FLRG vs. ESN

Last updated Aug 3, 2026

FLRG (Fidelity U.S. Multifactor ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds - FLRG tracks the Fidelity U.S. Multifactor Index while ESN tracks the Essential 40 Stock Index. Both are passively managed. Over the past year, FLRG returned 17.72% vs 27.64% for ESN. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FLRG charges 0.15%/yr vs 0.70%/yr for ESN.

Performance

FLRG vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity U.S. Multifactor ETF (FLRG) and Essential 40 Stock ETF (ESN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLRG achieves a 10.29% return, which is significantly lower than ESN's 16.65% return.

FLRG

• 1D: 0.16%
• 1M: 1.69%
• 6M: 8.30%
• YTD: 10.29%
• 1Y: 17.72%
• 3Y*: 17.69%
• 5Y*: 11.92%
• 10Y*: —
• ALL TIME*: 15.43%

ESN

• 1D: 0.28%
• 1M: -0.26%
• 6M: 12.11%
• YTD: 16.65%
• 1Y: 27.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.50%

*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)
ESN Essential 40 Stock ETF	$2.17M	$1.60M	$1.63M
FLRG Fidelity U.S. Multifactor ETF	$441.29K	$669.16K	$816.00K

FLRG vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLRG Fidelity U.S. Multifactor ETF	10.29%	13.92%	-1.68%
ESN Essential 40 Stock ETF	16.65%	16.52%	-3.53%

Correlation

The correlation between FLRG and ESN is 0.77, 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.	0.77
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.80

The correlation between FLRG and ESN has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

FLRG vs. ESN — Risk / Return Rank

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

FLRG

FLRG Risk / Return Rank: 68
FLRG Sharpe Ratio Rank: 68
FLRG Sortino Ratio Rank: 67
FLRG Omega Ratio Rank: 67
FLRG Calmar Ratio Rank: 66
FLRG Martin Ratio Rank: 71

ESN

ESN Risk / Return Rank: 93
ESN Sharpe Ratio Rank: 94
ESN Sortino Ratio Rank: 93
ESN Omega Ratio Rank: 92
ESN Calmar Ratio Rank: 91
ESN Martin Ratio Rank: 92

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.

FLRG vs. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Multifactor ETF (FLRG) and Essential 40 Stock ETF (ESN). 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.

	FLRG	ESN	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.65	-1.11
Sortino ratio: Return per unit of downside risk	2.19	3.65	-1.46
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	2.29	4.12	-1.83
Martin ratio: Return relative to average drawdown	8.67	16.52	-7.84

FLRG vs. ESN - Sharpe Ratio Comparison

The current FLRG Sharpe Ratio is 1.54, which is lower than the ESN Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of FLRG and ESN, 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

FLRG vs. ESN - Drawdown Comparison

The maximum FLRG drawdown since its inception was -19.64%, which is greater than ESN's maximum drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for FLRG and ESN.

Drawdown Indicators

	FLRG	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-13.60%	-6.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.16%	-6.42%	-0.74%
Max Drawdown (3Y) Largest decline over 3 years	-16.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.64%	—	—
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-3.67%	-1.81%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.60%	+0.29%

Volatility

FLRG vs. ESN - Volatility Comparison

Fidelity U.S. Multifactor ETF (FLRG) and Essential 40 Stock ETF (ESN) have volatilities of 2.52% and 2.65%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLRG	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	2.65%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	7.51%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	9.98%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	13.04%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	13.04%	+1.89%

FLRG vs. ESN - Expense Ratio Comparison

FLRG has a 0.15% expense ratio, which is lower than ESN's 0.70% expense ratio.

Dividends

FLRG vs. ESN - Dividend Comparison

FLRG's dividend yield for the trailing twelve months is around 1.37%, more than ESN's 0.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ESN Essential 40 Stock ETF	0.78%	0.91%	0.76%	0.00%	0.00%	0.00%	0.00%
FLRG Fidelity U.S. Multifactor ETF	1.37%	1.42%	1.42%	1.39%	1.62%	1.36%	1.47%

Frequently Asked Questions

Can I hold both FLRG and ESN in my portfolio?

FLRG and ESN have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLRG or ESN?

ESN has higher volatility (2.65%) compared to FLRG (2.52%). In terms of maximum drawdown, FLRG dropped -19.64% vs ESN's -13.60%.

Which ETF is better, FLRG or ESN?

On 1-year performance, ESN leads with 27.64% vs 17.72% for FLRG. On fees, FLRG is cheaper at 0.15% per year. On volatility, FLRG has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLRG or ESN?

Over the 1-year period, ESN has performed better with a 27.64% return vs 17.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLRG or ESN?

FLRG is cheaper with a 0.15% expense ratio, compared with 0.70% for ESN.

Which ETF pays a higher dividend yield, FLRG or ESN?

FLRG has the higher dividend yield at 1.37%, compared with 0.78% for ESN.

What is the main difference between FLRG and ESN?

FLRG tracks Fidelity U.S. Multifactor Index, while ESN tracks Essential 40 Stock Index. They also come from different issuers: Fidelity and KKM. Their fees differ too: 0.15% for FLRG and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.65 vs 1.54), 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.