FELC vs. FMDE

Last updated Jun 12, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and FMDE (Fidelity Enhanced Mid Cap ETF) are both exchange-traded funds - FELC is a Large Cap Blend Equities fund actively managed by Fidelity, while FMDE is a Mid Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FELC returned 24.50% vs 19.49% for FMDE. Their correlation of 0.81 suggests significant overlap in exposure. FELC charges 0.18%/yr vs 0.23%/yr for FMDE.

Performance

FELC vs. FMDE - 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 Mid Cap ETF (FMDE). 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 FMDE's 9.48% return.

FELC

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

FMDE

• 1D: 2.21%
• 1M: 2.61%
• YTD: 9.48%
• 6M: 7.90%
• 1Y: 19.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FELC vs. FMDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	8.58%	17.09%	25.25%	6.06%
FMDE Fidelity Enhanced Mid Cap ETF	9.48%	12.19%	21.76%	9.09%

Correlation

The correlation between FELC and FMDE is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.81

The correlation between FELC and FMDE has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

FELC vs. FMDE - Sectors Allocation Comparison

Sectors	FELC	FMDE
Technology	38.2%	20.6%
Communication Services	12.4%	3.8%
Financial Services	12.2%	12.9%
Consumer Cyclical	9.8%	12.1%
Industrials	9.6%	20.1%
Healthcare	7.4%	7.8%
Energy	3.7%	6.4%
Consumer Defensive	2.8%	1.7%
Basic Materials	1.5%	3.9%
Utilities	1.3%	5.0%
Real Estate	1.0%	5.7%

Return for Risk

FELC vs. FMDE — 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

FMDE

FMDE Risk / Return Rank: 52
FMDE Sharpe Ratio Rank: 48
FMDE Sortino Ratio Rank: 49
FMDE Omega Ratio Rank: 46
FMDE Calmar Ratio Rank: 56
FMDE Martin Ratio Rank: 61

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. FMDE - 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 Mid Cap ETF (FMDE). 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	FMDE	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.40	+0.58
Sortino ratio: Return per unit of downside risk	2.68	2.02	+0.66
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	2.71	2.35	+0.36
Martin ratio: Return relative to average drawdown	12.22	9.21	+3.00

FELC vs. FMDE - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 1.98, which is higher than the FMDE Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of FELC and FMDE, 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. FMDE - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, smaller than the maximum FMDE drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for FELC and FMDE.

Drawdown Indicators

	FELC	FMDE	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-21.10%	+2.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-8.33%	-0.76%
Current Drawdown Current decline from peak	-2.96%	-1.05%	-1.91%
Average Drawdown Average peak-to-trough decline	-1.91%	-2.63%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.12%	-0.11%

Volatility

FELC vs. FMDE - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) and Fidelity Enhanced Mid Cap ETF (FMDE) have volatilities of 4.53% and 4.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	FMDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.45%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	10.38%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	13.99%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	16.19%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	16.19%	-0.92%

FELC vs. FMDE - Expense Ratio Comparison

FELC has a 0.18% expense ratio, which is lower than FMDE's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FELC vs. FMDE - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.87%, less than FMDE's 1.11% yield.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.87%	0.92%	1.03%	0.04%
FMDE Fidelity Enhanced Mid Cap ETF	1.11%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FELC and FMDE in my portfolio?

FELC and FMDE have a correlation of 0.79, 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 FMDE?

FELC has higher volatility (4.53%) compared to FMDE (4.45%). In terms of maximum drawdown, FELC dropped -18.59% vs FMDE's -21.10%.

Which ETF is better, FELC or FMDE?

On 1-year performance, FELC leads with 24.50% vs 19.49% for FMDE. On fees, FELC is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or FMDE?

Over the 1-year period, FELC has performed better with a 24.50% return vs 19.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or FMDE?

FELC is cheaper with a 0.18% expense ratio, compared with 0.23% for FMDE.

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

FMDE has the higher dividend yield at 1.11%, compared with 0.87% for FELC.

What is the main difference between FELC and FMDE?

FELC is categorized as Large Cap Blend Equities, while FMDE is Mid Cap Blend Equities. Their fees differ too: 0.18% for FELC and 0.23% for FMDE.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (1.98 vs 1.40), 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.