega Ratio Rank: 38
FCLD Calmar Ratio Rank: 47
FCLD Martin Ratio Rank: 38

IAK

IAK Risk / Return Rank: 15
IAK Sharpe Ratio Rank: 14
IAK Sortino Ratio Rank: 13
IAK Omega Ratio Rank: 13
IAK Calmar Ratio Rank: 17
IAK Martin Ratio Rank: 16

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. IAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and iShares U.S. Insurance ETF (IAK). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FCLD	IAK	Difference
Sharpe ratio: Return per unit of total volatility	1.29	0.29	+1.00
Sortino ratio: Return per unit of downside risk	1.83	0.50	+1.33
Omega ratio: Gain probability vs. loss probability	1.22	1.06	+0.16
Calmar ratio: Return relative to maximum drawdown	2.07	0.57	+1.50
Martin ratio: Return relative to average drawdown	5.28	1.27	+4.00

FCLD vs. IAK - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.29, which is higher than the IAK Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of FCLD and IAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FCLD vs. IAK - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, smaller than the maximum IAK drawdown of -77.38%. Use the drawdown chart below to compare losses from any high point for FCLD and IAK.

Drawdown Indicators

	FCLD	IAK	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-77.38%	+26.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-7.62%	-9.86%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	-11.58%	-23.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-44.95%	—
Current Drawdown Current decline from peak	-9.85%	-0.23%	-9.62%
Average Drawdown Average peak-to-trough decline	-20.42%	-16.11%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	3.41%	+3.43%

Volatility

FCLD vs. IAK - Volatility Comparison

Fidelity Cloud Computing ETF (FCLD) has a higher volatility of 11.75% compared to iShares U.S. Insurance ETF (IAK) at 5.49%. This indicates that FCLD's price experiences larger fluctuations and is considered to be riskier than IAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	IAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.75%	5.49%	+6.26%
Volatility (6M) Calculated over the trailing 6-month period	22.90%	10.75%	+12.15%
Volatility (1Y) Calculated over the trailing 1-year period	28.06%	15.10%	+12.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.54%	18.14%	+12.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.54%	20.92%	+9.62%

FCLD vs. IAK - Expense Ratio Comparison

FCLD has a 0.39% expense ratio, which is lower than IAK's 0.43% expense ratio.

Dividends

FCLD vs. IAK - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.02%, less than IAK's 2.60% 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%
IAK iShares U.S. Insurance ETF	2.60%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%

Frequently Asked Questions

Can I hold both FCLD and IAK in my portfolio?

FCLD and IAK have a correlation of -0.03, 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 IAK?

FCLD has higher volatility (11.75%) compared to IAK (5.49%). In terms of maximum drawdown, FCLD dropped -50.85% vs IAK's -77.38%.

Which ETF is better, FCLD or IAK?

On 3-year performance, FCLD leads with 24.61% vs 18.27% for IAK. On fees, FCLD is cheaper at 0.39% per year. On volatility, IAK has been the lower-risk option at 5.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCLD or IAK?

Over the 3-year period, FCLD has performed better with a 24.61% return vs 18.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCLD or IAK?

FCLD is cheaper with a 0.39% expense ratio, compared with 0.43% for IAK.

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

IAK has the higher dividend yield at 2.60%, compared with 0.02% for FCLD.

What is the main difference between FCLD and IAK?

FCLD is categorized as Technology Equities, while IAK is Financials Equities. FCLD tracks Fidelity Cloud Computing Index - Benchmark TR Gross, while IAK tracks Dow Jones U.S. Select Insurance Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.39% for FCLD and 0.43% for IAK.

Which has better risk-adjusted returns?

FCLD currently has the higher Sharpe Ratio (1.29 vs 0.29), 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.