FELC vs. QUS

Last updated Aug 4, 2026

FELC (Fidelity Enhanced Large Cap Core ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds. FELC is actively managed, while QUS is passively managed. Over the past year, FELC returned 26.44% vs 19.80% for QUS. Their correlation of 0.85 means they have usually moved in the same direction. FELC charges 0.18%/yr vs 0.15%/yr for QUS.

Performance

FELC vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Large Cap Core ETF (FELC) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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 higher than QUS's 10.23% return.

FELC

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

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

*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
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M

FELC vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	13.57%	17.09%	25.25%	6.06%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	5.81%

Correlation

The correlation between FELC and QUS is 0.80, 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.	0.80
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.85

The correlation between FELC and QUS has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

FELC vs. QUS - Sectors Allocation Comparison

Sectors	FELC	QUS
Technology	40.7%	28.4%
Financial Services	12.6%	15.7%
Communication Services	10.8%	8.2%
Industrials	10.1%	8.1%
Consumer Cyclical	9.1%	5.7%
Healthcare	8.5%	14.4%
Energy	2.7%	3.3%
Consumer Defensive	2.4%	8.3%
Utilities	1.5%	3.9%
Real Estate	1.0%	1.6%
Basic Materials	0.6%	2.2%

Return for Risk

FELC vs. QUS — 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

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Core ETF (FELC) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.16	-0.10
Sortino ratio: Return per unit of downside risk	2.81	3.05	-0.24
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	2.92	2.90	+0.02
Martin ratio: Return relative to average drawdown	12.69	12.95	-0.26

FELC vs. QUS - Sharpe Ratio Comparison

The current FELC Sharpe Ratio is 2.06, which is comparable to the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FELC and QUS, 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. QUS - Drawdown Comparison

The maximum FELC drawdown since its inception was -18.59%, smaller than the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for FELC and QUS.

Drawdown Indicators

	FELC	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-18.59%	-33.78%	+15.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	-6.85%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.89%	-3.66%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.53%	+0.56%

Volatility

FELC vs. QUS - Volatility Comparison

Fidelity Enhanced Large Cap Core ETF (FELC) has a higher volatility of 3.81% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that FELC's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELC	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	2.42%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	6.97%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	9.22%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.17%	14.32%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	16.40%	-1.23%

FELC vs. QUS - Expense Ratio Comparison

FELC has a 0.18% expense ratio, which is higher than QUS's 0.15% expense ratio. However, 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. QUS - Dividend Comparison

FELC's dividend yield for the trailing twelve months is around 0.83%, less than QUS's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELC Fidelity Enhanced Large Cap Core ETF	0.83%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both FELC and QUS in my portfolio?

FELC and QUS have a correlation of 0.80, 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 QUS?

FELC has higher volatility (3.81%) compared to QUS (2.42%). In terms of maximum drawdown, FELC dropped -18.59% vs QUS's -33.78%.

Which ETF is better, FELC or QUS?

On 1-year performance, FELC leads with 26.44% vs 19.80% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELC or QUS?

Over the 1-year period, FELC has performed better with a 26.44% return vs 19.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELC or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.18% for FELC.

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

QUS has the higher dividend yield at 1.27%, compared with 0.83% for FELC.

What is the main difference between FELC and QUS?

They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.18% for FELC and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 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.