FDEM vs. FELC

Last updated Aug 4, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Emerging Markets Multifactor Index, while FELC is a Large Cap Blend Equities fund actively managed by Fidelity. FDEM is passively managed, while FELC is actively managed. Over the past year, FDEM returned 28.90% vs 26.44% for FELC. Their 0.58 correlation means they have sometimes moved together and sometimes differently. FDEM charges 0.25%/yr vs 0.18%/yr for FELC.

Performance

FDEM vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDEM achieves a 15.13% return, which is significantly higher than FELC's 13.57% return.

FDEM

• 1D: 0.53%
• 1M: -0.76%
• 6M: 6.76%
• YTD: 15.13%
• 1Y: 28.90%
• 3Y*: 19.52%
• 5Y*: 9.21%
• 10Y*: —
• ALL TIME*: 8.26%

FELC

• 1D: 1.34%
• 1M: 3.11%
• 6M: 11.53%
• YTD: 13.57%
• 1Y: 26.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDEM Fidelity Emerging Markets Multifactor ETF	$2.85M	$2.66M	$4.45M
FELC Fidelity Enhanced Large Cap Core ETF	$30.45M	$28.57M	$35.52M

FDEM vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDEM Fidelity Emerging Markets Multifactor ETF	15.13%	26.75%	9.34%	5.34%
FELC Fidelity Enhanced Large Cap Core ETF	13.57%	17.09%	25.25%	6.06%

Correlation

The correlation between FDEM and FELC is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.58

The correlation between FDEM and FELC shifts across timeframes, from 0.58 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

FDEM vs. FELC - Sectors Allocation Comparison

Sectors	FDEM	FELC
Technology	39.5%	40.7%
Financial Services	15.8%	12.6%
Consumer Cyclical	10.7%	9.1%
Communication Services	9.4%	10.8%
Energy	6.7%	2.7%
Consumer Defensive	6.6%	2.4%
Real Estate	4.5%	1.0%
Industrials	4.3%	10.1%
Basic Materials	2.6%	0.6%
Utilities	0.0%	1.5%
Healthcare	-	8.5%

Return for Risk

FDEM vs. FELC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDEM

FDEM Risk / Return Rank: 57
FDEM Sharpe Ratio Rank: 55
FDEM Sortino Ratio Rank: 52
FDEM Omega Ratio Rank: 58
FDEM Calmar Ratio Rank: 63
FDEM Martin Ratio Rank: 57

FELC

FELC Risk / Return Rank: 84
FELC Sharpe Ratio Rank: 86
FELC Sortino Ratio Rank: 84
FELC Omega Ratio Rank: 84
FELC Calmar Ratio Rank: 80
FELC Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDEM vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Enhanced Large Cap Core ETF (FELC). 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.

	FDEM	FELC	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.06	-0.68
Sortino ratio: Return per unit of downside risk	1.88	2.81	-0.93
Omega ratio: Gain probability vs. loss probability	1.26	1.37	-0.11
Calmar ratio: Return relative to maximum drawdown	2.29	2.92	-0.64
Martin ratio: Return relative to average drawdown	7.02	12.69	-5.67

FDEM vs. FELC - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.38, which is lower than the FELC Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FDEM and FELC, 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

FDEM vs. FELC - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FDEM and FELC.

Drawdown Indicators

	FDEM	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-18.59%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-9.09%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.82%	—	—
Current Drawdown Current decline from peak	-7.46%	0.00%	-7.46%
Average Drawdown Average peak-to-trough decline	-8.77%	-1.89%	-6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	2.09%	+2.04%

Volatility

FDEM vs. FELC - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 7.52% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 3.81%. This indicates that FDEM's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDEM	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	3.81%	+3.71%
Volatility (6M) Calculated over the trailing 6-month period	19.18%	10.22%	+8.96%
Volatility (1Y) Calculated over the trailing 1-year period	21.15%	12.92%	+8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	15.17%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	15.17%	+3.15%

FDEM vs. FELC - Expense Ratio Comparison

FDEM has a 0.25% expense ratio, which is higher than FELC's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FDEM vs. FELC - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 3.04%, more than FELC's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	3.04%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
FELC Fidelity Enhanced Large Cap Core ETF	0.83%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEM and FELC in my portfolio?

FDEM and FELC have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDEM or FELC?

FDEM has higher volatility (7.52%) compared to FELC (3.81%). In terms of maximum drawdown, FDEM dropped -33.65% vs FELC's -18.59%.

Which ETF is better, FDEM or FELC?

On 1-year performance, FDEM leads with 28.90% vs 26.44% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or FELC?

Over the 1-year period, FDEM has performed better with a 28.90% return vs 26.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.25% for FDEM.

Which ETF pays a higher dividend yield, FDEM or FELC?

FDEM has the higher dividend yield at 3.04%, compared with 0.83% for FELC.

What is the main difference between FDEM and FELC?

FDEM is categorized as Emerging Markets Equities, while FELC is Large Cap Blend Equities. Their fees differ too: 0.25% for FDEM and 0.18% for FELC.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.06 vs 1.38), 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.