FELC vs. FELV

Last updated Aug 4, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both exchange-traded funds - FELC is a Large Cap Blend Equities fund actively managed by Fidelity, while FELV is a Large Cap Value Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FELC returned 26.44% vs 36.79% for FELV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.18% expense ratio.

Performance

FELC vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity Enhanced Large Cap Value ETF (FELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FELC achieves a 13.57% return, which is significantly lower than FELV's 23.19% return.

FELC

• 1D: 1.34%
• 1M: 3.11%
• 6M: 11.53%
• YTD: 13.57%
• 1Y: 26.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.44%

FELV

• 1D: 0.93%
• 1M: 4.23%
• 6M: 17.57%
• YTD: 23.19%
• 1Y: 36.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.71%

*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)
FELC Fidelity Enhanced Large Cap Core ETF	$30.45M	$28.57M	$35.52M
FELV Fidelity Enhanced Large Cap Value ETF	$8.12M	$7.54M	$6.16M

FELC vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	13.57%	17.09%	25.25%	6.06%
FELV Fidelity Enhanced Large Cap Value ETF	23.19%	15.80%	15.89%	7.49%

Correlation

The correlation between FELC and FELV is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.75

The correlation between FELC and FELV has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

FELC vs. FELV - Sectors Allocation Comparison

Sectors	FELC	FELV
Technology	40.7%	22.0%
Financial Services	12.6%	18.7%
Communication Services	10.8%	4.9%
Industrials	10.1%	13.2%
Consumer Cyclical	9.1%	10.3%
Healthcare	8.5%	11.0%
Energy	2.7%	5.4%
Consumer Defensive	2.4%	5.3%
Utilities	1.5%	3.7%
Real Estate	1.0%	3.1%
Basic Materials	0.6%	2.4%

Return for Risk

FELC vs. FELV — Risk / Return Rank

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

FELC

FELC Risk / Return Rank: 84
FELC Sharpe Ratio Rank: 86
FELC Sortino Ratio Rank: 84
FELC Omega Ratio Rank: 84
FELC Calmar Ratio Rank: 80
FELC Martin Ratio Rank: 87

FELV

FELV Risk / Return Rank: 96
FELV Sharpe Ratio Rank: 97
FELV Sortino Ratio Rank: 96
FELV Omega Ratio Rank: 96
FELV Calmar Ratio Rank: 95
FELV Martin Ratio Rank: 96

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. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity Enhanced Large Cap Value ETF (FELV). 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	FELV	Difference
Sharpe ratio: Return per unit of total volatility	2.06	3.33	-1.27
Sortino ratio: Return per unit of downside risk	2.81	4.56	-1.75
Omega ratio: Gain probability vs. loss probability	1.37	1.61	-0.24
Calmar ratio: Return relative to maximum drawdown	2.92	5.39	-2.47
Martin ratio: Return relative to average drawdown	12.69	23.57	-10.88

FELC vs. FELV - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 2.06, which is lower than the FELV Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of FELC and FELV, 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. FELV - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, which is greater than FELV's maximum drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for FELC and FELV.

Drawdown Indicators

	FELC	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-16.08%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-6.85%	-2.24%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.89%	-1.97%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.56%	+0.53%

Volatility

FELC vs. FELV - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) has a higher volatility of 3.81% compared to Fidelity Enhanced Large Cap Value ETF (FELV) at 2.38%. This indicates that FELC's price experiences larger fluctuations and is considered to be riskier than FELV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	2.38%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	8.47%	+1.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	11.14%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	13.31%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	13.31%	+1.86%

FELC vs. FELV - Expense Ratio Comparison

Both FELC and FELV have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FELC vs. FELV - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.83%, less than FELV's 1.40% yield.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.83%	0.92%	1.03%	0.04%
FELV Fidelity Enhanced Large Cap Value ETF	1.40%	1.67%	2.02%	0.04%

Frequently Asked Questions

Can I hold both FELC and FELV in my portfolio?

FELC and FELV have a correlation of 0.77, 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 FELV?

FELC has higher volatility (3.81%) compared to FELV (2.38%). In terms of maximum drawdown, FELC dropped -18.59% vs FELV's -16.08%.

Which ETF is better, FELC or FELV?

On 1-year performance, FELV leads with 36.79% vs 26.44% for FELC. Both ETFs have the same 0.18% expense ratio. On volatility, FELV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or FELV?

Over the 1-year period, FELV has performed better with a 36.79% return vs 26.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or FELV?

FELC and FELV have the same expense ratio: 0.18% per year.

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

FELV has the higher dividend yield at 1.40%, compared with 0.83% for FELC.

What is the main difference between FELC and FELV?

FELC is categorized as Large Cap Blend Equities, while FELV is Large Cap Value Equities.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (3.33 vs 2.06), 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.