FCPI vs. FDVV

Last updated Jun 4, 2026

FCPI (Fidelity Stocks for Inflation ETF) and FDVV (Fidelity High Dividend ETF) are both Large Cap Blend Equities funds from Fidelity - FCPI tracks the Fidelity Stocks for Inflation Factor Index while FDVV tracks the Fidelity Core Dividend Index. Both are passively managed. Over the past 5 years, FCPI returned 15.12%/yr vs 13.36%/yr for FDVV. Their correlation of 0.88 suggests significant overlap in exposure. FCPI charges 0.15%/yr vs 0.29%/yr for FDVV.

Performance

FCPI vs. FDVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Stocks for Inflation ETF (FCPI) and Fidelity High Dividend ETF (FDVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCPI achieves a 11.23% return, which is significantly higher than FDVV's 8.39% return.

FCPI

• 1D: -0.28%
• 1M: 4.20%
• YTD: 11.23%
• 6M: 10.30%
• 1Y: 22.08%
• 3Y*: 21.82%
• 5Y*: 15.12%
• 10Y*: —

FDVV

• 1D: -1.12%
• 1M: 4.44%
• YTD: 8.39%
• 6M: 8.67%
• 1Y: 23.45%
• 3Y*: 20.08%
• 5Y*: 13.36%
• 10Y*: —

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

FCPI vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCPI Fidelity Stocks for Inflation ETF	11.23%	16.24%	25.54%	15.40%	-7.11%	34.19%	2.19%	4.43%
FDVV Fidelity High Dividend ETF	8.39%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	5.33%

Correlation

The correlation between FCPI and FDVV is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.88

The correlation between FCPI and FDVV shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

FCPI vs. FDVV - Sectors Allocation Comparison

Sectors	FCPI	FDVV
Technology	28.3%	29.1%
Healthcare	13.3%	3.1%
Energy	12.3%	-
Financial Services	7.5%	17.0%
Consumer Defensive	7.2%	11.0%
Consumer Cyclical	6.9%	13.6%
Basic Materials	6.5%	-
Communication Services	5.6%	3.7%
Industrials	5.6%	3.4%
Real Estate	4.5%	10.1%
Utilities	2.4%	8.7%

Return for Risk

FCPI vs. FDVV — Risk / Return Rank

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

FCPI

FCPI Risk / Return Rank: 56
FCPI Sharpe Ratio Rank: 54
FCPI Sortino Ratio Rank: 54
FCPI Omega Ratio Rank: 54
FCPI Calmar Ratio Rank: 56
FCPI Martin Ratio Rank: 63

FDVV

FDVV Risk / Return Rank: 64
FDVV Sharpe Ratio Rank: 70
FDVV Sortino Ratio Rank: 71
FDVV Omega Ratio Rank: 71
FDVV Calmar Ratio Rank: 50
FDVV Martin Ratio Rank: 58

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.

FCPI vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Stocks for Inflation ETF (FCPI) and Fidelity High Dividend ETF (FDVV). 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.

	FCPI	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.35	-0.46
Sortino ratio: Return per unit of downside risk	2.62	3.28	-0.66
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.82	2.53	+0.28
Martin ratio: Return relative to average drawdown	11.56	10.54	+1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCPI vs. FDVV - Sharpe Ratio Comparison

The current FCPI Sharpe Ratio is 1.89, which is comparable to the FDVV Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FCPI and FDVV, 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

	FCPI	FDVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.35	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.91	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.79	-0.05

Drawdowns

FCPI vs. FDVV - Drawdown Comparison

The maximum FCPI drawdown since its inception was -37.26%, smaller than the maximum FDVV drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for FCPI and FDVV.

Drawdown Indicators

	FCPI	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-37.26%	-40.25%	+2.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.88%	-9.30%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.44%	-15.90%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-18.25%	-20.18%	+1.93%
Current Drawdown Current decline from peak	-0.28%	-1.12%	+0.84%
Average Drawdown Average peak-to-trough decline	-4.38%	-3.81%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.23%	-0.31%

Volatility

FCPI vs. FDVV - Volatility Comparison

Fidelity Stocks for Inflation ETF (FCPI) has a higher volatility of 3.75% compared to Fidelity High Dividend ETF (FDVV) at 3.14%. This indicates that FCPI's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCPI	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	3.14%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	7.99%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	10.06%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	14.75%	+1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	17.00%	+3.13%

FCPI vs. FDVV - Expense Ratio Comparison

FCPI has a 0.15% expense ratio, which is lower than FDVV's 0.29% expense ratio.

Dividends

FCPI vs. FDVV - Dividend Comparison

FCPI's dividend yield for the trailing twelve months is around 1.61%, less than FDVV's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCPI Fidelity Stocks for Inflation ETF	1.61%	1.74%	1.29%	1.88%	1.77%	1.19%	3.53%	0.43%	0.00%	0.00%	0.00%
FDVV Fidelity High Dividend ETF	2.72%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%

Frequently Asked Questions

Can I hold both FCPI and FDVV in my portfolio?

FCPI and FDVV have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCPI or FDVV?

FCPI has higher volatility (3.75%) compared to FDVV (3.14%). In terms of maximum drawdown, FCPI dropped -37.26% vs FDVV's -40.25%.

Which ETF is better, FCPI or FDVV?

On 5-year performance, FCPI leads with 15.12% vs 13.36% for FDVV. On fees, FCPI is cheaper at 0.15% per year. On volatility, FDVV has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCPI or FDVV?

Over the 5-year period, FCPI has performed better with a 15.12% return vs 13.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCPI or FDVV?

FCPI is cheaper with a 0.15% expense ratio, compared with 0.29% for FDVV.

Which ETF pays a higher dividend yield, FCPI or FDVV?

FDVV has the higher dividend yield at 2.72%, compared with 1.61% for FCPI.

What is the main difference between FCPI and FDVV?

FCPI tracks Fidelity Stocks for Inflation Factor Index, while FDVV tracks Fidelity Core Dividend Index. Their fees differ too: 0.15% for FCPI and 0.29% for FDVV.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.35 vs 1.89), 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.