FCOM vs. RPG

Last updated Jul 14, 2026

FCOM (Fidelity MSCI Communication Services Index ETF) and RPG (Invesco S&P 500 Pure Growth ETF) are both Large Cap Growth Equities funds - FCOM tracks the MSCI USA IMI Communication Services 25/50 Index while RPG tracks the S&P 500/Citigroup Pure Growth Index. Both are passively managed. Over the past 10 years, FCOM returned 10.74%/yr vs 14.02%/yr for RPG. A 0.67 correlation means they provide meaningful diversification when combined. FCOM charges 0.08%/yr vs 0.35%/yr for RPG.

Performance

FCOM vs. RPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Communication Services Index ETF (FCOM) and Invesco S&P 500 Pure Growth ETF (RPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCOM achieves a -1.28% return, which is significantly lower than RPG's 26.05% return. Over the past 10 years, FCOM has underperformed RPG with an annualized return of 10.74%, while RPG has yielded a comparatively higher 14.02% annualized return.

FCOM

• 1D: -0.47%
• 1M: 1.95%
• 6M: -2.06%
• YTD: -1.28%
• 1Y: 13.62%
• 3Y*: 21.28%
• 5Y*: 6.76%
• 10Y*: 10.74%

RPG

• 1D: -3.18%
• 1M: -3.30%
• 6M: 20.83%
• YTD: 26.05%
• 1Y: 28.01%
• 3Y*: 24.71%
• 5Y*: 10.20%
• 10Y*: 14.02%

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

FCOM vs. RPG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCOM Fidelity MSCI Communication Services Index ETF	-1.28%	26.06%	33.05%	44.65%	-38.97%	13.88%	28.33%	26.69%	-5.33%	8.20%
RPG Invesco S&P 500 Pure Growth ETF	26.05%	13.41%	28.23%	8.04%	-27.55%	29.40%	29.34%	28.34%	-4.53%	26.20%

Correlation

The correlation between FCOM and RPG is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.67

Over the past year, the correlation between FCOM and RPG has dropped to 0.45 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

FCOM vs. RPG - Sectors Allocation Comparison

Sectors	FCOM	RPG
Communication Services	98.0%	7.0%
Technology	1.7%	45.8%
Consumer Cyclical	0.2%	12.8%
Real Estate	0.1%	0.9%
Basic Materials	-	1.2%
Consumer Defensive	-	1.1%
Energy	-	1.5%
Financial Services	-	5.4%
Healthcare	-	6.0%
Industrials	-	14.2%
Utilities	-	2.7%

Return for Risk

FCOM vs. RPG — Risk / Return Rank

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

FCOM

FCOM Risk / Return Rank: 28
FCOM Sharpe Ratio Rank: 29
FCOM Sortino Ratio Rank: 29
FCOM Omega Ratio Rank: 28
FCOM Calmar Ratio Rank: 26
FCOM Martin Ratio Rank: 29

RPG

RPG Risk / Return Rank: 50
RPG Sharpe Ratio Rank: 42
RPG Sortino Ratio Rank: 40
RPG Omega Ratio Rank: 42
RPG Calmar Ratio Rank: 64
RPG Martin Ratio Rank: 63

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. RPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Communication Services Index ETF (FCOM) and Invesco S&P 500 Pure Growth ETF (RPG). 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.

	FCOM	RPG	Difference
Sharpe ratio: Return per unit of total volatility	0.85	1.20	-0.35
Sortino ratio: Return per unit of downside risk	1.31	1.70	-0.39
Omega ratio: Gain probability vs. loss probability	1.16	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	1.01	2.54	-1.53
Martin ratio: Return relative to average drawdown	3.30	8.91	-5.62

FCOM vs. RPG - Sharpe Ratio Comparison

The current FCOM Sharpe Ratio is 0.85, which is comparable to the RPG Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of FCOM and RPG, 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

FCOM vs. RPG - Drawdown Comparison

The maximum FCOM drawdown since its inception was -46.76%, smaller than the maximum RPG drawdown of -53.27%. Use the drawdown chart below to compare losses from any high point for FCOM and RPG.

Drawdown Indicators

	FCOM	RPG	Difference
Max Drawdown Largest peak-to-trough decline	-46.76%	-53.27%	+6.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-11.08%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.16%	-24.75%	+3.59%
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	-35.59%	-11.17%
Max Drawdown (10Y) Largest decline over 10 years	-46.76%	-36.58%	-10.18%
Current Drawdown Current decline from peak	-4.58%	-7.92%	+3.34%
Average Drawdown Average peak-to-trough decline	-8.64%	-8.82%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	3.15%	+0.99%

Volatility

FCOM vs. RPG - Volatility Comparison

The current volatility for Fidelity MSCI Communication Services Index ETF (FCOM) is 6.35%, while Invesco S&P 500 Pure Growth ETF (RPG) has a volatility of 12.38%. This indicates that FCOM experiences smaller price fluctuations and is considered to be less risky than RPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCOM	RPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	12.38%	-6.03%
Volatility (6M) Calculated over the trailing 6-month period	12.57%	20.52%	-7.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	23.48%	-7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	24.14%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	23.01%	-2.00%

FCOM vs. RPG - Expense Ratio Comparison

FCOM has a 0.08% expense ratio, which is lower than RPG's 0.35% expense ratio.

Dividends

FCOM vs. RPG - Dividend Comparison

FCOM's dividend yield for the trailing twelve months is around 0.98%, more than RPG's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCOM Fidelity MSCI Communication Services Index ETF	0.98%	0.88%	0.87%	0.77%	1.04%	0.90%	0.68%	0.86%	2.78%	11.70%	2.27%	2.92%
RPG Invesco S&P 500 Pure Growth ETF	0.16%	0.24%	0.25%	1.44%	0.74%	0.00%	0.46%	0.83%	0.47%	0.56%	0.43%	0.73%

Frequently Asked Questions

Can I hold both FCOM and RPG in my portfolio?

FCOM and RPG have a correlation of 0.45, 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 RPG?

RPG has higher volatility (12.38%) compared to FCOM (6.35%). In terms of maximum drawdown, FCOM dropped -46.76% vs RPG's -53.27%.

Which ETF is better, FCOM or RPG?

On 10-year performance, RPG leads with 14.02% vs 10.74% for FCOM. On fees, FCOM is cheaper at 0.08% per year. On volatility, FCOM has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCOM or RPG?

Over the 10-year period, RPG has performed better with a 14.02% return vs 10.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCOM or RPG?

FCOM is cheaper with a 0.08% expense ratio, compared with 0.35% for RPG.

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

FCOM has the higher dividend yield at 0.98%, compared with 0.16% for RPG.

What is the main difference between FCOM and RPG?

FCOM tracks MSCI USA IMI Communication Services 25/50 Index, while RPG tracks S&P 500/Citigroup Pure Growth Index. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.08% for FCOM and 0.35% for RPG.

Which has better risk-adjusted returns?

RPG currently has the higher Sharpe Ratio (1.20 vs 0.85), 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.