FELV vs. FELG

Last updated Jun 3, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both exchange-traded funds - FELV is a Large Cap Value Equities fund actively managed by Fidelity, while FELG is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FELV returned 30.37% vs 29.80% for FELG. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.

Performance

FELV vs. FELG - Performance Comparison

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

Returns By Period

In the year-to-date period, FELV achieves a 14.61% return, which is significantly higher than FELG's 8.92% return.

FELV

• 1D: 0.74%
• 1M: 4.41%
• YTD: 14.61%
• 6M: 16.33%
• 1Y: 30.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FELG

• 1D: -0.22%
• 1M: 6.88%
• YTD: 8.92%
• 6M: 8.35%
• 1Y: 29.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FELV vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	14.61%	15.80%	15.89%	7.19%
FELG Fidelity Enhanced Large Cap Growth ETF	8.92%	18.44%	35.45%	4.20%

Correlation

The correlation between FELV and FELG is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.54

The correlation between FELV and FELG has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

FELV vs. FELG - Sectors Allocation Comparison

Sectors	FELV	FELG
Technology	19.8%	53.9%
Financial Services	18.4%	4.7%
Industrials	12.5%	7.2%
Healthcare	10.1%	6.3%
Communication Services	8.2%	13.8%
Consumer Cyclical	7.1%	11.5%
Energy	5.8%	1.1%
Consumer Defensive	4.8%	1.0%
Basic Materials	3.8%	0.5%
Utilities	3.4%	0.1%
Real Estate	3.3%	0.0%

Return for Risk

FELV vs. FELG — Risk / Return Rank

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

FELV

FELV Risk / Return Rank: 86
FELV Sharpe Ratio Rank: 85
FELV Sortino Ratio Rank: 87
FELV Omega Ratio Rank: 85
FELV Calmar Ratio Rank: 83
FELV Martin Ratio Rank: 88

FELG

FELG Risk / Return Rank: 49
FELG Sharpe Ratio Rank: 56
FELG Sortino Ratio Rank: 54
FELG Omega Ratio Rank: 54
FELG Calmar Ratio Rank: 38
FELG Martin Ratio Rank: 41

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. FELG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) and Fidelity Enhanced Large Cap Growth ETF (FELG). 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	FELG	Difference
Sharpe ratio Return per unit of total volatility	2.85	1.94	+0.90
Sortino ratio Return per unit of downside risk	4.00	2.63	+1.37
Omega ratio Gain probability vs. loss probability	1.52	1.34	+0.18
Calmar ratio Return relative to maximum drawdown	4.44	1.90	+2.54
Martin ratio Return relative to average drawdown	19.22	6.50	+12.72
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. FELG - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.85, which is higher than the FELG Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of FELV and FELG, 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	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	1.94	+0.90
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.36	+0.29

Drawdowns

FELV vs. FELG - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum FELG drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FELV and FELG.

Drawdown Indicators

	FELV	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-23.89%	+7.81%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-16.17%	+9.32%
Current Drawdown Current decline from peak	0.00%	-0.22%	+0.22%
Average Drawdown Average peak-to-trough decline	-2.07%	-3.53%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	4.72%	-3.14%

Volatility

FELV vs. FELG - Volatility Comparison

The current volatility for Fidelity Enhanced Large Cap Value ETF (FELV) is 2.87%, while Fidelity Enhanced Large Cap Growth ETF (FELG) has a volatility of 3.21%. This indicates that FELV experiences smaller price fluctuations and is considered to be less risky than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELV	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.21%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	11.54%	-3.63%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	15.42%	-4.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.41%	19.89%	-6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	19.89%	-6.48%

FELV vs. FELG - Expense Ratio Comparison

Both FELV and FELG have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FELV vs. FELG - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.51%, more than FELG's 0.33% yield.

Position	TTM	2025	2024	2023
FELG Fidelity Enhanced Large Cap Growth ETF	0.33%	0.38%	0.44%	0.11%
FELV Fidelity Enhanced Large Cap Value ETF	1.51%	1.67%	2.02%	0.04%

Frequently Asked Questions

Can I hold both FELV and FELG in my portfolio?

FELV and FELG have a correlation of 0.59, 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 FELG?

FELG has higher volatility (3.21%) compared to FELV (2.87%). In terms of maximum drawdown, FELV dropped -16.08% vs FELG's -23.89%.

Which ETF is better, FELV or FELG?

On 1-year performance, FELV leads with 30.37% vs 29.80% for FELG. Both ETFs have the same 0.18% expense ratio. On volatility, FELV has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or FELG?

Over the 1-year period, FELV has performed better with a 30.37% return vs 29.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or FELG?

FELV and FELG have the same expense ratio: 0.18% per year.

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

FELV has the higher dividend yield at 1.51%, compared with 0.33% for FELG.

What is the main difference between FELV and FELG?

FELV is categorized as Large Cap Value Equities, while FELG is Large Cap Growth Equities.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (2.85 vs 1.94), 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.