FELC vs. FDVV

Last updated Aug 2, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and FDVV (Fidelity High Dividend ETF) are both Large Cap Blend Equities funds from Fidelity. FELC is actively managed, while FDVV is passively managed. Over the past year, FELC returned 24.76% vs 21.53% for FDVV. Their correlation of 0.80 means they have usually moved in the same direction. FELC charges 0.18%/yr vs 0.29%/yr for FDVV.

Performance

FELC vs. FDVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity High Dividend ETF (FDVV). 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 FELC having a 12.07% return and FDVV slightly higher at 12.19%.

FELC

• 1D: 0.78%
• 1M: 1.74%
• 6M: 10.77%
• YTD: 12.07%
• 1Y: 24.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.91%

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%

*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)
FDVV Fidelity High Dividend ETF	$48.25M	$48.28M	$45.73M
FELC Fidelity Enhanced Large Cap Core ETF	$30.02M	$28.83M	$35.31M

FELC vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	12.07%	17.09%	25.25%	6.06%
FDVV Fidelity High Dividend ETF	12.19%	17.08%	21.81%	6.92%

Correlation

The correlation between FELC and FDVV is 0.73, 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.	0.73
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.80

The correlation between FELC and FDVV has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

FELC vs. FDVV - Sectors Allocation Comparison

Sectors	FELC	FDVV
Technology	40.7%	28.1%
Financial Services	12.6%	18.5%
Communication Services	10.8%	3.4%
Industrials	10.1%	3.2%
Consumer Cyclical	9.1%	13.4%
Healthcare	8.5%	3.3%
Energy	2.7%	-
Consumer Defensive	2.4%	11.0%
Utilities	1.5%	9.1%
Real Estate	1.0%	10.0%
Basic Materials	0.6%	-

Return for Risk

FELC vs. FDVV — Risk / Return Rank

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

FELC

FELC Risk / Return Rank: 77
FELC Sharpe Ratio Rank: 78
FELC Sortino Ratio Rank: 76
FELC Omega Ratio Rank: 76
FELC Calmar Ratio Rank: 73
FELC Martin Ratio Rank: 83

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

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.

FELC vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity High Dividend ETF (FDVV). 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.

	FELC	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.99	-0.22
Sortino ratio: Return per unit of downside risk	2.43	2.77	-0.34
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.52	2.21	+0.31
Martin ratio: Return relative to average drawdown	10.93	9.10	+1.83

FELC vs. FDVV - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 1.77, which is comparable to the FDVV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FELC and FDVV, 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

FELC vs. FDVV - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, smaller than the maximum FDVV drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for FELC and FDVV.

Drawdown Indicators

	FELC	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-40.25%	+21.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-9.30%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.18%	—
Current Drawdown Current decline from peak	-0.30%	-1.12%	+0.82%
Average Drawdown Average peak-to-trough decline	-1.89%	-3.76%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.26%	-0.17%

Volatility

FELC vs. FDVV - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) has a higher volatility of 3.60% compared to Fidelity High Dividend ETF (FDVV) at 3.04%. This indicates that FELC's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.04%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	8.35%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.95%	10.37%	+2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	14.68%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	16.91%	-1.74%

FELC vs. FDVV - Expense Ratio Comparison

FELC has a 0.18% expense ratio, which is lower than FDVV's 0.29% expense ratio.

Dividends

FELC vs. FDVV - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.84%, less than FDVV's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
FELC Fidelity Enhanced Large Cap Core ETF	0.84%	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 FELC and FDVV in my portfolio?

FELC and FDVV have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FELC or FDVV?

FELC has higher volatility (3.60%) compared to FDVV (3.04%). In terms of maximum drawdown, FELC dropped -18.59% vs FDVV's -40.25%.

Which ETF is better, FELC or FDVV?

On 1-year performance, FELC leads with 24.76% vs 21.53% for FDVV. On fees, FELC is cheaper at 0.18% per year. On volatility, FDVV has been the lower-risk option at 3.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or FDVV?

Over the 1-year period, FELC has performed better with a 24.76% return vs 21.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or FDVV?

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

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

FDVV has the higher dividend yield at 2.76%, compared with 0.84% for FELC.

What is the main difference between FELC and FDVV?

Their fees differ too: 0.18% for FELC and 0.29% for FDVV.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (1.99 vs 1.77), 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.