FHEQ vs. FYEE

Last updated Aug 1, 2026

FHEQ (Fidelity Hedged Equity ETF) and FYEE (Fidelity Yield Enhanced Equity ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while FYEE is a Derivative Income fund actively managed by Fidelity. Both are actively managed. Over the past year, FHEQ returned 16.95% vs 22.82% for FYEE. Their correlation of 0.90 means they have usually moved in the same direction. FHEQ charges 0.48%/yr vs 0.28%/yr for FYEE.

Performance

FHEQ vs. FYEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and Fidelity Yield Enhanced Equity ETF (FYEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHEQ achieves a 8.57% return, which is significantly lower than FYEE's 9.14% return.

FHEQ

• 1D: 0.69%
• 1M: 1.24%
• 6M: 7.59%
• YTD: 8.57%
• 1Y: 16.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.55%

FYEE

• 1D: 0.78%
• 1M: 2.77%
• 6M: 7.38%
• YTD: 9.14%
• 1Y: 22.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FHEQ Fidelity Hedged Equity ETF	$3.34M	$2.52M	$2.78M
FYEE Fidelity Yield Enhanced Equity ETF	$1.70M	$1.94M	$2.28M

FHEQ vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	8.57%	13.34%	11.10%
FYEE Fidelity Yield Enhanced Equity ETF	9.14%	15.76%	13.66%

Correlation

The correlation between FHEQ and FYEE is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.90

The correlation between FHEQ and FYEE has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

FHEQ vs. FYEE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 62
FHEQ Sharpe Ratio Rank: 66
FHEQ Sortino Ratio Rank: 64
FHEQ Omega Ratio Rank: 62
FHEQ Calmar Ratio Rank: 56
FHEQ Martin Ratio Rank: 62

FYEE

FYEE Risk / Return Rank: 85
FYEE Sharpe Ratio Rank: 85
FYEE Sortino Ratio Rank: 82
FYEE Omega Ratio Rank: 87
FYEE Calmar Ratio Rank: 80
FYEE Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FHEQ vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	FHEQ	FYEE	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.99	-0.47
Sortino ratio: Return per unit of downside risk	2.14	2.68	-0.55
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	1.99	2.87	-0.88
Martin ratio: Return relative to average drawdown	7.45	13.74	-6.29

FHEQ vs. FYEE - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.52, which is comparable to the FYEE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of FHEQ and FYEE, 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

FHEQ vs. FYEE - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, smaller than the maximum FYEE drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for FHEQ and FYEE.

Drawdown Indicators

	FHEQ	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-18.79%	+7.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-7.39%	-0.38%
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.17%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.55%	+0.53%

Volatility

FHEQ vs. FYEE - Volatility Comparison

The current volatility for Fidelity Hedged Equity ETF (FHEQ) is 2.80%, while Fidelity Yield Enhanced Equity ETF (FYEE) has a volatility of 3.27%. This indicates that FHEQ experiences smaller price fluctuations and is considered to be less risky than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	3.27%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	8.38%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	10.70%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	13.78%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	13.78%	-3.27%

FHEQ vs. FYEE - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is higher than FYEE's 0.28% expense ratio.

Dividends

FHEQ vs. FYEE - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.54%, less than FYEE's 8.33% yield.

Position	TTM	2025	2024
FHEQ Fidelity Hedged Equity ETF	0.54%	0.63%	0.50%
FYEE Fidelity Yield Enhanced Equity ETF	8.33%	7.08%	5.45%

Frequently Asked Questions

Can I hold both FHEQ and FYEE in my portfolio?

With a correlation of 0.90, FHEQ and FYEE 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, FHEQ or FYEE?

FYEE has higher volatility (3.27%) compared to FHEQ (2.80%). In terms of maximum drawdown, FHEQ dropped -11.12% vs FYEE's -18.79%.

Which ETF is better, FHEQ or FYEE?

On 1-year performance, FYEE leads with 22.82% vs 16.95% for FHEQ. On fees, FYEE is cheaper at 0.28% per year. On volatility, FHEQ has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or FYEE?

Over the 1-year period, FYEE has performed better with a 22.82% return vs 16.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or FYEE?

FYEE is cheaper with a 0.28% expense ratio, compared with 0.48% for FHEQ.

Which ETF pays a higher dividend yield, FHEQ or FYEE?

FYEE has the higher dividend yield at 8.33%, compared with 0.54% for FHEQ.

What is the main difference between FHEQ and FYEE?

FHEQ is categorized as Equity Hedged, while FYEE is Derivative Income. Their fees differ too: 0.48% for FHEQ and 0.28% for FYEE.

Which has better risk-adjusted returns?

FYEE currently has the higher Sharpe Ratio (1.99 vs 1.52), 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.