FMAG vs. FFLC

Last updated Jun 23, 2026

FMAG (Fidelity Magellan ETF) and FFLC (Fidelity Fundamental Large Cap Core ETF) are both exchange-traded funds - FMAG is a Global Equities fund actively managed by Fidelity, while FFLC is a Large Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, FMAG returned 10.98%/yr vs 16.64%/yr for FFLC. Their correlation of 0.81 suggests significant overlap in exposure. FMAG charges 0.59%/yr vs 0.38%/yr for FFLC.

Performance

FMAG vs. FFLC - Performance Comparison

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

Returns By Period

In the year-to-date period, FMAG achieves a 7.11% return, which is significantly lower than FFLC's 11.06% return.

FMAG

• 1D: -0.98%
• 1M: 1.26%
• YTD: 7.11%
• 6M: 6.48%
• 1Y: 12.33%
• 3Y*: 20.08%
• 5Y*: 10.98%
• 10Y*: —

FFLC

• 1D: -0.67%
• 1M: 1.70%
• YTD: 11.06%
• 6M: 11.02%
• 1Y: 27.64%
• 3Y*: 22.91%
• 5Y*: 16.64%
• 10Y*: —

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

FMAG vs. FFLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	7.11%	10.40%	28.52%	31.25%	-26.92%	26.06%
FFLC Fidelity Fundamental Large Cap Core ETF	11.06%	17.67%	27.89%	25.07%	-0.04%	20.50%

Correlation

The correlation between FMAG and FFLC is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.81

The correlation between FMAG and FFLC shifts across timeframes, from 0.81 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.

FMAG vs. FFLC - Sectors Allocation Comparison

Sectors	FMAG	FFLC
Technology	42.7%	32.5%
Industrials	15.7%	11.5%
Consumer Cyclical	12.9%	9.7%
Financial Services	12.2%	11.6%
Communication Services	5.6%	10.9%
Healthcare	4.0%	8.1%
Basic Materials	4.0%	1.7%
Utilities	2.3%	2.6%
Consumer Defensive	1.7%	4.6%
Real Estate	1.3%	1.1%
Energy	-	4.4%

Return for Risk

FMAG vs. FFLC — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 22
FMAG Sharpe Ratio Rank: 24
FMAG Sortino Ratio Rank: 23
FMAG Omega Ratio Rank: 22
FMAG Calmar Ratio Rank: 20
FMAG Martin Ratio Rank: 24

FFLC

FFLC Risk / Return Rank: 64
FFLC Sharpe Ratio Rank: 65
FFLC Sortino Ratio Rank: 62
FFLC Omega Ratio Rank: 64
FFLC Calmar Ratio Rank: 58
FFLC Martin Ratio Rank: 69

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. FFLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) and Fidelity Fundamental Large Cap Core ETF (FFLC). 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.

	FMAG	FFLC	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.07	-1.26
Sortino ratio: Return per unit of downside risk	1.21	2.81	-1.60
Omega ratio: Gain probability vs. loss probability	1.15	1.37	-0.22
Calmar ratio: Return relative to maximum drawdown	0.89	2.78	-1.90
Martin ratio: Return relative to average drawdown	3.09	12.41	-9.32

FMAG vs. FFLC - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.81, which is lower than the FFLC Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of FMAG and FFLC, 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

FMAG vs. FFLC - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, which is greater than FFLC's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for FMAG and FFLC.

Drawdown Indicators

	FMAG	FFLC	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-19.72%	-13.21%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-9.98%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-19.72%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	-19.72%	-13.21%
Current Drawdown Current decline from peak	-1.55%	-0.67%	-0.88%
Average Drawdown Average peak-to-trough decline	-8.92%	-2.98%	-5.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	2.23%	+1.77%

Volatility

FMAG vs. FFLC - Volatility Comparison

Fidelity Magellan ETF (FMAG) has a higher volatility of 6.45% compared to Fidelity Fundamental Large Cap Core ETF (FFLC) at 5.01%. This indicates that FMAG's price experiences larger fluctuations and is considered to be riskier than FFLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAG	FFLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.45%	5.01%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	12.63%	10.59%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	13.47%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	16.98%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.76%	17.68%	+2.08%

FMAG vs. FFLC - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than FFLC's 0.38% expense ratio.

Dividends

FMAG vs. FFLC - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than FFLC's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FFLC Fidelity Fundamental Large Cap Core ETF	0.99%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%	0.00%

Frequently Asked Questions

Can I hold both FMAG and FFLC in my portfolio?

With a correlation of 0.92, FMAG and FFLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FMAG or FFLC?

FMAG has higher volatility (6.45%) compared to FFLC (5.01%). In terms of maximum drawdown, FMAG dropped -32.93% vs FFLC's -19.72%.

Which ETF is better, FMAG or FFLC?

On 5-year performance, FFLC leads with 16.64% vs 10.98% for FMAG. On fees, FFLC is cheaper at 0.38% per year. On volatility, FFLC has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or FFLC?

Over the 5-year period, FFLC has performed better with a 16.64% return vs 10.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or FFLC?

FFLC is cheaper with a 0.38% expense ratio, compared with 0.59% for FMAG.

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

FFLC has the higher dividend yield at 0.99%, compared with 0.08% for FMAG.

What is the main difference between FMAG and FFLC?

FMAG is categorized as Global Equities, while FFLC is Large Cap Blend Equities. Their fees differ too: 0.59% for FMAG and 0.38% for FFLC.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (2.07 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.