FCLD vs. SHOC

Last updated Jun 4, 2026

FCLD (Fidelity Cloud Computing ETF) and SHOC (Strive U.S. Semiconductor ETF) are both exchange-traded funds - FCLD is a Technology Equities fund tracking the Fidelity Cloud Computing Index - Benchmark TR Gross, while SHOC is a Semiconductors fund tracking the Bloomberg US Listed Semiconductors Select Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, FCLD returned 28.24%/yr vs 53.55%/yr for SHOC. A 0.65 correlation means they provide meaningful diversification when combined. FCLD charges 0.39%/yr vs 0.40%/yr for SHOC.

Performance

FCLD vs. SHOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and Strive U.S. Semiconductor ETF (SHOC). 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 lower than SHOC's 73.38% return.

FCLD

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

SHOC

• 1D: 0.94%
• 1M: 25.12%
• YTD: 73.38%
• 6M: 70.44%
• 1Y: 149.45%
• 3Y*: 53.55%
• 5Y*: —
• 10Y*: —

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

FCLD vs. SHOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCLD Fidelity Cloud Computing ETF	34.57%	8.19%	21.80%	53.05%	-3.32%
SHOC Strive U.S. Semiconductor ETF	73.38%	49.91%	16.74%	61.97%	-1.17%

Correlation

The correlation between FCLD and SHOC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Oct 7, 2022	0.65

The correlation between FCLD and SHOC shifts across timeframes, from 0.46 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

FCLD vs. SHOC - Sectors Allocation Comparison

Sectors	FCLD	SHOC
Technology	86.1%	100.0%
Real Estate	7.9%	-
Communication Services	3.7%	-
Consumer Cyclical	2.3%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Utilities	-	-

Return for Risk

FCLD vs. SHOC — 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

SHOC

SHOC Risk / Return Rank: 95
SHOC Sharpe Ratio Rank: 97
SHOC Sortino Ratio Rank: 94
SHOC Omega Ratio Rank: 93
SHOC Calmar Ratio Rank: 97
SHOC Martin Ratio Rank: 96

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. SHOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and Strive U.S. Semiconductor ETF (SHOC). 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	SHOC	Difference
Sharpe ratio: Return per unit of total volatility	1.66	4.78	-3.12
Sortino ratio: Return per unit of downside risk	2.27	4.84	-2.57
Omega ratio: Gain probability vs. loss probability	1.28	1.66	-0.38
Calmar ratio: Return relative to maximum drawdown	2.60	10.30	-7.71
Martin ratio: Return relative to average drawdown	6.81	38.30	-31.49
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. SHOC - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.66, which is lower than the SHOC Sharpe Ratio of 4.78. The chart below compares the historical Sharpe Ratios of FCLD and SHOC, 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	SHOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	4.78	-3.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	1.55	-1.21

Drawdowns

FCLD vs. SHOC - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, which is greater than SHOC's maximum drawdown of -37.54%. Use the drawdown chart below to compare losses from any high point for FCLD and SHOC.

Drawdown Indicators

	FCLD	SHOC	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-37.54%	-13.31%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-14.59%	-2.89%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	-37.54%	+2.74%
Current Drawdown Current decline from peak	-4.00%	0.00%	-4.00%
Average Drawdown Average peak-to-trough decline	-20.51%	-7.47%	-13.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.64%	3.92%	+2.72%

Volatility

FCLD vs. SHOC - Volatility Comparison

The current volatility for Fidelity Cloud Computing ETF (FCLD) is 10.45%, while Strive U.S. Semiconductor ETF (SHOC) has a volatility of 11.47%. This indicates that FCLD experiences smaller price fluctuations and is considered to be less risky than SHOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	SHOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.45%	11.47%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	24.61%	-2.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.40%	31.53%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.50%	35.16%	-4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.50%	35.16%	-4.66%

FCLD vs. SHOC - Expense Ratio Comparison

FCLD has a 0.39% expense ratio, which is lower than SHOC's 0.40% expense ratio.

Dividends

FCLD vs. SHOC - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.02%, less than SHOC's 0.14% 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%
SHOC Strive U.S. Semiconductor ETF	0.14%	0.23%	0.35%	0.65%	0.24%	0.00%

Frequently Asked Questions

Can I hold both FCLD and SHOC in my portfolio?

FCLD and SHOC have a correlation of 0.46, 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 SHOC?

SHOC has higher volatility (11.47%) compared to FCLD (10.45%). In terms of maximum drawdown, FCLD dropped -50.85% vs SHOC's -37.54%.

Which ETF is better, FCLD or SHOC?

On 3-year performance, SHOC leads with 53.55% vs 28.24% for FCLD. On fees, FCLD is cheaper at 0.39% per year. On volatility, FCLD has been the lower-risk option at 10.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCLD or SHOC?

Over the 3-year period, SHOC has performed better with a 53.55% return vs 28.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCLD or SHOC?

FCLD is cheaper with a 0.39% expense ratio, compared with 0.40% for SHOC.

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

SHOC has the higher dividend yield at 0.14%, compared with 0.02% for FCLD.

What is the main difference between FCLD and SHOC?

FCLD is categorized as Technology Equities, while SHOC is Semiconductors. FCLD tracks Fidelity Cloud Computing Index - Benchmark TR Gross, while SHOC tracks Bloomberg US Listed Semiconductors Select Index - Benchmark TR Gross. They also come from different issuers: Fidelity and Strive. Their fees differ too: 0.39% for FCLD and 0.40% for SHOC.

Which has better risk-adjusted returns?

SHOC currently has the higher Sharpe Ratio (4.78 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.