FFLC vs. PRPFX

Last updated Jun 14, 2026

FFLC (Fidelity Fundamental Large Cap Core ETF) and PRPFX (Permanent Portfolio Class I) are both funds - FFLC is a Large Cap Blend Equities fund actively managed by Fidelity, while PRPFX is a Diversified Portfolio fund actively managed by Permanent Portfolio. Both are actively managed. Over the past 5 years, FFLC returned 15.63%/yr vs 10.72%/yr for PRPFX. A 0.68 correlation means they provide meaningful diversification when combined. FFLC charges 0.38%/yr vs 0.81%/yr for PRPFX.

Performance

FFLC vs. PRPFX - Performance Comparison

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

Returns By Period

In the year-to-date period, FFLC achieves a 9.36% return, which is significantly higher than PRPFX's 3.05% return.

FFLC

• 1D: 0.76%
• 1M: 0.60%
• YTD: 9.36%
• 6M: 10.43%
• 1Y: 25.97%
• 3Y*: 22.05%
• 5Y*: 15.63%
• 10Y*: —

PRPFX

• 1D: 0.64%
• 1M: -2.53%
• YTD: 3.05%
• 6M: 4.38%
• 1Y: 17.66%
• 3Y*: 19.77%
• 5Y*: 10.72%
• 10Y*: 10.56%

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

FFLC vs. PRPFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFLC Fidelity Fundamental Large Cap Core ETF	9.36%	17.67%	27.89%	25.07%	-0.04%	24.53%	19.50%
PRPFX Permanent Portfolio Class I	3.05%	28.78%	19.36%	11.96%	-5.48%	10.87%	17.02%

Correlation

The correlation between FFLC and PRPFX is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.68

The correlation between FFLC and PRPFX shifts across timeframes, from 0.53 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FFLC vs. PRPFX — Risk / Return Rank

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

FFLC

FFLC Risk / Return Rank: 62
FFLC Sharpe Ratio Rank: 63
FFLC Sortino Ratio Rank: 60
FFLC Omega Ratio Rank: 62
FFLC Calmar Ratio Rank: 55
FFLC Martin Ratio Rank: 67

PRPFX

PRPFX Risk / Return Rank: 40
PRPFX Sharpe Ratio Rank: 40
PRPFX Sortino Ratio Rank: 30
PRPFX Omega Ratio Rank: 48
PRPFX Calmar Ratio Rank: 49
PRPFX Martin Ratio Rank: 33

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. PRPFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Core ETF (FFLC) and Permanent Portfolio Class I (PRPFX). 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	PRPFX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.45	+0.37
Sortino ratio: Return per unit of downside risk	2.48	1.81	+0.67
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	2.43	2.20	+0.22
Martin ratio: Return relative to average drawdown	10.83	5.95	+4.88

FFLC vs. PRPFX - Sharpe Ratio Comparison

The current FFLC Sharpe Ratio is 1.82, which is comparable to the PRPFX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of FFLC and PRPFX, 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. PRPFX - Drawdown Comparison

The maximum FFLC drawdown since its inception was -19.72%, smaller than the maximum PRPFX drawdown of -27.16%. Use the drawdown chart below to compare losses from any high point for FFLC and PRPFX.

Drawdown Indicators

	FFLC	PRPFX	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-27.16%	+7.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-8.40%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-8.40%	-11.32%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-15.49%	-4.23%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.84%	—
Current Drawdown Current decline from peak	-1.62%	-7.81%	+6.19%
Average Drawdown Average peak-to-trough decline	-2.98%	-3.52%	+0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	3.10%	-0.86%

Volatility

FFLC vs. PRPFX - Volatility Comparison

Fidelity Fundamental Large Cap Core ETF (FFLC) has a higher volatility of 4.66% compared to Permanent Portfolio Class I (PRPFX) at 3.64%. This indicates that FFLC's price experiences larger fluctuations and is considered to be riskier than PRPFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLC	PRPFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	3.64%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	11.59%	-1.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.32%	12.79%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	11.13%	+5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	10.65%	+7.02%

FFLC vs. PRPFX - Expense Ratio Comparison

FFLC has a 0.38% expense ratio, which is lower than PRPFX's 0.81% expense ratio.

Dividends

FFLC vs. PRPFX - Dividend Comparison

FFLC's dividend yield for the trailing twelve months is around 1.00%, less than PRPFX's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFLC Fidelity Fundamental Large Cap Core ETF	1.00%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%
PRPFX Permanent Portfolio Class I	3.17%	3.27%	1.86%	1.39%	1.58%	2.05%	5.38%	4.69%	6.90%	2.14%	0.95%	7.06%

Frequently Asked Questions

Can I hold both FFLC and PRPFX in my portfolio?

FFLC and PRPFX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLC or PRPFX?

FFLC has higher volatility (4.66%) compared to PRPFX (3.64%). In terms of maximum drawdown, FFLC dropped -19.72% vs PRPFX's -27.16%.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (1.82 vs 1.45), 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.