FDMO vs. FELC

Last updated Jun 4, 2026

FDMO (Fidelity Momentum Factor ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FDMO is a Momentum fund tracking the Fidelity U.S. Momentum Factor Index, while FELC is a Large Cap Growth Equities fund actively managed by Fidelity. FDMO is passively managed, while FELC is actively managed. Over the past year, FDMO returned 32.96% vs 28.58% for FELC. Their correlation of 0.93 suggests significant overlap in exposure. FDMO charges 0.29%/yr vs 0.18%/yr for FELC.

Performance

FDMO vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Momentum Factor ETF (FDMO) 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, FDMO achieves a 15.24% return, which is significantly higher than FELC's 11.23% return.

FDMO

• 1D: -0.32%
• 1M: 7.12%
• YTD: 15.24%
• 6M: 14.87%
• 1Y: 32.96%
• 3Y*: 28.59%
• 5Y*: 16.35%
• 10Y*: —

FELC

• 1D: -0.59%
• 1M: 5.59%
• YTD: 11.23%
• 6M: 11.57%
• 1Y: 28.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDMO vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDMO Fidelity Momentum Factor ETF	15.24%	21.43%	32.78%	5.80%
FELC Fidelity Enhanced Large Cap Core ETF	11.23%	17.09%	25.25%	5.68%

Correlation

The correlation between FDMO and FELC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.93

The correlation between FDMO and FELC has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

FDMO vs. FELC - Sectors Allocation Comparison

Sectors	FDMO	FELC
Technology	35.7%	38.2%
Financial Services	11.7%	12.2%
Consumer Cyclical	10.1%	9.8%
Industrials	10.1%	9.6%
Communication Services	9.8%	12.4%
Healthcare	8.8%	7.4%
Consumer Defensive	4.0%	2.8%
Energy	3.5%	3.7%
Utilities	2.3%	1.3%
Real Estate	2.0%	1.0%
Basic Materials	2.0%	1.5%

Return for Risk

FDMO vs. FELC — Risk / Return Rank

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

FDMO

FDMO Risk / Return Rank: 57
FDMO Sharpe Ratio Rank: 58
FDMO Sortino Ratio Rank: 56
FDMO Omega Ratio Rank: 56
FDMO Calmar Ratio Rank: 54
FDMO Martin Ratio Rank: 60

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 72
FELC Sortino Ratio Rank: 71
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 63
FELC Martin Ratio Rank: 75

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.

FDMO vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Momentum Factor ETF (FDMO) 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.

	FDMO	FELC	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.41	-0.41
Sortino ratio: Return per unit of downside risk	2.74	3.29	-0.56
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	2.71	3.16	-0.45
Martin ratio: Return relative to average drawdown	10.79	14.66	-3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDMO vs. FELC - Sharpe Ratio Comparison

The current FDMO Sharpe Ratio is 2.01, which is comparable to the FELC Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FDMO 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.

Sharpe Ratios by Period

	FDMO	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.41	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.59	-0.77

Drawdowns

FDMO vs. FELC - Drawdown Comparison

The maximum FDMO drawdown since its inception was -33.94%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FDMO and FELC.

Drawdown Indicators

	FDMO	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-18.59%	-15.35%
Max Drawdown (1Y) Largest decline over 1 year	-12.22%	-9.09%	-3.13%
Max Drawdown (3Y) Largest decline over 3 years	-21.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.59%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.42%	-1.91%	-3.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.95%	+1.11%

Volatility

FDMO vs. FELC - Volatility Comparison

Fidelity Momentum Factor ETF (FDMO) has a higher volatility of 4.82% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 2.78%. This indicates that FDMO'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

	FDMO	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	2.78%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	8.93%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	11.90%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	15.17%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	15.17%	+4.34%

FDMO vs. FELC - Expense Ratio Comparison

FDMO has a 0.29% expense ratio, which is higher than FELC's 0.18% expense ratio.

Dividends

FDMO vs. FELC - Dividend Comparison

FDMO's dividend yield for the trailing twelve months is around 0.56%, less than FELC's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDMO Fidelity Momentum Factor ETF	0.56%	0.61%	0.90%	0.87%	1.19%	0.60%	0.77%	1.23%	1.22%	1.09%	0.45%
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDMO and FELC in my portfolio?

With a correlation of 0.90, FDMO and FELC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FDMO or FELC?

FDMO has higher volatility (4.82%) compared to FELC (2.78%). In terms of maximum drawdown, FDMO dropped -33.94% vs FELC's -18.59%.

Which ETF is better, FDMO or FELC?

On 1-year performance, FDMO leads with 32.96% vs 28.58% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDMO or FELC?

Over the 1-year period, FDMO has performed better with a 32.96% return vs 28.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDMO or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.29% for FDMO.

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

FELC has the higher dividend yield at 0.85%, compared with 0.56% for FDMO.

What is the main difference between FDMO and FELC?

FDMO is categorized as Momentum, while FELC is Large Cap Growth Equities. Their fees differ too: 0.29% for FDMO and 0.18% for FELC.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.41 vs 2.01), 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.