FDEM vs. FELC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Emerging Markets Multifactor ETF (FDEM) and Fidelity Enhanced Large Cap Core ETF (FELC).

FDEM and FELC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FDEM is a passively managed fund by Fidelity that tracks the performance of the Fidelity Targeted Emerging Markets Factor Index. It was launched on Feb 26, 2019. FELC is an actively managed fund by Fidelity. It was launched on Apr 19, 2007.

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.

FDEM vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDEM Fidelity Emerging Markets Multifactor ETF	3.95%	26.75%	9.34%	4.45%
FELC Fidelity Enhanced Large Cap Core ETF	-3.95%	17.09%	25.25%	5.68%

Returns By Period

In the year-to-date period, FDEM achieves a 3.95% return, which is significantly higher than FELC's -3.95% return.

FDEM

• 1D: 1.16%
• 1M: -6.17%
• YTD: 3.95%
• 6M: 6.30%
• 1Y: 28.89%
• 3Y*: 17.67%
• 5Y*: 6.77%
• 10Y*: —

FELC

• 1D: 0.80%
• 1M: -4.23%
• YTD: -3.95%
• 6M: -1.59%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEM vs. FELC - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is higher than FELC's 0.18% expense ratio.

FDEM

Fidelity Emerging Markets Multifactor ETF

FELC

Fidelity Enhanced Large Cap Core ETF

Return for Risk

FDEM vs. FELC — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 80
FDEM Sharpe Ratio Rank: 81
FDEM Sortino Ratio Rank: 81
FDEM Omega Ratio Rank: 79
FDEM Calmar Ratio Rank: 80
FDEM Martin Ratio Rank: 79

FELC

FELC Risk / Return Rank: 59
FELC Sharpe Ratio Rank: 53
FELC Sortino Ratio Rank: 56
FELC Omega Ratio Rank: 60
FELC Calmar Ratio Rank: 58
FELC Martin Ratio Rank: 67

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.

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.

	FDEM	FELC	Difference
Sharpe ratio Return per unit of total volatility	1.60	0.98	+0.61
Sortino ratio Return per unit of downside risk	2.17	1.50	+0.67
Omega ratio Gain probability vs. loss probability	1.31	1.23	+0.08
Calmar ratio Return relative to maximum drawdown	2.31	1.53	+0.78
Martin ratio Return relative to average drawdown	8.97	7.11	+1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDEM vs. FELC - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.60, which is higher than the FELC Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FDEM and FELC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FDEM	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	0.98	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.20	-0.80

Correlation

The correlation between FDEM and FELC is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FDEM vs. FELC - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 3.14%, more than FELC's 0.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	3.14%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
FELC Fidelity Enhanced Large Cap Core ETF	0.98%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%

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%	-12.01%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-29.19%	—	—
Current Drawdown Current decline from peak	-8.83%	-5.68%	-3.15%
Average Drawdown Average peak-to-trough decline	-9.00%	-1.99%	-7.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.59%	+0.68%

Volatility

FDEM vs. FELC - Volatility Comparison

Fidelity Emerging Markets Multifactor ETF (FDEM) has a higher volatility of 8.93% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 5.34%. 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	8.93%	5.34%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	9.62%	+3.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.17%	18.22%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	15.42%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.76%	15.42%	+2.34%