FCOM vs. FELG

Last updated Jun 4, 2026

FCOM (Fidelity MSCI Communication Services Index ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both Large Cap Growth Equities funds from Fidelity. FCOM is passively managed, while FELG is actively managed. Over the past year, FCOM returned 20.03% vs 27.58% for FELG. A 0.75 correlation means they provide meaningful diversification when combined. FCOM charges 0.08%/yr vs 0.18%/yr for FELG.

Performance

FCOM vs. FELG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Communication Services Index ETF (FCOM) and Fidelity Enhanced Large Cap Growth ETF (FELG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCOM achieves a -1.60% return, which is significantly lower than FELG's 7.70% return.

FCOM

• 1D: -0.87%
• 1M: -2.85%
• YTD: -1.60%
• 6M: 0.27%
• 1Y: 20.03%
• 3Y*: 23.77%
• 5Y*: 7.42%
• 10Y*: 11.99%

FELG

• 1D: -1.12%
• 1M: 5.85%
• YTD: 7.70%
• 6M: 7.23%
• 1Y: 27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCOM vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCOM Fidelity MSCI Communication Services Index ETF	-1.60%	26.06%	33.05%	4.16%
FELG Fidelity Enhanced Large Cap Growth ETF	7.70%	18.44%	35.45%	4.20%

Correlation

The correlation between FCOM and FELG is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.75

The correlation between FCOM and FELG has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

FCOM vs. FELG - Sectors Allocation Comparison

Sectors	FCOM	FELG
Communication Services	98.5%	13.8%
Technology	1.2%	53.9%
Consumer Cyclical	0.3%	11.5%
Real Estate	0.1%	0.0%
Basic Materials	-	0.5%
Consumer Defensive	-	1.0%
Energy	-	1.1%
Financial Services	-	4.7%
Healthcare	-	6.3%
Industrials	-	7.2%
Utilities	-	0.1%

Return for Risk

FCOM vs. FELG — Risk / Return Rank

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

FCOM

FCOM Risk / Return Rank: 34
FCOM Sharpe Ratio Rank: 36
FCOM Sortino Ratio Rank: 37
FCOM Omega Ratio Rank: 34
FCOM Calmar Ratio Rank: 30
FCOM Martin Ratio Rank: 36

FELG

FELG Risk / Return Rank: 44
FELG Sharpe Ratio Rank: 51
FELG Sortino Ratio Rank: 49
FELG Omega Ratio Rank: 49
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 37

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.

FCOM vs. FELG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Communication Services Index ETF (FCOM) and Fidelity Enhanced Large Cap Growth ETF (FELG). 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.

	FCOM	FELG	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.79	-0.48
Sortino ratio: Return per unit of downside risk	1.97	2.45	-0.48
Omega ratio: Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio: Return relative to maximum drawdown	1.49	1.71	-0.22
Martin ratio: Return relative to average drawdown	5.67	5.86	-0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCOM vs. FELG - Sharpe Ratio Comparison

The current FCOM Sharpe Ratio is 1.31, which is comparable to the FELG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FCOM and FELG, 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

	FCOM	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.79	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	1.32	-0.76

Drawdowns

FCOM vs. FELG - Drawdown Comparison

The maximum FCOM drawdown since its inception was -46.76%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FCOM and FELG.

Drawdown Indicators

	FCOM	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-46.76%	-23.89%	-22.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-16.17%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-21.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.76%	—	—
Current Drawdown Current decline from peak	-4.88%	-1.34%	-3.54%
Average Drawdown Average peak-to-trough decline	-8.66%	-3.52%	-5.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	4.72%	-1.18%

Volatility

FCOM vs. FELG - Volatility Comparison

Fidelity MSCI Communication Services Index ETF (FCOM) has a higher volatility of 4.24% compared to Fidelity Enhanced Large Cap Growth ETF (FELG) at 3.50%. This indicates that FCOM's price experiences larger fluctuations and is considered to be riskier than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCOM	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.50%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.02%	11.59%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	15.38%	15.46%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	19.89%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	19.89%	+1.07%

FCOM vs. FELG - Expense Ratio Comparison

FCOM has a 0.08% expense ratio, which is lower than FELG's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FCOM vs. FELG - Dividend Comparison

FCOM's dividend yield for the trailing twelve months is around 0.94%, more than FELG's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCOM Fidelity MSCI Communication Services Index ETF	0.94%	0.88%	0.87%	0.77%	1.04%	0.90%	0.68%	0.86%	2.78%	11.70%	2.27%	2.92%
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCOM and FELG in my portfolio?

FCOM and FELG have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCOM or FELG?

FCOM has higher volatility (4.24%) compared to FELG (3.50%). In terms of maximum drawdown, FCOM dropped -46.76% vs FELG's -23.89%.

Which ETF is better, FCOM or FELG?

On 1-year performance, FELG leads with 27.58% vs 20.03% for FCOM. On fees, FCOM is cheaper at 0.08% per year. On volatility, FELG has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCOM or FELG?

Over the 1-year period, FELG has performed better with a 27.58% return vs 20.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCOM or FELG?

FCOM is cheaper with a 0.08% expense ratio, compared with 0.18% for FELG.

Which ETF pays a higher dividend yield, FCOM or FELG?

FCOM has the higher dividend yield at 0.94%, compared with 0.34% for FELG.

What is the main difference between FCOM and FELG?

Their fees differ too: 0.08% for FCOM and 0.18% for FELG.

Which has better risk-adjusted returns?

FELG currently has the higher Sharpe Ratio (1.79 vs 1.31), 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.