FMAG vs. FELC

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Magellan ETF (FMAG) and Fidelity Enhanced Large Cap Core ETF (FELC).

FMAG and FELC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMAG is an actively managed fund by Fidelity. It was launched on Feb 2, 2021. FELC is an actively managed fund by Fidelity. It was launched on Apr 19, 2007.

Performance

FMAG vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

FMAG vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMAG Fidelity Magellan ETF	-6.53%	10.40%	28.52%	4.19%
FELC Fidelity Enhanced Large Cap Core ETF	-3.95%	17.09%	25.25%	5.68%

Returns By Period

In the year-to-date period, FMAG achieves a -6.53% return, which is significantly lower than FELC's -3.95% return.

FMAG

• 1D: 0.89%
• 1M: -5.68%
• YTD: -6.53%
• 6M: -9.35%
• 1Y: 8.89%
• 3Y*: 17.03%
• 5Y*: 9.60%
• 10Y*: —

FELC

• 1D: 0.80%
• 1M: -4.23%
• YTD: -3.95%
• 6M: -1.59%
• 1Y: 17.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAG vs. FELC - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than FELC's 0.18% expense ratio.

FMAG

Fidelity Magellan ETF

FELC

Fidelity Enhanced Large Cap Core ETF

Return for Risk

FMAG vs. FELC — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 26
FMAG Sharpe Ratio Rank: 24
FMAG Sortino Ratio Rank: 26
FMAG Omega Ratio Rank: 25
FMAG Calmar Ratio Rank: 28
FMAG Martin Ratio Rank: 28

FELC

FELC Risk / Return Rank: 59
FELC Sharpe Ratio Rank: 53
FELC Sortino Ratio Rank: 56
FELC Omega Ratio Rank: 60
FELC Calmar Ratio Rank: 58
FELC Martin Ratio Rank: 67

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.

FMAG vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) 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.

	FMAG	FELC	Difference
Sharpe ratio Return per unit of total volatility	0.45	0.98	-0.54
Sortino ratio Return per unit of downside risk	0.79	1.50	-0.71
Omega ratio Gain probability vs. loss probability	1.11	1.23	-0.12
Calmar ratio Return relative to maximum drawdown	0.70	1.53	-0.83
Martin ratio Return relative to average drawdown	2.43	7.11	-4.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAG vs. FELC - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.45, which is lower than the FELC Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FMAG and FELC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FMAG	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	0.98	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.20	-0.72

Correlation

The correlation between FMAG and FELC is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FMAG vs. FELC - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.09%, less than FELC's 0.98% yield.

	TTM	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	0.09%	0.09%	0.15%	0.34%	0.23%	0.03%
FELC Fidelity Enhanced Large Cap Core ETF	0.98%	0.92%	1.03%	0.04%	0.00%	0.00%

Drawdowns

FMAG vs. FELC - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FMAG and FELC.

Drawdown Indicators

	FMAG	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-18.59%	-14.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-12.01%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	—	—
Current Drawdown Current decline from peak	-10.34%	-5.68%	-4.66%
Average Drawdown Average peak-to-trough decline	-9.22%	-1.99%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.03%	2.59%	+1.44%

Volatility

FMAG vs. FELC - Volatility Comparison

Fidelity Magellan ETF (FMAG) has a higher volatility of 6.37% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 5.34%. This indicates that FMAG'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

	FMAG	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.37%	5.34%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	11.08%	9.62%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	19.97%	18.22%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.84%	15.42%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.82%	15.42%	+4.40%