FELC vs. FLRG

Last updated Jun 14, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and FLRG (Fidelity U.S. Multifactor ETF) are both exchange-traded funds - FELC is a Large Cap Blend Equities fund actively managed by Fidelity, while FLRG is a Large Cap Growth Equities fund tracking the Fidelity U.S. Multifactor Index. FELC is actively managed, while FLRG is passively managed. Over the past year, FELC returned 26.15% vs 17.66% for FLRG. Their correlation of 0.93 suggests significant overlap in exposure. FELC charges 0.18%/yr vs 0.29%/yr for FLRG.

Performance

FELC vs. FLRG - Performance Comparison

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

Returns By Period

In the year-to-date period, FELC achieves a 9.10% return, which is significantly higher than FLRG's 7.49% return.

FELC

• 1D: 0.48%
• 1M: -0.81%
• YTD: 9.10%
• 6M: 9.67%
• 1Y: 26.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLRG

• 1D: 0.59%
• 1M: -0.73%
• YTD: 7.49%
• 6M: 6.89%
• 1Y: 17.66%
• 3Y*: 18.22%
• 5Y*: 12.45%
• 10Y*: —

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

FELC vs. FLRG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	9.10%	17.09%	25.25%	6.06%
FLRG Fidelity U.S. Multifactor ETF	7.49%	13.92%	23.36%	5.21%

Correlation

The correlation between FELC and FLRG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.93

The correlation between FELC and FLRG has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

FELC vs. FLRG - Sectors Allocation Comparison

Sectors	FELC	FLRG
Technology	40.8%	38.8%
Financial Services	12.3%	11.4%
Communication Services	11.4%	9.9%
Consumer Cyclical	10.0%	9.5%
Industrials	9.1%	7.3%
Healthcare	7.4%	9.1%
Energy	2.8%	4.3%
Consumer Defensive	2.5%	4.5%
Basic Materials	1.4%	2.3%
Utilities	1.3%	1.0%
Real Estate	1.1%	2.0%

Return for Risk

FELC vs. FLRG — Risk / Return Rank

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

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 71
FELC Sortino Ratio Rank: 69
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 62
FELC Martin Ratio Rank: 75

FLRG

FLRG Risk / Return Rank: 54
FLRG Sharpe Ratio Rank: 53
FLRG Sortino Ratio Rank: 53
FLRG Omega Ratio Rank: 52
FLRG Calmar Ratio Rank: 53
FLRG Martin Ratio Rank: 58

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. FLRG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity U.S. Multifactor ETF (FLRG). 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	FLRG	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.58	+0.41
Sortino ratio: Return per unit of downside risk	2.70	2.24	+0.46
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	2.73	2.31	+0.41
Martin ratio: Return relative to average drawdown	12.29	8.93	+3.37

FELC vs. FLRG - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 1.99, which is comparable to the FLRG Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of FELC and FLRG, 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. FLRG - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, smaller than the maximum FLRG drawdown of -19.64%. Use the drawdown chart below to compare losses from any high point for FELC and FLRG.

Drawdown Indicators

	FELC	FLRG	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-19.64%	+1.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-7.16%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.64%	—
Current Drawdown Current decline from peak	-2.49%	-1.87%	-0.62%
Average Drawdown Average peak-to-trough decline	-1.91%	-3.73%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.86%	+0.16%

Volatility

FELC vs. FLRG - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) has a higher volatility of 4.49% compared to Fidelity U.S. Multifactor ETF (FLRG) at 3.57%. This indicates that FELC's price experiences larger fluctuations and is considered to be riskier than FLRG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	FLRG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.57%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	8.13%	+1.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	10.49%	+1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	15.22%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.26%	15.03%	+0.23%

FELC vs. FLRG - Expense Ratio Comparison

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

Dividends

FELC vs. FLRG - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.87%, less than FLRG's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FELC Fidelity Enhanced Large Cap Core ETF	0.87%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%
FLRG Fidelity U.S. Multifactor ETF	1.36%	1.42%	1.42%	1.39%	1.62%	1.36%	1.47%

Frequently Asked Questions

Can I hold both FELC and FLRG in my portfolio?

With a correlation of 0.93, FELC and FLRG 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, FELC or FLRG?

FELC has higher volatility (4.49%) compared to FLRG (3.57%). In terms of maximum drawdown, FELC dropped -18.59% vs FLRG's -19.64%.

Which ETF is better, FELC or FLRG?

On 1-year performance, FELC leads with 26.15% vs 17.66% for FLRG. On fees, FELC is cheaper at 0.18% per year. On volatility, FLRG has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or FLRG?

Over the 1-year period, FELC has performed better with a 26.15% return vs 17.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or FLRG?

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

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

FLRG has the higher dividend yield at 1.36%, compared with 0.87% for FELC.

What is the main difference between FELC and FLRG?

FELC is categorized as Large Cap Blend Equities, while FLRG is Large Cap Growth Equities. Their fees differ too: 0.18% for FELC and 0.29% for FLRG.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (1.99 vs 1.58), 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.