FMAG vs. XLC

Last updated Jun 5, 2026

FMAG (Fidelity Magellan ETF) and XLC (Communication Services Select Sector SPDR Fund) are both exchange-traded funds - FMAG is a Global Equities fund actively managed by Fidelity, while XLC is a Communications Equities fund tracking the S&P Communication Services Select Sector Index. FMAG is actively managed, while XLC is passively managed. Over the past 5 years, FMAG returned 11.89%/yr vs 8.48%/yr for XLC. A 0.76 correlation means they provide meaningful diversification when combined. FMAG charges 0.59%/yr vs 0.13%/yr for XLC.

Performance

FMAG vs. XLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) and Communication Services Select Sector SPDR Fund (XLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMAG achieves a 8.00% return, which is significantly higher than XLC's -3.61% return.

FMAG

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

XLC

• 1D: 0.92%
• 1M: -2.18%
• YTD: -3.61%
• 6M: -1.69%
• 1Y: 11.98%
• 3Y*: 22.67%
• 5Y*: 8.48%
• 10Y*: —

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

FMAG vs. XLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	8.00%	10.40%	28.52%	31.25%	-26.92%	25.37%
XLC Communication Services Select Sector SPDR Fund	-3.61%	23.08%	34.71%	52.82%	-37.63%	10.96%

Correlation

The correlation between FMAG and XLC is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.76

Over the past year, the correlation between FMAG and XLC has dropped to 0.55 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

FMAG vs. XLC - Sectors Allocation Comparison

Sectors	FMAG	XLC
Technology	38.9%	4.7%
Industrials	16.1%	-
Financial Services	14.3%	-
Consumer Cyclical	12.6%	-
Communication Services	6.1%	95.1%
Healthcare	4.4%	-
Basic Materials	4.3%	-
Utilities	2.3%	-
Consumer Defensive	1.9%	-
Real Estate	1.4%	-
Energy	-	-

Return for Risk

FMAG vs. XLC — 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

XLC

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

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. XLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) and Communication Services Select Sector SPDR Fund (XLC). 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	XLC	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.91	-0.10
Sortino ratio: Return per unit of downside risk	1.22	1.39	-0.16
Omega ratio: Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	0.82	1.14	-0.31
Martin ratio: Return relative to average drawdown	2.91	3.80	-0.89
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. XLC - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.81, which is comparable to the XLC Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FMAG and XLC, 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	XLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	0.91	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.41	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.54	+0.08

Drawdowns

FMAG vs. XLC - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, smaller than the maximum XLC drawdown of -46.65%. Use the drawdown chart below to compare losses from any high point for FMAG and XLC.

Drawdown Indicators

	FMAG	XLC	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-46.65%	+13.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-10.57%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-17.97%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	-46.65%	+13.72%
Current Drawdown Current decline from peak	-0.73%	-5.50%	+4.77%
Average Drawdown Average peak-to-trough decline	-8.98%	-10.59%	+1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	3.16%	+0.79%

Volatility

FMAG vs. XLC - Volatility Comparison

Fidelity Magellan ETF (FMAG) and Communication Services Select Sector SPDR Fund (XLC) have volatilities of 3.65% and 3.81%, 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

	FMAG	XLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.81%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	9.61%	+1.72%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	13.29%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	20.67%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	22.20%	-2.52%

FMAG vs. XLC - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than XLC's 0.13% expense ratio.

Dividends

FMAG vs. XLC - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than XLC's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%	0.00%	0.00%	0.00%
XLC Communication Services Select Sector SPDR Fund	1.23%	1.13%	0.99%	0.82%	1.10%	0.74%	0.68%	0.82%	0.64%

Frequently Asked Questions

Can I hold both FMAG and XLC in my portfolio?

FMAG and XLC have a correlation of 0.55, 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 XLC?

XLC has higher volatility (3.81%) compared to FMAG (3.65%). In terms of maximum drawdown, FMAG dropped -32.93% vs XLC's -46.65%.

Which ETF is better, FMAG or XLC?

On 5-year performance, FMAG leads with 11.89% vs 8.48% for XLC. On fees, XLC is cheaper at 0.13% per year. On volatility, FMAG has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or XLC?

Over the 5-year period, FMAG has performed better with a 11.89% return vs 8.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or XLC?

XLC is cheaper with a 0.13% expense ratio, compared with 0.59% for FMAG.

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

XLC has the higher dividend yield at 1.23%, compared with 0.08% for FMAG.

What is the main difference between FMAG and XLC?

FMAG is categorized as Global Equities, while XLC is Communications Equities. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.59% for FMAG and 0.13% for XLC.

Which has better risk-adjusted returns?

XLC currently has the higher Sharpe Ratio (0.91 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.