FFLC vs. PWV
FFLC (Fidelity Fundamental Large Cap Core ETF) and PWV (Invesco Dynamic Large Cap Value ETF) are both exchange-traded funds - FFLC is a Large Cap Blend Equities fund actively managed by Fidelity, while PWV is a Large Cap Value Equities fund tracking the Dynamic Large Cap Value Intellidex Index (AMEX). FFLC is actively managed, while PWV is passively managed. Over the past 5 years, FFLC returned 16.69%/yr vs 14.39%/yr for PWV. A 0.76 correlation means they provide meaningful diversification when combined. FFLC charges 0.38%/yr vs 0.58%/yr for PWV.
Performance
FFLC vs. PWV - Performance Comparison
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Returns By Period
In the year-to-date period, FFLC achieves a 11.97% return, which is significantly lower than PWV's 18.38% return.
FFLC
- 1D
- 0.52%
- 1M
- 3.17%
- 6M
- 9.69%
- YTD
- 11.97%
- 1Y
- 22.14%
- 3Y*
- 22.23%
- 5Y*
- 16.69%
- 10Y*
- —
PWV
- 1D
- 0.24%
- 1M
- 3.10%
- 6M
- 16.12%
- YTD
- 18.38%
- 1Y
- 28.07%
- 3Y*
- 21.08%
- 5Y*
- 14.39%
- 10Y*
- 12.02%
FFLC vs. PWV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FFLC Fidelity Fundamental Large Cap Core ETF | 11.97% | 17.67% | 27.89% | 25.07% | -0.04% | 24.53% | 19.50% |
PWV Invesco Dynamic Large Cap Value ETF | 18.38% | 19.65% | 14.48% | 10.36% | -1.16% | 29.06% | 11.72% |
Correlation
The correlation between FFLC and PWV is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.76 |
Over the past year, the correlation between FFLC and PWV has dropped to 0.37 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.
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Return for Risk
FFLC vs. PWV — Risk / Return Rank
FFLC
PWV
FFLC vs. PWV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Core ETF (FFLC) and Invesco Dynamic Large Cap Value ETF (PWV). 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 | PWV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.50 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 6.74 | -4.55 |
| Martin ratioReturn relative to average drawdown | 9.63 | 23.27 | -13.64 |
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Drawdowns
FFLC vs. PWV - Drawdown Comparison
The maximum FFLC drawdown since its inception was -19.72%, smaller than the maximum PWV drawdown of -49.04%. Use the drawdown chart below to compare losses from any high point for FFLC and PWV.
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Drawdown Indicators
| FFLC | PWV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.72% | -49.04% | +29.32% |
Max Drawdown (1Y)Largest decline over 1 year | -9.98% | -4.05% | -5.93% |
Max Drawdown (3Y)Largest decline over 3 years | -19.72% | -14.31% | -5.41% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -16.36% | -3.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.67% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.49% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -2.96% | -9.46% | +6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.26% | 1.18% | +1.08% |
Volatility
FFLC vs. PWV - Volatility Comparison
Fidelity Fundamental Large Cap Core ETF (FFLC) has a higher volatility of 4.86% compared to Invesco Dynamic Large Cap Value ETF (PWV) at 3.77%. This indicates that FFLC's price experiences larger fluctuations and is considered to be riskier than PWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FFLC | PWV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 3.77% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 7.26% | +3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.57% | 9.73% | +3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 14.32% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.64% | 17.12% | +0.52% |
FFLC vs. PWV - Expense Ratio Comparison
FFLC has a 0.38% expense ratio, which is lower than PWV's 0.58% expense ratio.
Dividends
FFLC vs. PWV - Dividend Comparison
FFLC's dividend yield for the trailing twelve months is around 0.98%, less than PWV's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FFLC Fidelity Fundamental Large Cap Core ETF | 0.98% | 1.10% | 0.82% | 0.57% | 1.67% | 1.68% | 0.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PWV Invesco Dynamic Large Cap Value ETF | 1.70% | 2.12% | 2.08% | 2.16% | 2.29% | 1.89% | 2.66% | 2.24% | 2.34% | 1.55% | 2.35% | 2.42% |
Frequently Asked Questions
FFLC and PWV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FFLC has higher volatility (4.86%) compared to PWV (3.77%). In terms of maximum drawdown, FFLC dropped -19.72% vs PWV's -49.04%.
On 5-year performance, FFLC leads with 16.69% vs 14.39% for PWV. On fees, FFLC is cheaper at 0.38% per year. On volatility, PWV has been the lower-risk option at 3.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FFLC has performed better with a 16.69% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FFLC is cheaper with a 0.38% expense ratio, compared with 0.58% for PWV.
PWV has the higher dividend yield at 1.70%, compared with 0.98% for FFLC.
FFLC is categorized as Large Cap Blend Equities, while PWV is Large Cap Value Equities. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.38% for FFLC and 0.58% for PWV.
PWV currently has the higher Sharpe Ratio (2.81 vs 1.61), 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.
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