FFLC vs. FMAG

Last updated Jun 23, 2026

FFLC (Fidelity Fundamental Large Cap Core ETF) and FMAG (Fidelity Magellan ETF) are both exchange-traded funds - FFLC is a Large Cap Blend Equities fund actively managed by Fidelity, while FMAG is a Global Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, FFLC returned 16.64%/yr vs 10.98%/yr for FMAG. Their correlation of 0.81 suggests significant overlap in exposure. FFLC charges 0.38%/yr vs 0.59%/yr for FMAG.

Performance

FFLC vs. FMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Fundamental Large Cap Core ETF (FFLC) and Fidelity Magellan ETF (FMAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFLC achieves a 11.06% return, which is significantly higher than FMAG's 7.11% return.

FFLC

• 1D: -0.67%
• 1M: 1.70%
• YTD: 11.06%
• 6M: 11.02%
• 1Y: 27.64%
• 3Y*: 22.91%
• 5Y*: 16.64%
• 10Y*: —

FMAG

• 1D: -0.98%
• 1M: 1.26%
• YTD: 7.11%
• 6M: 6.48%
• 1Y: 12.33%
• 3Y*: 20.08%
• 5Y*: 10.98%
• 10Y*: —

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

FFLC vs. FMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FFLC Fidelity Fundamental Large Cap Core ETF	11.06%	17.67%	27.89%	25.07%	-0.04%	20.50%
FMAG Fidelity Magellan ETF	7.11%	10.40%	28.52%	31.25%	-26.92%	26.06%

Correlation

The correlation between FFLC and FMAG is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.81

The correlation between FFLC and FMAG shifts across timeframes, from 0.81 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.

FFLC vs. FMAG - Sectors Allocation Comparison

Sectors	FFLC	FMAG
Technology	32.5%	42.7%
Financial Services	11.6%	12.2%
Industrials	11.5%	15.7%
Communication Services	10.9%	5.6%
Consumer Cyclical	9.7%	12.9%
Healthcare	8.1%	4.0%
Consumer Defensive	4.6%	1.7%
Energy	4.4%	-
Utilities	2.6%	2.3%
Basic Materials	1.7%	4.0%
Real Estate	1.1%	1.3%

Return for Risk

FFLC vs. FMAG — Risk / Return Rank

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

FFLC

FFLC Risk / Return Rank: 64
FFLC Sharpe Ratio Rank: 65
FFLC Sortino Ratio Rank: 62
FFLC Omega Ratio Rank: 64
FFLC Calmar Ratio Rank: 58
FFLC Martin Ratio Rank: 69

FMAG

FMAG Risk / Return Rank: 22
FMAG Sharpe Ratio Rank: 24
FMAG Sortino Ratio Rank: 23
FMAG Omega Ratio Rank: 22
FMAG Calmar Ratio Rank: 20
FMAG Martin Ratio Rank: 24

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.

FFLC vs. FMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Core ETF (FFLC) and Fidelity Magellan ETF (FMAG). 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.

	FFLC	FMAG	Difference
Sharpe ratio: Return per unit of total volatility	2.07	0.81	+1.26
Sortino ratio: Return per unit of downside risk	2.81	1.21	+1.60
Omega ratio: Gain probability vs. loss probability	1.37	1.15	+0.22
Calmar ratio: Return relative to maximum drawdown	2.78	0.89	+1.90
Martin ratio: Return relative to average drawdown	12.41	3.09	+9.32

FFLC vs. FMAG - Sharpe Ratio Comparison

The current FFLC Sharpe Ratio is 2.07, which is higher than the FMAG Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FFLC and FMAG, 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

FFLC vs. FMAG - Drawdown Comparison

The maximum FFLC drawdown since its inception was -19.72%, smaller than the maximum FMAG drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for FFLC and FMAG.

Drawdown Indicators

	FFLC	FMAG	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-32.93%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-13.97%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-20.12%	+0.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-32.93%	+13.21%
Current Drawdown Current decline from peak	-0.67%	-1.55%	+0.88%
Average Drawdown Average peak-to-trough decline	-2.98%	-8.92%	+5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	4.00%	-1.77%

Volatility

FFLC vs. FMAG - Volatility Comparison

The current volatility for Fidelity Fundamental Large Cap Core ETF (FFLC) is 5.01%, while Fidelity Magellan ETF (FMAG) has a volatility of 6.45%. This indicates that FFLC experiences smaller price fluctuations and is considered to be less risky than FMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLC	FMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	6.45%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	12.63%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	15.32%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	20.00%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	19.76%	-2.08%

FFLC vs. FMAG - Expense Ratio Comparison

FFLC has a 0.38% expense ratio, which is lower than FMAG's 0.59% expense ratio.

Dividends

FFLC vs. FMAG - Dividend Comparison

FFLC's dividend yield for the trailing twelve months is around 0.99%, more than FMAG's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FFLC Fidelity Fundamental Large Cap Core ETF	0.99%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%	0.00%

Frequently Asked Questions

Can I hold both FFLC and FMAG in my portfolio?

With a correlation of 0.92, FFLC and FMAG 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, FFLC or FMAG?

FMAG has higher volatility (6.45%) compared to FFLC (5.01%). In terms of maximum drawdown, FFLC dropped -19.72% vs FMAG's -32.93%.

Which ETF is better, FFLC or FMAG?

On 5-year performance, FFLC leads with 16.64% vs 10.98% for FMAG. On fees, FFLC is cheaper at 0.38% per year. On volatility, FFLC has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLC or FMAG?

Over the 5-year period, FFLC has performed better with a 16.64% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLC or FMAG?

FFLC is cheaper with a 0.38% expense ratio, compared with 0.59% for FMAG.

Which ETF pays a higher dividend yield, FFLC or FMAG?

FFLC has the higher dividend yield at 0.99%, compared with 0.08% for FMAG.

What is the main difference between FFLC and FMAG?

FFLC is categorized as Large Cap Blend Equities, while FMAG is Global Equities. Their fees differ too: 0.38% for FFLC and 0.59% for FMAG.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (2.07 vs 0.81), 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.