FIPEX vs. FELC

Last updated Jun 3, 2026

FIPEX (Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A) and FELC (Fidelity Enhanced Large Cap Core ETF) are both funds - FIPEX is a Inflation-Protected Bonds fund managed by Fidelity, while FELC is a Large Cap Growth Equities fund actively managed by Fidelity. Over the past year, FIPEX returned 4.71% vs 30.08% for FELC. At a 0.14 correlation, their price movements are largely independent.

Performance

FIPEX vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) 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, FIPEX achieves a 1.47% return, which is significantly lower than FELC's 11.89% return.

FIPEX

• 1D: 0.00%
• 1M: -0.05%
• YTD: 1.47%
• 6M: 1.22%
• 1Y: 4.71%
• 3Y*: 3.73%
• 5Y*: 0.80%
• 10Y*: —

FELC

• 1D: 0.21%
• 1M: 5.89%
• YTD: 11.89%
• 6M: 12.56%
• 1Y: 30.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIPEX vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	1.47%	6.53%	1.65%	2.73%
FELC Fidelity Enhanced Large Cap Core ETF	11.89%	17.09%	25.25%	5.68%

Correlation

The correlation between FIPEX and FELC is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.14

Return for Risk

FIPEX vs. FELC — Risk / Return Rank

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

FIPEX

FIPEX Risk / Return Rank: 35
FIPEX Sharpe Ratio Rank: 28
FIPEX Sortino Ratio Rank: 31
FIPEX Omega Ratio Rank: 29
FIPEX Calmar Ratio Rank: 57
FIPEX Martin Ratio Rank: 30

FELC

FELC Risk / Return Rank: 75
FELC Sharpe Ratio Rank: 77
FELC Sortino Ratio Rank: 76
FELC Omega Ratio Rank: 76
FELC Calmar Ratio Rank: 67
FELC Martin Ratio Rank: 79

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.

FIPEX vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) 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.

	FIPEX	FELC	Difference
Sharpe ratio Return per unit of total volatility	1.52	2.54	-1.02
Sortino ratio Return per unit of downside risk	2.32	3.45	-1.13
Omega ratio Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio Return relative to maximum drawdown	2.89	3.38	-0.49
Martin ratio Return relative to average drawdown	7.04	15.70	-8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIPEX vs. FELC - Sharpe Ratio Comparison

The current FIPEX Sharpe Ratio is 1.52, which is lower than the FELC Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FIPEX 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

	FIPEX	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.54	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.62	-1.17

Drawdowns

FIPEX vs. FELC - Drawdown Comparison

The maximum FIPEX drawdown since its inception was -14.81%, smaller than the maximum FELC drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FIPEX and FELC.

Drawdown Indicators

	FIPEX	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-14.81%	-18.59%	+3.78%
Max Drawdown (1Y) Largest decline over 1 year	-1.74%	-9.09%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-4.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.81%	—	—
Current Drawdown Current decline from peak	-0.91%	0.00%	-0.91%
Average Drawdown Average peak-to-trough decline	-4.06%	-1.91%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	1.95%	-1.24%

Volatility

FIPEX vs. FELC - Volatility Comparison

The current volatility for Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A (FIPEX) is 0.92%, while Fidelity Enhanced Large Cap Core ETF (FELC) has a volatility of 2.70%. This indicates that FIPEX experiences smaller price fluctuations and is considered to be less risky than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIPEX	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	2.70%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	2.35%	8.91%	-6.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	11.89%	-8.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.12%	15.18%	-9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.48%	15.18%	-9.70%

Dividends

FIPEX vs. FELC - Dividend Comparison

FIPEX has not paid dividends to shareholders, while FELC's dividend yield for the trailing twelve months is around 0.85%.

Position	TTM	2025	2024	2023
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%
FIPEX Fidelity Advisor 529 Inflation-Protected Bond Portfolio Class A	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIPEX and FELC in my portfolio?

FIPEX and FELC have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIPEX or FELC?

FELC has higher volatility (2.70%) compared to FIPEX (0.92%). In terms of maximum drawdown, FIPEX dropped -14.81% vs FELC's -18.59%.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.54 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.