FELV vs. FDVV

Last updated Jun 4, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FDVV (Fidelity High Dividend ETF) are both exchange-traded funds - FELV is a Large Cap Value Equities fund actively managed by Fidelity, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. FELV is actively managed, while FDVV is passively managed. Over the past year, FELV returned 29.77% vs 23.45% for FDVV. Their correlation of 0.85 suggests significant overlap in exposure. FELV charges 0.18%/yr vs 0.29%/yr for FDVV.

Performance

FELV vs. FDVV - Performance Comparison

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

Returns By Period

In the year-to-date period, FELV achieves a 14.72% return, which is significantly higher than FDVV's 8.39% return.

FELV

• 1D: 0.10%
• 1M: 4.99%
• YTD: 14.72%
• 6M: 15.52%
• 1Y: 29.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDVV

• 1D: -1.12%
• 1M: 4.44%
• YTD: 8.39%
• 6M: 8.67%
• 1Y: 23.45%
• 3Y*: 20.08%
• 5Y*: 13.36%
• 10Y*: —

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

FELV vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	14.72%	15.80%	15.89%	7.19%
FDVV Fidelity High Dividend ETF	8.39%	17.08%	21.81%	6.34%

Correlation

The correlation between FELV and FDVV is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.85

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

FELV vs. FDVV - Sectors Allocation Comparison

Sectors	FELV	FDVV
Technology	19.8%	29.1%
Financial Services	18.4%	17.0%
Industrials	12.5%	3.4%
Healthcare	10.1%	3.1%
Communication Services	8.2%	3.7%
Consumer Cyclical	7.1%	13.6%
Energy	5.8%	-
Consumer Defensive	4.8%	11.0%
Basic Materials	3.8%	-
Utilities	3.4%	8.7%
Real Estate	3.3%	10.1%

Return for Risk

FELV vs. FDVV — Risk / Return Rank

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

FELV

FELV Risk / Return Rank: 84
FELV Sharpe Ratio Rank: 84
FELV Sortino Ratio Rank: 86
FELV Omega Ratio Rank: 83
FELV Calmar Ratio Rank: 82
FELV Martin Ratio Rank: 87

FDVV

FDVV Risk / Return Rank: 64
FDVV Sharpe Ratio Rank: 70
FDVV Sortino Ratio Rank: 71
FDVV Omega Ratio Rank: 71
FDVV Calmar Ratio Rank: 50
FDVV 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.

FELV vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) and Fidelity High Dividend ETF (FDVV). 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.

	FELV	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.35	+0.44
Sortino ratio: Return per unit of downside risk	3.93	3.28	+0.64
Omega ratio: Gain probability vs. loss probability	1.51	1.43	+0.08
Calmar ratio: Return relative to maximum drawdown	4.36	2.53	+1.83
Martin ratio: Return relative to average drawdown	18.85	10.54	+8.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FELV vs. FDVV - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.79, which is comparable to the FDVV Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of FELV and FDVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FELV	FDVV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	2.35	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	0.79	+0.85

Drawdowns

FELV vs. FDVV - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum FDVV drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for FELV and FDVV.

Drawdown Indicators

	FELV	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-40.25%	+24.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-9.30%	+2.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.18%	—
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-2.07%	-3.81%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.23%	-0.65%

Volatility

FELV vs. FDVV - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Value ETF (FELV) is 2.79%, while Fidelity High Dividend ETF (FDVV) has a volatility of 3.14%. This indicates that FELV experiences smaller price fluctuations and is considered to be less risky than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELV	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	3.14%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	7.99%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	10.06%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.40%	14.75%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.40%	17.00%	-3.60%

FELV vs. FDVV - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than FDVV's 0.29% expense ratio.

Dividends

FELV vs. FDVV - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.51%, less than FDVV's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDVV Fidelity High Dividend ETF	2.72%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FELV and FDVV in my portfolio?

FELV and FDVV 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, FELV or FDVV?

FDVV has higher volatility (3.14%) compared to FELV (2.79%). In terms of maximum drawdown, FELV dropped -16.08% vs FDVV's -40.25%.

Which ETF is better, FELV or FDVV?

On 1-year performance, FELV leads with 29.77% vs 23.45% for FDVV. On fees, FELV is cheaper at 0.18% per year. On volatility, FELV has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or FDVV?

Over the 1-year period, FELV has performed better with a 29.77% return vs 23.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or FDVV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.29% for FDVV.

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

FDVV has the higher dividend yield at 2.72%, compared with 1.51% for FELV.

What is the main difference between FELV and FDVV?

FELV is categorized as Large Cap Value Equities, while FDVV is Large Cap Blend Equities. Their fees differ too: 0.18% for FELV and 0.29% for FDVV.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.79 vs 2.35), 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.