FELV vs. FNDX

Last updated Jun 24, 2026

FELV (Fidelity Enhanced Large Cap Value ETF) and FNDX (Schwab Fundamental U.S. Large Company Index ETF) are both Large Cap Value Equities funds. FELV is actively managed, while FNDX is passively managed. Over the past year, FELV returned 29.92% vs 30.33% for FNDX. With a 0.96 correlation, they move nearly in lockstep. FELV charges 0.18%/yr vs 0.25%/yr for FNDX.

Performance

FELV vs. FNDX - Performance Comparison

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

Returns By Period

In the year-to-date period, FELV achieves a 15.89% return, which is significantly higher than FNDX's 14.31% return.

FELV

• 1D: -1.07%
• 1M: 2.65%
• YTD: 15.89%
• 6M: 15.09%
• 1Y: 29.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FNDX

• 1D: -0.42%
• 1M: 0.52%
• YTD: 14.31%
• 6M: 13.73%
• 1Y: 30.33%
• 3Y*: 20.33%
• 5Y*: 13.24%
• 10Y*: 14.48%

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

FELV vs. FNDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FELV Fidelity Enhanced Large Cap Value ETF	15.89%	15.80%	15.89%	7.49%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.31%	16.94%	16.77%	7.11%

Correlation

The correlation between FELV and FNDX is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.96

The correlation between FELV and FNDX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

FELV vs. FNDX - Sectors Allocation Comparison

Sectors	FELV	FNDX
Technology	21.0%	22.1%
Financial Services	18.6%	13.3%
Industrials	13.6%	9.1%
Healthcare	10.3%	11.9%
Communication Services	8.6%	9.9%
Consumer Cyclical	7.7%	9.1%
Energy	5.8%	9.3%
Consumer Defensive	4.7%	7.0%
Basic Materials	3.5%	3.6%
Utilities	3.3%	3.0%
Real Estate	3.1%	1.7%

Return for Risk

FELV vs. FNDX — 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: 87
FELV Sortino Ratio Rank: 87
FELV Omega Ratio Rank: 85
FELV Calmar Ratio Rank: 85
FELV Martin Ratio Rank: 89

FNDX

FNDX Risk / Return Rank: 89
FNDX Sharpe Ratio Rank: 90
FNDX Sortino Ratio Rank: 91
FNDX Omega Ratio Rank: 89
FNDX Calmar Ratio Rank: 88
FNDX Martin Ratio Rank: 89

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. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Large Cap Value ETF (FELV) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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.

	FELV	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.92	-0.23
Sortino ratio: Return per unit of downside risk	3.72	4.05	-0.33
Omega ratio: Gain probability vs. loss probability	1.49	1.53	-0.05
Calmar ratio: Return relative to maximum drawdown	4.39	5.02	-0.64
Martin ratio: Return relative to average drawdown	18.74	19.42	-0.68

FELV vs. FNDX - Sharpe Ratio Comparison

The current FELV Sharpe Ratio is 2.69, which is comparable to the FNDX Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of FELV and FNDX, 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

FELV vs. FNDX - Drawdown Comparison

The maximum FELV drawdown since its inception was -16.08%, smaller than the maximum FNDX drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for FELV and FNDX.

Drawdown Indicators

	FELV	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-16.08%	-37.72%	+21.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.85%	-6.06%	-0.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.72%	—
Current Drawdown Current decline from peak	-1.07%	-1.43%	+0.36%
Average Drawdown Average peak-to-trough decline	-2.04%	-3.55%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.57%	+0.03%

Volatility

FELV vs. FNDX - Volatility Comparison

Fidelity Enhanced Large Cap Value ETF (FELV) has a higher volatility of 4.19% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 3.33%. This indicates that FELV's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELV	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	3.33%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.57%	7.63%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	10.47%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.47%	15.18%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.47%	17.48%	-4.01%

FELV vs. FNDX - Expense Ratio Comparison

FELV has a 0.18% expense ratio, which is lower than FNDX's 0.25% 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

FELV vs. FNDX - Dividend Comparison

FELV's dividend yield for the trailing twelve months is around 1.49%, more than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELV Fidelity Enhanced Large Cap Value ETF	1.49%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FELV and FNDX in my portfolio?

With a correlation of 0.94, FELV and FNDX 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, FELV or FNDX?

FELV has higher volatility (4.19%) compared to FNDX (3.33%). In terms of maximum drawdown, FELV dropped -16.08% vs FNDX's -37.72%.

Which ETF is better, FELV or FNDX?

On 1-year performance, FNDX leads with 30.33% vs 29.92% for FELV. On fees, FELV is cheaper at 0.18% per year. On volatility, FNDX has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FELV or FNDX?

Over the 1-year period, FNDX has performed better with a 30.33% return vs 29.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FELV or FNDX?

FELV is cheaper with a 0.18% expense ratio, compared with 0.25% for FNDX.

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

FELV has the higher dividend yield at 1.49%, compared with 1.45% for FNDX.

What is the main difference between FELV and FNDX?

They also come from different issuers: Fidelity and Charles Schwab. Their fees differ too: 0.18% for FELV and 0.25% for FNDX.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (2.92 vs 2.69), 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.