FMAGX vs. FMAG

Last updated Jun 5, 2026

FMAGX (Fidelity Magellan Fund) and FMAG (Fidelity Magellan ETF) are both funds - FMAGX is a Large Cap Growth Equities fund managed by Fidelity, while FMAG is a Global Equities fund actively managed by Fidelity. Over the past 5 years, FMAGX returned 12.86%/yr vs 11.89%/yr for FMAG. With a 0.99 correlation, they move nearly in lockstep. FMAGX charges 0.68%/yr vs 0.59%/yr for FMAG.

Performance

FMAGX vs. FMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan Fund (FMAGX) and Fidelity Magellan ETF (FMAG). 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 FMAGX having a 8.11% return and FMAG slightly lower at 8.00%.

FMAGX

• 1D: -0.50%
• 1M: 3.67%
• YTD: 8.11%
• 6M: 7.72%
• 1Y: 11.93%
• 3Y*: 22.86%
• 5Y*: 12.86%
• 10Y*: 15.20%

FMAG

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

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

FMAGX vs. FMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FMAGX Fidelity Magellan Fund	8.11%	16.27%	28.06%	31.04%	-27.18%	25.44%
FMAG Fidelity Magellan ETF	8.00%	10.40%	28.52%	31.25%	-26.92%	25.37%

Correlation

The correlation between FMAGX and FMAG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.99

The correlation between FMAGX and FMAG has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FMAGX vs. FMAG — Risk / Return Rank

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

FMAGX

FMAGX Risk / Return Rank: 11
FMAGX Sharpe Ratio Rank: 11
FMAGX Sortino Ratio Rank: 11
FMAGX Omega Ratio Rank: 11
FMAGX Calmar Ratio Rank: 9
FMAGX Martin Ratio Rank: 11

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

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.

FMAGX vs. FMAG - Risk-Adjusted Trends Comparison

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

	FMAGX	FMAG	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.81	+0.05
Sortino ratio: Return per unit of downside risk	1.28	1.22	+0.06
Omega ratio: Gain probability vs. loss probability	1.16	1.15	+0.01
Calmar ratio: Return relative to maximum drawdown	0.88	0.82	+0.06
Martin ratio: Return relative to average drawdown	3.15	2.91	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAGX vs. FMAG - Sharpe Ratio Comparison

The current FMAGX Sharpe Ratio is 0.86, which is comparable to the FMAG Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FMAGX and FMAG, 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

	FMAGX	FMAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.81	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.60	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.62	-0.05

Drawdowns

FMAGX vs. FMAG - Drawdown Comparison

The maximum FMAGX drawdown since its inception was -71.14%, which is greater than FMAG's maximum drawdown of -32.93%. Use the drawdown chart below to compare losses from any high point for FMAGX and FMAG.

Drawdown Indicators

	FMAGX	FMAG	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-32.93%	-38.21%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-13.97%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-20.12%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-33.13%	-32.93%	-0.20%
Max Drawdown (10Y) Largest decline over 10 years	-33.13%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.73%	+0.23%
Average Drawdown Average peak-to-trough decline	-14.96%	-8.98%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	3.95%	-0.03%

Volatility

FMAGX vs. FMAG - Volatility Comparison

Fidelity Magellan Fund (FMAGX) has a higher volatility of 4.01% compared to Fidelity Magellan ETF (FMAG) at 3.65%. This indicates that FMAGX's price experiences larger fluctuations and is considered to be riskier than FMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMAGX	FMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	3.65%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	11.33%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	14.32%	14.22%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	19.85%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.15%	19.68%	+0.47%

FMAGX vs. FMAG - Expense Ratio Comparison

FMAGX has a 0.68% expense ratio, which is higher than FMAG's 0.59% expense ratio.

Dividends

FMAGX vs. FMAG - Dividend Comparison

FMAGX's dividend yield for the trailing twelve months is around 6.37%, more than FMAG's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMAGX Fidelity Magellan Fund	6.37%	13.90%	6.12%	11.72%	5.02%	7.01%	0.30%	14.93%	10.83%	9.64%	2.92%	7.60%

Frequently Asked Questions

Can I hold both FMAGX and FMAG in my portfolio?

With a correlation of 0.99, FMAGX and FMAG 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, FMAGX or FMAG?

FMAGX has higher volatility (4.01%) compared to FMAG (3.65%). In terms of maximum drawdown, FMAGX dropped -71.14% vs FMAG's -32.93%.

Which has better risk-adjusted returns?

FMAGX currently has the higher Sharpe Ratio (0.86 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.