FELC vs. FEMR

Last updated Jun 12, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and FEMR (Fidelity Enhanced Emerging Markets ETF) are both exchange-traded funds - FELC is a Large Cap Blend Equities fund actively managed by Fidelity, while FEMR is a Emerging Markets Diversified fund actively managed by Fidelity. Both are actively managed. Over the past year, FELC returned 24.50% vs 51.33% for FEMR. A 0.65 correlation means they provide meaningful diversification when combined. FELC charges 0.18%/yr vs 0.38%/yr for FEMR.

Performance

FELC vs. FEMR - 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 Emerging Markets ETF (FEMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FELC achieves a 8.58% return, which is significantly lower than FEMR's 28.36% return.

FELC

• 1D: 1.87%
• 1M: 0.32%
• YTD: 8.58%
• 6M: 7.95%
• 1Y: 24.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEMR

• 1D: 4.37%
• 1M: 3.36%
• YTD: 28.36%
• 6M: 31.26%
• 1Y: 51.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FELC vs. FEMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FELC Fidelity Enhanced Large Cap Core ETF	8.58%	17.09%	-0.14%
FEMR Fidelity Enhanced Emerging Markets ETF	28.36%	35.27%	-1.48%

Correlation

The correlation between FELC and FEMR is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.65

The correlation between FELC and FEMR has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

FELC vs. FEMR — Risk / Return Rank

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

FELC

FELC Risk / Return Rank: 73
FELC Sharpe Ratio Rank: 74
FELC Sortino Ratio Rank: 72
FELC Omega Ratio Rank: 73
FELC Calmar Ratio Rank: 66
FELC Martin Ratio Rank: 77

FEMR

FEMR Risk / Return Rank: 81
FEMR Sharpe Ratio Rank: 83
FEMR Sortino Ratio Rank: 77
FEMR Omega Ratio Rank: 84
FEMR Calmar Ratio Rank: 80
FEMR Martin Ratio Rank: 82

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.

FELC vs. FEMR - 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 Emerging Markets ETF (FEMR). 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	FEMR	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.26	-0.28
Sortino ratio: Return per unit of downside risk	2.68	2.89	-0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	2.71	3.56	-0.86
Martin ratio: Return relative to average drawdown	12.22	13.67	-1.45

FELC vs. FEMR - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 1.98, which is comparable to the FEMR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FELC and FEMR, 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. FEMR - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, which is greater than FEMR's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for FELC and FEMR.

Drawdown Indicators

	FELC	FEMR	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-15.58%	-3.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-14.47%	+5.38%
Current Drawdown Current decline from peak	-2.96%	-5.11%	+2.15%
Average Drawdown Average peak-to-trough decline	-1.91%	-2.37%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.77%	-1.76%

Volatility

FELC vs. FEMR - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Core ETF (FELC) is 4.53%, while Fidelity Enhanced Emerging Markets ETF (FEMR) has a volatility of 11.21%. This indicates that FELC experiences smaller price fluctuations and is considered to be less risky than FEMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	FEMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	11.21%	-6.68%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	20.51%	-10.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	22.82%	-10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	22.20%	-6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	22.20%	-6.93%

FELC vs. FEMR - Expense Ratio Comparison

FELC has a 0.18% expense ratio, which is lower than FEMR's 0.38% expense ratio.

Dividends

FELC vs. FEMR - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.87%, less than FEMR's 1.46% yield.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.87%	0.92%	1.03%	0.04%
FEMR Fidelity Enhanced Emerging Markets ETF	1.46%	1.92%	0.37%	0.00%

Frequently Asked Questions

Can I hold both FELC and FEMR in my portfolio?

FELC and FEMR have a correlation of 0.70, 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 FEMR?

FEMR has higher volatility (11.21%) compared to FELC (4.53%). In terms of maximum drawdown, FELC dropped -18.59% vs FEMR's -15.58%.

Which ETF is better, FELC or FEMR?

On 1-year performance, FEMR leads with 51.33% vs 24.50% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or FEMR?

Over the 1-year period, FEMR has performed better with a 51.33% return vs 24.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or FEMR?

FELC is cheaper with a 0.18% expense ratio, compared with 0.38% for FEMR.

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

FEMR has the higher dividend yield at 1.46%, compared with 0.87% for FELC.

What is the main difference between FELC and FEMR?

FELC is categorized as Large Cap Blend Equities, while FEMR is Emerging Markets Diversified. Their fees differ too: 0.18% for FELC and 0.38% for FEMR.

Which has better risk-adjusted returns?

FEMR currently has the higher Sharpe Ratio (2.26 vs 1.98), 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.