FESM vs. FELG

Last updated Aug 2, 2026

FESM (Fidelity Enhanced Small Cap Core ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both exchange-traded funds - FESM is a Small Cap Blend 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, FESM returned 46.60% vs 14.20% for FELG. Their 0.64 correlation means they have sometimes moved together and sometimes differently. FESM charges 0.28%/yr vs 0.18%/yr for FELG.

Performance

FESM vs. FELG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Small Cap Core ETF (FESM) 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, FESM achieves a 24.03% return, which is significantly higher than FELG's 2.21% return.

FESM

• 1D: -0.43%
• 1M: -2.02%
• 6M: 18.15%
• YTD: 24.03%
• 1Y: 46.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.02%

FELG

• 1D: 0.93%
• 1M: -1.07%
• 6M: 4.01%
• YTD: 2.21%
• 1Y: 14.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FELG Fidelity Enhanced Large Cap Growth ETF	$14.80M	$13.72M	$19.44M
FESM Fidelity Enhanced Small Cap Core ETF	$38.81M	$44.32M	$35.07M

FESM vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FESM Fidelity Enhanced Small Cap Core ETF	24.03%	17.88%	16.22%	12.09%
FELG Fidelity Enhanced Large Cap Growth ETF	2.21%	18.44%	35.45%	4.37%

Correlation

The correlation between FESM and FELG is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.64

The correlation between FESM and FELG has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

FESM vs. FELG - Sectors Allocation Comparison

Sectors	FESM	FELG
Healthcare	18.9%	5.7%
Technology	17.0%	55.9%
Financial Services	16.6%	4.6%
Industrials	11.7%	8.4%
Consumer Cyclical	8.9%	8.6%
Basic Materials	5.1%	0.1%
Energy	4.7%	0.7%
Real Estate	4.1%	0.1%
Communication Services	2.5%	14.7%
Utilities	1.9%	1.2%
Consumer Defensive	1.5%	1.2%

Return for Risk

FESM vs. FELG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FESM

FESM Risk / Return Rank: 90
FESM Sharpe Ratio Rank: 91
FESM Sortino Ratio Rank: 90
FESM Omega Ratio Rank: 86
FESM Calmar Ratio Rank: 92
FESM Martin Ratio Rank: 91

FELG

FELG Risk / Return Rank: 27
FELG Sharpe Ratio Rank: 29
FELG Sortino Ratio Rank: 28
FELG Omega Ratio Rank: 27
FELG Calmar Ratio Rank: 24
FELG Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FESM vs. FELG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Small Cap Core ETF (FESM) 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.

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.

	FESM	FELG	Difference
Sharpe ratio: Return per unit of total volatility	2.28	0.68	+1.59
Sortino ratio: Return per unit of downside risk	3.13	1.05	+2.08
Omega ratio: Gain probability vs. loss probability	1.38	1.13	+0.25
Calmar ratio: Return relative to maximum drawdown	4.31	0.73	+3.57
Martin ratio: Return relative to average drawdown	15.24	2.27	+12.97

FESM vs. FELG - Sharpe Ratio Comparison

The current FESM Sharpe Ratio is 2.28, which is higher than the FELG Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of FESM 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.

Drawdowns

FESM vs. FELG - Drawdown Comparison

The maximum FESM drawdown since its inception was -26.93%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FESM and FELG.

Drawdown Indicators

	FESM	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-23.89%	-3.04%
Max Drawdown (1Y) Largest decline over 1 year	-10.18%	-16.17%	+5.99%
Current Drawdown Current decline from peak	-3.44%	-6.36%	+2.92%
Average Drawdown Average peak-to-trough decline	-4.59%	-3.62%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	5.19%	-2.32%

Volatility

FESM vs. FELG - Volatility Comparison

The current volatility for Fidelity Enhanced Small Cap Core ETF (FESM) is 4.03%, while Fidelity Enhanced Large Cap Growth ETF (FELG) has a volatility of 6.11%. This indicates that FESM 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

	FESM	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	6.11%	-2.08%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	13.74%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	19.30%	17.29%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.06%	20.02%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	20.02%	+1.04%

FESM vs. FELG - Expense Ratio Comparison

FESM has a 0.28% expense ratio, which is higher than FELG's 0.18% expense ratio.

Dividends

FESM vs. FELG - Dividend Comparison

FESM's dividend yield for the trailing twelve months is around 0.73%, more than FELG's 0.36% yield.

Position	TTM	2025	2024	2023
FELG Fidelity Enhanced Large Cap Growth ETF	0.36%	0.38%	0.44%	0.11%
FESM Fidelity Enhanced Small Cap Core ETF	0.73%	0.82%	1.08%	0.06%

Frequently Asked Questions

Can I hold both FESM and FELG in my portfolio?

FESM and FELG have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FESM or FELG?

FELG has higher volatility (6.11%) compared to FESM (4.03%). In terms of maximum drawdown, FESM dropped -26.93% vs FELG's -23.89%.

Which ETF is better, FESM or FELG?

On 1-year performance, FESM leads with 46.60% vs 14.20% for FELG. On fees, FELG is cheaper at 0.18% per year. On volatility, FESM has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FESM or FELG?

Over the 1-year period, FESM has performed better with a 46.60% return vs 14.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FESM or FELG?

FELG is cheaper with a 0.18% expense ratio, compared with 0.28% for FESM.

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

FESM has the higher dividend yield at 0.73%, compared with 0.36% for FELG.

What is the main difference between FESM and FELG?

FESM is categorized as Small Cap Blend Equities, while FELG is Large Cap Growth Equities. Their fees differ too: 0.28% for FESM and 0.18% for FELG.

Which has better risk-adjusted returns?

FESM currently has the higher Sharpe Ratio (2.28 vs 0.68), 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.