FCLD vs. MSFT

Last updated Jun 4, 2026

FCLD (Fidelity Cloud Computing ETF) is Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross, while MSFT (Microsoft Corporation) is a stock. Over the past 3 years, FCLD returned 28.24%/yr vs 9.26%/yr for MSFT. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

FCLD vs. MSFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and Microsoft Corporation (MSFT). 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 MSFT's -11.24% return.

FCLD

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

MSFT

• 1D: -3.17%
• 1M: 3.54%
• YTD: -11.24%
• 6M: -10.15%
• 1Y: -6.96%
• 3Y*: 9.26%
• 5Y*: 12.17%
• 10Y*: 25.03%

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

FCLD vs. MSFT - 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%
MSFT Microsoft Corporation	-11.24%	15.58%	12.93%	58.19%	-28.02%	14.27%

Correlation

The correlation between FCLD and MSFT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.65

The correlation between FCLD and MSFT shifts across timeframes, from 0.47 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCLD vs. MSFT — 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

MSFT

MSFT Risk / Return Rank: 29
MSFT Sharpe Ratio Rank: 29
MSFT Sortino Ratio Rank: 25
MSFT Omega Ratio Rank: 25
MSFT Calmar Ratio Rank: 33
MSFT Martin Ratio Rank: 33

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. MSFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and Microsoft Corporation (MSFT). 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	MSFT	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-0.28	+1.94
Sortino ratio: Return per unit of downside risk	2.27	-0.21	+2.48
Omega ratio: Gain probability vs. loss probability	1.28	0.97	+0.31
Calmar ratio: Return relative to maximum drawdown	2.60	-0.21	+2.80
Martin ratio: Return relative to average drawdown	6.81	-0.44	+7.25
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. MSFT - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.66, which is higher than the MSFT Sharpe Ratio of -0.28. The chart below compares the historical Sharpe Ratios of FCLD and MSFT, 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	MSFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	-0.28	+1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.75	-0.41

Drawdowns

FCLD vs. MSFT - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, smaller than the maximum MSFT drawdown of -69.38%. Use the drawdown chart below to compare losses from any high point for FCLD and MSFT.

Drawdown Indicators

	FCLD	MSFT	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-69.38%	+18.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-33.91%	+16.43%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	-33.91%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.15%	—
Current Drawdown Current decline from peak	-4.00%	-20.67%	+16.67%
Average Drawdown Average peak-to-trough decline	-20.51%	-21.78%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.64%	15.95%	-9.31%

Volatility

FCLD vs. MSFT - Volatility Comparison

Fidelity Cloud Computing ETF (FCLD) has a higher volatility of 10.45% compared to Microsoft Corporation (MSFT) at 9.95%. This indicates that FCLD's price experiences larger fluctuations and is considered to be riskier than MSFT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	MSFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	9.95%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	22.34%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	25.12%	+2.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	26.63%	+3.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.50%	27.04%	+3.46%

Dividends

FCLD vs. MSFT - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.02%, less than MSFT's 0.83% 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%
MSFT Microsoft Corporation	0.83%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%

Frequently Asked Questions

Can I hold both FCLD and MSFT in my portfolio?

FCLD and MSFT have a correlation of 0.47, 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 MSFT?

FCLD has higher volatility (10.45%) compared to MSFT (9.95%). In terms of maximum drawdown, FCLD dropped -50.85% vs MSFT's -69.38%.

Which has better risk-adjusted returns?

FCLD currently has the higher Sharpe Ratio (1.66 vs -0.28), 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.