FENI vs. FDVV

Last updated Jun 24, 2026

FENI (Fidelity Enhanced International ETF) and FDVV (Fidelity High Dividend ETF) are both exchange-traded funds - FENI is a Foreign Large Cap Equities fund actively managed by Fidelity, while FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index. FENI is actively managed, while FDVV is passively managed. Over the past year, FENI returned 26.92% vs 22.16% for FDVV. A 0.71 correlation means they provide meaningful diversification when combined. FENI charges 0.28%/yr vs 0.29%/yr for FDVV.

Performance

FENI vs. FDVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) 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, FENI achieves a 10.12% return, which is significantly higher than FDVV's 8.39% return.

FENI

• 1D: -2.12%
• 1M: 0.07%
• YTD: 10.12%
• 6M: 9.52%
• 1Y: 26.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDVV

• 1D: 0.08%
• 1M: 0.43%
• YTD: 8.39%
• 6M: 8.10%
• 1Y: 22.16%
• 3Y*: 19.90%
• 5Y*: 13.69%
• 10Y*: —

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

FENI vs. FDVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FENI Fidelity Enhanced International ETF	10.12%	37.27%	6.95%	5.75%
FDVV Fidelity High Dividend ETF	8.39%	17.08%	21.81%	6.92%

Correlation

The correlation between FENI and FDVV is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.71

The correlation between FENI and FDVV has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

FENI vs. FDVV - Sectors Allocation Comparison

Sectors	FENI	FDVV
Financial Services	24.2%	17.0%
Industrials	22.4%	3.0%
Technology	13.5%	30.5%
Healthcare	8.3%	3.0%
Consumer Cyclical	7.4%	13.6%
Consumer Defensive	6.4%	10.7%
Basic Materials	4.5%	-
Energy	4.5%	-
Utilities	3.8%	8.6%
Communication Services	3.7%	3.6%
Real Estate	1.4%	9.9%

Return for Risk

FENI vs. FDVV — Risk / Return Rank

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

FENI

FENI Risk / Return Rank: 51
FENI Sharpe Ratio Rank: 50
FENI Sortino Ratio Rank: 50
FENI Omega Ratio Rank: 50
FENI Calmar Ratio Rank: 49
FENI Martin Ratio Rank: 53

FDVV

FDVV Risk / Return Rank: 64
FDVV Sharpe Ratio Rank: 71
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.

FENI vs. FDVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) 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.

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.

	FENI	FDVV	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.19	-0.52
Sortino ratio: Return per unit of downside risk	2.37	3.06	-0.70
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	2.35	2.39	-0.04
Martin ratio: Return relative to average drawdown	8.91	9.89	-0.99

FENI vs. FDVV - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.67, which is comparable to the FDVV Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of FENI 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.

Drawdowns

FENI vs. FDVV - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum FDVV drawdown of -40.25%. Use the drawdown chart below to compare losses from any high point for FENI and FDVV.

Drawdown Indicators

	FENI	FDVV	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-40.25%	+26.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-9.30%	-2.19%
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	-2.12%	-1.31%	-0.81%
Average Drawdown Average peak-to-trough decline	-2.27%	-3.79%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.24%	+0.79%

Volatility

FENI vs. FDVV - Volatility Comparison

Fidelity Enhanced International ETF (FENI) has a higher volatility of 5.65% compared to Fidelity High Dividend ETF (FDVV) at 3.09%. This indicates that FENI's price experiences larger fluctuations and is considered to be riskier than FDVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	FDVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	3.09%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	8.26%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	10.15%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	14.73%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	16.97%	-1.18%

FENI vs. FDVV - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is lower than FDVV's 0.29% expense ratio.

Dividends

FENI vs. FDVV - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.97%, more than FDVV's 2.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDVV Fidelity High Dividend ETF	2.86%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%
FENI Fidelity Enhanced International ETF	2.97%	2.99%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FENI and FDVV in my portfolio?

FENI and FDVV have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENI or FDVV?

FENI has higher volatility (5.65%) compared to FDVV (3.09%). In terms of maximum drawdown, FENI dropped -14.20% vs FDVV's -40.25%.

Which ETF is better, FENI or FDVV?

On 1-year performance, FENI leads with 26.92% vs 22.16% for FDVV. On fees, FENI is cheaper at 0.28% per year. On volatility, FDVV has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or FDVV?

Over the 1-year period, FENI has performed better with a 26.92% return vs 22.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or FDVV?

FENI is cheaper with a 0.28% expense ratio, compared with 0.29% for FDVV.

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

FENI has the higher dividend yield at 2.97%, compared with 2.86% for FDVV.

What is the main difference between FENI and FDVV?

FENI is categorized as Foreign Large Cap Equities, while FDVV is Large Cap Blend Equities. Their fees differ too: 0.28% for FENI and 0.29% for FDVV.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.19 vs 1.67), 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.