FEAC vs. VOTE

Last updated Jun 24, 2026

FEAC (Fidelity Enhanced U.S. All-Cap Equity ETF) and VOTE (Engine No. 1 Transform 500 ETF) are both Large Cap Blend Equities funds. FEAC is actively managed, while VOTE is passively managed. Over the past year, FEAC returned 26.41% vs 23.56% for VOTE. With a 0.97 correlation, they move nearly in lockstep. FEAC charges 0.18%/yr vs 0.05%/yr for VOTE.

Performance

FEAC vs. VOTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced U.S. All-Cap Equity ETF (FEAC) and Engine No. 1 Transform 500 ETF (VOTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEAC achieves a 9.92% return, which is significantly higher than VOTE's 8.18% return.

FEAC

• 1D: -1.46%
• 1M: -0.04%
• YTD: 9.92%
• 6M: 8.83%
• 1Y: 26.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOTE

• 1D: -1.58%
• 1M: -1.27%
• YTD: 8.18%
• 6M: 7.27%
• 1Y: 23.56%
• 3Y*: 21.11%
• 5Y*: 12.77%
• 10Y*: —

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

FEAC vs. VOTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEAC Fidelity Enhanced U.S. All-Cap Equity ETF	9.92%	18.01%	-1.87%
VOTE Engine No. 1 Transform 500 ETF	8.18%	17.95%	-0.45%

Correlation

The correlation between FEAC and VOTE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.97

The correlation between FEAC and VOTE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

FEAC vs. VOTE — Risk / Return Rank

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

FEAC

FEAC Risk / Return Rank: 68
FEAC Sharpe Ratio Rank: 66
FEAC Sortino Ratio Rank: 63
FEAC Omega Ratio Rank: 64
FEAC Calmar Ratio Rank: 69
FEAC Martin Ratio Rank: 77

VOTE

VOTE Risk / Return Rank: 59
VOTE Sharpe Ratio Rank: 59
VOTE Sortino Ratio Rank: 56
VOTE Omega Ratio Rank: 57
VOTE Calmar Ratio Rank: 55
VOTE Martin Ratio Rank: 66

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.

FEAC vs. VOTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced U.S. All-Cap Equity ETF (FEAC) and Engine No. 1 Transform 500 ETF (VOTE). 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.

	FEAC	VOTE	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.85	+0.14
Sortino ratio: Return per unit of downside risk	2.70	2.53	+0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.26	2.60	+0.66
Martin ratio: Return relative to average drawdown	13.64	11.48	+2.16

FEAC vs. VOTE - Sharpe Ratio Comparison

The current FEAC Sharpe Ratio is 2.00, which is comparable to the VOTE Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FEAC and VOTE, 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

FEAC vs. VOTE - Drawdown Comparison

The maximum FEAC drawdown since its inception was -18.96%, smaller than the maximum VOTE drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for FEAC and VOTE.

Drawdown Indicators

	FEAC	VOTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-25.71%	+6.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-9.10%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.71%	—
Current Drawdown Current decline from peak	-2.75%	-3.25%	+0.50%
Average Drawdown Average peak-to-trough decline	-2.54%	-6.10%	+3.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	2.06%	-0.12%

Volatility

FEAC vs. VOTE - Volatility Comparison

Fidelity Enhanced U.S. All-Cap Equity ETF (FEAC) has a higher volatility of 5.35% compared to Engine No. 1 Transform 500 ETF (VOTE) at 4.98%. This indicates that FEAC's price experiences larger fluctuations and is considered to be riskier than VOTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEAC	VOTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	4.98%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	10.14%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	13.30%	12.79%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	17.19%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	17.18%	+0.46%

FEAC vs. VOTE - Expense Ratio Comparison

FEAC has a 0.18% expense ratio, which is higher than VOTE's 0.05% 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

FEAC vs. VOTE - Dividend Comparison

FEAC's dividend yield for the trailing twelve months is around 0.79%, more than VOTE's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021
FEAC Fidelity Enhanced U.S. All-Cap Equity ETF	0.79%	0.94%	0.12%	0.00%	0.00%	0.00%
VOTE Engine No. 1 Transform 500 ETF	0.70%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both FEAC and VOTE in my portfolio?

With a correlation of 0.97, FEAC and VOTE 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, FEAC or VOTE?

FEAC has higher volatility (5.35%) compared to VOTE (4.98%). In terms of maximum drawdown, FEAC dropped -18.96% vs VOTE's -25.71%.

Which ETF is better, FEAC or VOTE?

On 1-year performance, FEAC leads with 26.41% vs 23.56% for VOTE. On fees, VOTE is cheaper at 0.05% per year. On volatility, VOTE has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEAC or VOTE?

Over the 1-year period, FEAC has performed better with a 26.41% return vs 23.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEAC or VOTE?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.18% for FEAC.

Which ETF pays a higher dividend yield, FEAC or VOTE?

FEAC has the higher dividend yield at 0.79%, compared with 0.70% for VOTE.

What is the main difference between FEAC and VOTE?

They also come from different issuers: Fidelity and Engine No. 1 LLC. Their fees differ too: 0.18% for FEAC and 0.05% for VOTE.

Which has better risk-adjusted returns?

FEAC currently has the higher Sharpe Ratio (2.00 vs 1.85), 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.