FGRTX vs. OVL

Last updated Jun 13, 2026

FGRTX (Fidelity Mega Cap Stock Fund) and OVL (Overlay Shares Large Cap Equity ETF) are both funds - FGRTX is a Large Cap Blend Equities fund actively managed by Fidelity, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, FGRTX returned 15.83%/yr vs 13.69%/yr for OVL. Their correlation of 0.91 suggests significant overlap in exposure. FGRTX charges 0.58%/yr vs 0.79%/yr for OVL.

Performance

FGRTX vs. OVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mega Cap Stock Fund (FGRTX) and Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FGRTX achieves a 8.35% return, which is significantly lower than OVL's 10.84% return.

FGRTX

• 1D: 1.62%
• 1M: -1.08%
• YTD: 8.35%
• 6M: 9.78%
• 1Y: 26.75%
• 3Y*: 24.44%
• 5Y*: 15.83%
• 10Y*: 16.46%

OVL

• 1D: 0.57%
• 1M: -0.59%
• YTD: 10.84%
• 6M: 11.21%
• 1Y: 28.64%
• 3Y*: 22.52%
• 5Y*: 13.69%
• 10Y*: —

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

FGRTX vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FGRTX Fidelity Mega Cap Stock Fund	8.35%	26.92%	25.98%	26.51%	-8.98%	26.29%	12.96%	11.74%
OVL Overlay Shares Large Cap Equity ETF	10.84%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%

Correlation

The correlation between FGRTX and OVL 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.91

The correlation between FGRTX and OVL has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

FGRTX vs. OVL — Risk / Return Rank

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

FGRTX

FGRTX Risk / Return Rank: 80
FGRTX Sharpe Ratio Rank: 80
FGRTX Sortino Ratio Rank: 77
FGRTX Omega Ratio Rank: 75
FGRTX Calmar Ratio Rank: 79
FGRTX Martin Ratio Rank: 87

OVL

OVL Risk / Return Rank: 73
OVL Sharpe Ratio Rank: 71
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 74
OVL Martin Ratio Rank: 82

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.

FGRTX vs. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mega Cap Stock Fund (FGRTX) and Overlay Shares Large Cap Equity ETF (OVL). 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.

	FGRTX	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.99	+0.18
Sortino ratio: Return per unit of downside risk	2.98	2.65	+0.34
Omega ratio: Gain probability vs. loss probability	1.39	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	3.00	3.29	-0.30
Martin ratio: Return relative to average drawdown	13.36	14.09	-0.73

FGRTX vs. OVL - Sharpe Ratio Comparison

The current FGRTX Sharpe Ratio is 2.17, which is comparable to the OVL Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FGRTX and OVL, 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

FGRTX vs. OVL - Drawdown Comparison

The maximum FGRTX drawdown since its inception was -56.17%, which is greater than OVL's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for FGRTX and OVL.

Drawdown Indicators

	FGRTX	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-56.17%	-35.49%	-20.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-8.73%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-18.51%	-21.73%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-29.23%	+5.88%
Max Drawdown (10Y) Largest decline over 10 years	-35.18%	—	—
Current Drawdown Current decline from peak	-2.25%	-3.01%	+0.76%
Average Drawdown Average peak-to-trough decline	-8.71%	-6.70%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.04%	-0.03%

Volatility

FGRTX vs. OVL - Volatility Comparison

The current volatility for Fidelity Mega Cap Stock Fund (FGRTX) is 4.04%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 4.82%. This indicates that FGRTX experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FGRTX	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.82%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	11.20%	-1.55%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	14.48%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.77%	19.86%	-3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	22.55%	-4.41%

FGRTX vs. OVL - Expense Ratio Comparison

FGRTX has a 0.58% expense ratio, which is lower than OVL's 0.79% expense ratio.

Dividends

FGRTX vs. OVL - Dividend Comparison

FGRTX's dividend yield for the trailing twelve months is around 3.59%, less than OVL's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGRTX Fidelity Mega Cap Stock Fund	3.59%	3.89%	2.68%	2.06%	4.38%	4.79%	7.96%	12.98%	21.72%	15.57%	1.97%	4.16%
OVL Overlay Shares Large Cap Equity ETF	6.31%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FGRTX and OVL in my portfolio?

With a correlation of 0.92, FGRTX and OVL 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, FGRTX or OVL?

OVL has higher volatility (4.82%) compared to FGRTX (4.04%). In terms of maximum drawdown, FGRTX dropped -56.17% vs OVL's -35.49%.

Which has better risk-adjusted returns?

FGRTX currently has the higher Sharpe Ratio (2.17 vs 1.99), 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.