FMAG vs. FELG

Last updated Jun 5, 2026

FMAG (Fidelity Magellan ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both exchange-traded funds - FMAG is a Global Equities fund actively managed by Fidelity, while FELG is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FMAG returned 11.45% vs 27.08% for FELG. Their correlation of 0.91 suggests significant overlap in exposure. FMAG charges 0.59%/yr vs 0.18%/yr for FELG.

Performance

FMAG vs. FELG - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with FMAG having a 8.00% return and FELG slightly lower at 7.79%.

FMAG

• 1D: -0.05%
• 1M: 3.34%
• YTD: 8.00%
• 6M: 7.59%
• 1Y: 11.45%
• 3Y*: 21.02%
• 5Y*: 11.89%
• 10Y*: —

FELG

• 1D: 0.09%
• 1M: 5.20%
• YTD: 7.79%
• 6M: 7.15%
• 1Y: 27.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMAG vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMAG Fidelity Magellan ETF	8.00%	10.40%	28.52%	4.19%
FELG Fidelity Enhanced Large Cap Growth ETF	7.79%	18.44%	35.45%	4.20%

Correlation

The correlation between FMAG and FELG is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.91

The correlation between FMAG and FELG has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

FMAG vs. FELG - Sectors Allocation Comparison

Sectors	FMAG	FELG
Technology	38.9%	53.9%
Industrials	16.1%	7.2%
Financial Services	14.3%	4.7%
Consumer Cyclical	12.6%	11.5%
Communication Services	6.1%	13.8%
Healthcare	4.4%	6.3%
Basic Materials	4.3%	0.5%
Utilities	2.3%	0.1%
Consumer Defensive	1.9%	1.0%
Real Estate	1.4%	0.0%
Energy	-	1.1%

Return for Risk

FMAG vs. FELG — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 23
FMAG Sharpe Ratio Rank: 24
FMAG Sortino Ratio Rank: 24
FMAG Omega Ratio Rank: 23
FMAG Calmar Ratio Rank: 20
FMAG Martin Ratio Rank: 23

FELG

FELG Risk / Return Rank: 45
FELG Sharpe Ratio Rank: 52
FELG Sortino Ratio Rank: 50
FELG Omega Ratio Rank: 50
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 38

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. FELG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) and Fidelity Enhanced Large Cap Growth ETF (FELG). 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	FELG	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.76	-0.95
Sortino ratio: Return per unit of downside risk	1.22	2.41	-1.19
Omega ratio: Gain probability vs. loss probability	1.15	1.31	-0.16
Calmar ratio: Return relative to maximum drawdown	0.82	1.68	-0.86
Martin ratio: Return relative to average drawdown	2.91	5.75	-2.84
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. FELG - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.81, which is lower than the FELG Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of FMAG and FELG, 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

	FMAG	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.76	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.33	-0.71

Drawdowns

FMAG vs. FELG - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FMAG and FELG.

Drawdown Indicators

	FMAG	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-23.89%	-9.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-16.17%	+2.20%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	—	—
Current Drawdown Current decline from peak	-0.73%	-1.25%	+0.52%
Average Drawdown Average peak-to-trough decline	-8.98%	-3.52%	-5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	4.72%	-0.77%

Volatility

FMAG vs. FELG - Volatility Comparison

Fidelity Magellan ETF (FMAG) has a higher volatility of 3.65% compared to Fidelity Enhanced Large Cap Growth ETF (FELG) at 3.47%. This indicates that FMAG's price experiences larger fluctuations and is considered to be riskier than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAG	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.47%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	11.59%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	15.45%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	19.87%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	19.87%	-0.19%

FMAG vs. FELG - Expense Ratio Comparison

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

Dividends

FMAG vs. FELG - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than FELG's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%	0.00%	0.00%
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%

Frequently Asked Questions

Can I hold both FMAG and FELG in my portfolio?

FMAG and FELG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAG or FELG?

FMAG has higher volatility (3.65%) compared to FELG (3.47%). In terms of maximum drawdown, FMAG dropped -32.93% vs FELG's -23.89%.

Which ETF is better, FMAG or FELG?

On 1-year performance, FELG leads with 27.08% vs 11.45% for FMAG. On fees, FELG is cheaper at 0.18% per year. On volatility, FELG has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or FELG?

Over the 1-year period, FELG has performed better with a 27.08% return vs 11.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or FELG?

FELG is cheaper with a 0.18% expense ratio, compared with 0.59% for FMAG.

Which ETF pays a higher dividend yield, FMAG or FELG?

FELG has the higher dividend yield at 0.34%, compared with 0.08% for FMAG.

What is the main difference between FMAG and FELG?

FMAG is categorized as Global Equities, while FELG is Large Cap Growth Equities. Their fees differ too: 0.59% for FMAG and 0.18% for FELG.

Which has better risk-adjusted returns?

FELG currently has the higher Sharpe Ratio (1.76 vs 0.81), 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.