FEMV vs. FELC

Last updated Jul 8, 2026

FEMV (Fidelity Enhanced Mid Cap Value ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FEMV is a Mid Cap Value Equities fund actively managed by Fidelity, while FELC is a Large Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. A 0.69 correlation means they provide meaningful diversification when combined. FEMV charges 0.23%/yr vs 0.18%/yr for FELC.

Performance

FEMV vs. FELC - Performance Comparison

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

Returns By Period

FEMV

• 1D: 0.00%
• 1M: 4.12%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FELC

• 1D: -0.38%
• 1M: 2.08%
• 6M: 9.32%
• YTD: 10.81%
• 1Y: 22.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEMV vs. FELC - Yearly Performance Comparison

	2026 (YTD)
FEMV Fidelity Enhanced Mid Cap Value ETF	6.72%
FELC Fidelity Enhanced Large Cap Core ETF	6.30%

Correlation

The correlation between FEMV and FELC is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026	0.69

Return for Risk

FEMV vs. FELC — Risk / Return Rank

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

FEMV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FELC

FELC Risk / Return Rank: 66
FELC Sharpe Ratio Rank: 68
FELC Sortino Ratio Rank: 65
FELC Omega Ratio Rank: 66
FELC Calmar Ratio Rank: 61
FELC Martin Ratio Rank: 73

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.

FEMV vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Value ETF (FEMV) and Fidelity Enhanced Large Cap Core ETF (FELC). 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.

	FEMV	FELC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.83	—
Sortino ratio: Return per unit of downside risk	—	2.51	—
Omega ratio: Gain probability vs. loss probability	—	1.33	—
Calmar ratio: Return relative to maximum drawdown	—	2.53	—
Martin ratio: Return relative to average drawdown	—	11.09	—

Drawdowns

FEMV vs. FELC - Drawdown Comparison

The maximum FEMV drawdown since its inception was -2.69%, smaller than the maximum FELC drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FEMV and FELC.

Drawdown Indicators

	FEMV	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-2.69%	-18.59%	+15.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.09%	—
Current Drawdown Current decline from peak	0.00%	-0.97%	+0.97%
Average Drawdown Average peak-to-trough decline	-0.55%	-1.91%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.07%	—

Volatility

Volatility by Period

	FEMV	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	12.62%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.25%	15.23%	-2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.25%	15.23%	-2.98%

FEMV vs. FELC - Expense Ratio Comparison

FEMV has a 0.23% expense ratio, which is higher than FELC's 0.18% 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

FEMV vs. FELC - Dividend Comparison

FEMV's dividend yield for the trailing twelve months is around 0.26%, less than FELC's 0.85% yield.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%
FEMV Fidelity Enhanced Mid Cap Value ETF	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEMV and FELC in my portfolio?

FEMV and FELC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEMV or FELC?

On fees, FELC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEMV or FELC?

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

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

FELC has the higher dividend yield at 0.85%, compared with 0.26% for FEMV.

What is the main difference between FEMV and FELC?

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