FIVA vs. FELC

Last updated Aug 5, 2026

FIVA (Fidelity International Value Factor ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FIVA is a Foreign Large Cap Equities fund tracking the Fidelity International Value Factor Index, while FELC is a Large Cap Blend Equities fund actively managed by Fidelity. FIVA is passively managed, while FELC is actively managed. Over the past year, FIVA returned 39.55% vs 26.51% for FELC. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.18% expense ratio.

Performance

FIVA vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity International Value Factor ETF (FIVA) 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, FIVA achieves a 18.57% return, which is significantly higher than FELC's 15.39% return.

FIVA

• 1D: 0.87%
• 1M: 3.50%
• 6M: 9.84%
• YTD: 18.57%
• 1Y: 39.55%
• 3Y*: 23.13%
• 5Y*: 14.16%
• 10Y*: —
• ALL TIME*: 9.21%

FELC

• 1D: 1.60%
• 1M: 4.76%
• 6M: 14.49%
• YTD: 15.39%
• 1Y: 26.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.14%

*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)
FELC Fidelity Enhanced Large Cap Core ETF	$36.51M	$31.04M	$36.50M
FIVA Fidelity International Value Factor ETF	$3.16M	$3.09M	$3.15M

FIVA vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FIVA Fidelity International Value Factor ETF	18.57%	45.83%	2.53%	5.22%
FELC Fidelity Enhanced Large Cap Core ETF	15.39%	17.09%	25.25%	6.06%

Correlation

The correlation between FIVA and FELC is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.63

The correlation between FIVA and FELC has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

FIVA vs. FELC - Sectors Allocation Comparison

Sectors	FIVA	FELC
Financial Services	26.1%	12.6%
Industrials	17.9%	10.1%
Technology	15.8%	40.7%
Healthcare	8.3%	8.5%
Basic Materials	7.1%	0.6%
Consumer Cyclical	6.9%	9.1%
Consumer Defensive	5.4%	2.4%
Energy	4.8%	2.7%
Utilities	3.4%	1.5%
Communication Services	2.8%	10.8%
Real Estate	1.6%	1.0%

Return for Risk

FIVA vs. FELC — Risk / Return Rank

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

FIVA

FIVA Risk / Return Rank: 88
FIVA Sharpe Ratio Rank: 91
FIVA Sortino Ratio Rank: 90
FIVA Omega Ratio Rank: 88
FIVA Calmar Ratio Rank: 83
FIVA Martin Ratio Rank: 86

FELC

FELC Risk / Return Rank: 79
FELC Sharpe Ratio Rank: 81
FELC Sortino Ratio Rank: 78
FELC Omega Ratio Rank: 80
FELC Calmar Ratio Rank: 75
FELC Martin Ratio Rank: 83

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.

FIVA vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity International Value Factor ETF (FIVA) 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.

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.

	FIVA	FELC	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.06	+0.42
Sortino ratio: Return per unit of downside risk	3.41	2.82	+0.59
Omega ratio: Gain probability vs. loss probability	1.43	1.37	+0.06
Calmar ratio: Return relative to maximum drawdown	3.39	2.93	+0.46
Martin ratio: Return relative to average drawdown	13.44	12.73	+0.72

FIVA vs. FELC - Sharpe Ratio Comparison

The current FIVA Sharpe Ratio is 2.49, which is comparable to the FELC Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FIVA 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.

Drawdowns

FIVA vs. FELC - Drawdown Comparison

The maximum FIVA drawdown since its inception was -39.76%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FIVA and FELC.

Drawdown Indicators

	FIVA	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-39.76%	-18.59%	-21.17%
Max Drawdown (1Y) Largest decline over 1 year	-11.71%	-9.09%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-14.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.70%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.64%	-1.88%	-5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	2.09%	+0.86%

Volatility

FIVA vs. FELC - Volatility Comparison

Fidelity International Value Factor ETF (FIVA) has a higher volatility of 4.36% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 3.99%. This indicates that FIVA'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

	FIVA	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	3.99%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	10.32%	+3.45%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	12.98%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.46%	15.19%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	15.19%	+2.72%

FIVA vs. FELC - Expense Ratio Comparison

Both FIVA and FELC have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FIVA vs. FELC - Dividend Comparison

FIVA's dividend yield for the trailing twelve months is around 2.54%, more than FELC's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FELC Fidelity Enhanced Large Cap Core ETF	0.81%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
FIVA Fidelity International Value Factor ETF	2.54%	2.68%	3.52%	3.63%	3.62%	3.76%	2.46%	3.61%	3.28%

Frequently Asked Questions

Can I hold both FIVA and FELC in my portfolio?

FIVA and FELC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVA or FELC?

FIVA has higher volatility (4.36%) compared to FELC (3.99%). In terms of maximum drawdown, FIVA dropped -39.76% vs FELC's -18.59%.

Which ETF is better, FIVA or FELC?

On 1-year performance, FIVA leads with 39.55% vs 26.51% for FELC. Both ETFs have the same 0.18% expense ratio. On volatility, FELC has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVA or FELC?

Over the 1-year period, FIVA has performed better with a 39.55% return vs 26.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVA or FELC?

FIVA and FELC have the same expense ratio: 0.18% per year.

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

FIVA has the higher dividend yield at 2.54%, compared with 0.81% for FELC.

What is the main difference between FIVA and FELC?

FIVA is categorized as Foreign Large Cap Equities, while FELC is Large Cap Blend Equities.

Which has better risk-adjusted returns?

FIVA currently has the higher Sharpe Ratio (2.49 vs 2.06), 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.