FFLV vs. FELC

Last updated Jun 5, 2026

FFLV (Fidelity Fundamental Large Cap Value ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FFLV is a Large Cap Value Equities fund actively managed by Fidelity, while FELC is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FFLV returned 29.12% vs 28.95% for FELC. A 0.68 correlation means they provide meaningful diversification when combined. FFLV charges 0.38%/yr vs 0.18%/yr for FELC.

Performance

FFLV vs. FELC - Performance Comparison

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

Returns By Period

In the year-to-date period, FFLV achieves a 12.45% return, which is significantly higher than FELC's 11.52% return.

FFLV

• 1D: 1.11%
• 1M: 2.55%
• YTD: 12.45%
• 6M: 14.00%
• 1Y: 29.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FELC

• 1D: 0.26%
• 1M: 4.92%
• YTD: 11.52%
• 6M: 11.63%
• 1Y: 28.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFLV vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FFLV Fidelity Fundamental Large Cap Value ETF	12.45%	16.04%	8.04%
FELC Fidelity Enhanced Large Cap Core ETF	11.52%	17.09%	16.61%

Correlation

The correlation between FFLV and FELC is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.68

The correlation between FFLV and FELC has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

FFLV vs. FELC — Risk / Return Rank

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

FFLV

FFLV Risk / Return Rank: 80
FFLV Sharpe Ratio Rank: 80
FFLV Sortino Ratio Rank: 83
FFLV Omega Ratio Rank: 77
FFLV Calmar Ratio Rank: 79
FFLV Martin Ratio Rank: 81

FELC

FELC Risk / Return Rank: 74
FELC Sharpe Ratio Rank: 76
FELC Sortino Ratio Rank: 75
FELC Omega Ratio Rank: 75
FELC Calmar Ratio Rank: 65
FELC Martin Ratio Rank: 78

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.

FFLV vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Fundamental Large Cap Value ETF (FFLV) and Fidelity Enhanced Large Cap Core ETF (FELC). 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.

	FFLV	FELC	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.45	+0.12
Sortino ratio: Return per unit of downside risk	3.70	3.33	+0.36
Omega ratio: Gain probability vs. loss probability	1.45	1.44	+0.01
Calmar ratio: Return relative to maximum drawdown	4.04	3.20	+0.84
Martin ratio: Return relative to average drawdown	15.73	14.86	+0.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLV vs. FELC - Sharpe Ratio Comparison

The current FFLV Sharpe Ratio is 2.57, which is comparable to the FELC Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FFLV and FELC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FFLV	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.45	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.60	-0.45

Drawdowns

FFLV vs. FELC - Drawdown Comparison

The maximum FFLV drawdown since its inception was -16.71%, smaller than the maximum FELC drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FFLV and FELC.

Drawdown Indicators

	FFLV	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-18.59%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-9.09%	+1.85%
Current Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-2.99%	-1.91%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	1.95%	-0.09%

Volatility

FFLV vs. FELC - Volatility Comparison

Fidelity Fundamental Large Cap Value ETF (FFLV) has a higher volatility of 2.89% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 2.70%. This indicates that FFLV's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLV	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	2.70%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	8.93%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	11.89%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	15.16%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	15.16%	-0.94%

FFLV vs. FELC - Expense Ratio Comparison

FFLV has a 0.38% expense ratio, which is higher than FELC's 0.18% expense ratio.

Dividends

FFLV vs. FELC - Dividend Comparison

FFLV's dividend yield for the trailing twelve months is around 1.45%, more than FELC's 0.85% yield.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%
FFLV Fidelity Fundamental Large Cap Value ETF	1.45%	1.60%	1.46%	0.00%

Frequently Asked Questions

Can I hold both FFLV and FELC in my portfolio?

FFLV and FELC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLV or FELC?

FFLV has higher volatility (2.89%) compared to FELC (2.70%). In terms of maximum drawdown, FFLV dropped -16.71% vs FELC's -18.59%.

Which ETF is better, FFLV or FELC?

On 1-year performance, FFLV leads with 29.12% vs 28.95% for FELC. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFLV or FELC?

Over the 1-year period, FFLV has performed better with a 29.12% return vs 28.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFLV or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.38% for FFLV.

Which ETF pays a higher dividend yield, FFLV or FELC?

FFLV has the higher dividend yield at 1.45%, compared with 0.85% for FELC.

What is the main difference between FFLV and FELC?

FFLV is categorized as Large Cap Value Equities, while FELC is Large Cap Growth Equities. Their fees differ too: 0.38% for FFLV and 0.18% for FELC.

Which has better risk-adjusted returns?

FFLV currently has the higher Sharpe Ratio (2.57 vs 2.45), 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.