FDVV vs. FDRR

Last updated Aug 2, 2026

FDVV (Fidelity High Dividend ETF) and FDRR (Fidelity Dividend ETF for Rising Rates) are both Large Cap Blend Equities funds from Fidelity - FDVV tracks the Fidelity Core Dividend Index while FDRR tracks the Fidelity Dividend Index for Rising Rates. Both are passively managed. Over the past 5 years, FDVV returned 14.17%/yr vs 12.68%/yr for FDRR. Their correlation of 0.94 means they have usually moved in the same direction. FDVV charges 0.29%/yr vs 0.15%/yr for FDRR.

Performance

FDVV vs. FDRR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with FDVV having a 12.19% return and FDRR slightly higher at 12.47%.

FDVV

• 1D: -0.35%
• 1M: 2.09%
• 6M: 9.39%
• YTD: 12.19%
• 1Y: 21.53%
• 3Y*: 18.35%
• 5Y*: 14.17%
• 10Y*: —
• ALL TIME*: 13.71%

FDRR

• 1D: 0.50%
• 1M: 3.15%
• 6M: 10.39%
• YTD: 12.47%
• 1Y: 27.00%
• 3Y*: 19.46%
• 5Y*: 12.68%
• 10Y*: —
• ALL TIME*: 13.75%

*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)
FDRR Fidelity Dividend ETF for Rising Rates	$1.01M	$1.05M	$1.08M
FDVV Fidelity High Dividend ETF	$48.25M	$48.28M	$45.73M

FDVV vs. FDRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FDVV Fidelity High Dividend ETF	12.19%	17.08%	21.81%	18.00%	-4.21%	29.24%	2.80%	24.07%	-1.26%	14.00%
FDRR Fidelity Dividend ETF for Rising Rates	12.47%	21.70%	20.24%	13.66%	-9.73%	26.06%	8.23%	26.86%	-3.60%	19.29%

Correlation

The correlation between FDVV and FDRR is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016	0.94

The correlation between FDVV and FDRR has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

FDVV vs. FDRR - Sectors Allocation Comparison

Sectors	FDVV	FDRR
Technology	28.1%	35.7%
Financial Services	18.5%	12.4%
Consumer Cyclical	13.4%	8.2%
Consumer Defensive	11.0%	4.7%
Real Estate	10.0%	2.9%
Utilities	9.1%	2.3%
Communication Services	3.4%	9.6%
Healthcare	3.3%	10.2%
Industrials	3.2%	9.0%
Basic Materials	-	1.9%
Energy	-	3.2%

Return for Risk

FDVV vs. FDRR — Risk / Return Rank

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

FDVV

FDVV Risk / Return Rank: 78
FDVV Sharpe Ratio Rank: 85
FDVV Sortino Ratio Rank: 84
FDVV Omega Ratio Rank: 84
FDVV Calmar Ratio Rank: 64
FDVV Martin Ratio Rank: 74

FDRR

FDRR Risk / Return Rank: 88
FDRR Sharpe Ratio Rank: 91
FDRR Sortino Ratio Rank: 90
FDRR Omega Ratio Rank: 89
FDRR Calmar Ratio Rank: 82
FDRR Martin Ratio Rank: 86

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.

FDVV vs. FDRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) and Fidelity Dividend ETF for Rising Rates (FDRR). 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.

	FDVV	FDRR	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.28	-0.29
Sortino ratio: Return per unit of downside risk	2.77	3.16	-0.39
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	2.21	3.03	-0.82
Martin ratio: Return relative to average drawdown	9.10	12.02	-2.92

FDVV vs. FDRR - Sharpe Ratio Comparison

The current FDVV Sharpe Ratio is 1.99, which is comparable to the FDRR Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FDVV and FDRR, 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

FDVV vs. FDRR - Drawdown Comparison

The maximum FDVV drawdown since its inception was -40.25%, which is greater than FDRR's maximum drawdown of -36.52%. Use the drawdown chart below to compare losses from any high point for FDVV and FDRR.

Drawdown Indicators

	FDVV	FDRR	Difference
Max Drawdown Largest peak-to-trough decline	-40.25%	-36.52%	-3.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.52%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-18.04%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-20.18%	-20.92%	+0.74%
Current Drawdown Current decline from peak	-1.12%	-0.06%	-1.06%
Average Drawdown Average peak-to-trough decline	-3.76%	-3.97%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.15%	+0.11%

Volatility

FDVV vs. FDRR - Volatility Comparison

Fidelity High Dividend ETF (FDVV) has a higher volatility of 3.04% compared to Fidelity Dividend ETF for Rising Rates (FDRR) at 2.79%. This indicates that FDVV's price experiences larger fluctuations and is considered to be riskier than FDRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDVV	FDRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.79%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	8.35%	8.73%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	11.36%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	14.98%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	16.80%	+0.11%

FDVV vs. FDRR - Expense Ratio Comparison

FDVV has a 0.29% expense ratio, which is higher than FDRR's 0.15% expense ratio.

Dividends

FDVV vs. FDRR - Dividend Comparison

FDVV's dividend yield for the trailing twelve months is around 2.76%, more than FDRR's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDRR Fidelity Dividend ETF for Rising Rates	2.08%	2.21%	2.61%	2.93%	2.75%	2.09%	2.85%	2.89%	3.20%	2.89%	0.61%
FDVV Fidelity High Dividend ETF	2.76%	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 FDVV and FDRR in my portfolio?

FDVV and FDRR have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDVV or FDRR?

FDVV has higher volatility (3.04%) compared to FDRR (2.79%). In terms of maximum drawdown, FDVV dropped -40.25% vs FDRR's -36.52%.

Which ETF is better, FDVV or FDRR?

On 5-year performance, FDVV leads with 14.17% vs 12.68% for FDRR. On fees, FDRR is cheaper at 0.15% per year. On volatility, FDRR has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDVV or FDRR?

Over the 5-year period, FDVV has performed better with a 14.17% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDVV or FDRR?

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

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

FDVV has the higher dividend yield at 2.76%, compared with 2.08% for FDRR.

What is the main difference between FDVV and FDRR?

FDVV tracks Fidelity Core Dividend Index, while FDRR tracks Fidelity Dividend Index for Rising Rates. Their fees differ too: 0.29% for FDVV and 0.15% for FDRR.

Which has better risk-adjusted returns?

FDRR currently has the higher Sharpe Ratio (2.28 vs 1.99), 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.