FMDE vs. FELC

Last updated Apr 2, 2026

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

FMDE and FELC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FMDE is an actively managed fund by Fidelity. It was launched on Dec 20, 2007. FELC is an actively managed fund by Fidelity. It was launched on Apr 19, 2007.

Performance

FMDE vs. FELC - Performance Comparison

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

FMDE vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	0.13%	12.19%	21.76%	8.91%
FELC Fidelity Enhanced Large Cap Core ETF	-3.95%	17.09%	25.25%	5.68%

Returns By Period

In the year-to-date period, FMDE achieves a 0.13% return, which is significantly higher than FELC's -3.95% return.

FMDE

• 1D: 1.00%
• 1M: -4.31%
• YTD: 0.13%
• 6M: 1.18%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 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)

FMDE vs. FELC - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than FELC's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

FMDE

Fidelity Enhanced Mid Cap ETF

FELC

Fidelity Enhanced Large Cap Core ETF

Return for Risk

FMDE vs. FELC — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 49
FMDE Sharpe Ratio Rank: 46
FMDE Sortino Ratio Rank: 47
FMDE Omega Ratio Rank: 46
FMDE Calmar Ratio Rank: 47
FMDE Martin Ratio Rank: 59

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.

FMDE vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap ETF (FMDE) 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.

	FMDE	FELC	Difference
Sharpe ratio Return per unit of total volatility	0.88	0.98	-0.11
Sortino ratio Return per unit of downside risk	1.34	1.50	-0.16
Omega ratio Gain probability vs. loss probability	1.19	1.23	-0.04
Calmar ratio Return relative to maximum drawdown	1.29	1.53	-0.24
Martin ratio Return relative to average drawdown	6.09	7.11	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMDE vs. FELC - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 0.88, which is comparable to the FELC Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of FMDE 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

	FMDE	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	0.98	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.20	-0.07

Correlation

The correlation between FMDE and FELC is 0.82, 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

FMDE vs. FELC - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.22%, more than FELC's 0.98% yield.

	TTM	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	1.22%	1.23%	1.11%	0.10%
FELC Fidelity Enhanced Large Cap Core ETF	0.98%	0.92%	1.03%	0.04%

Drawdowns

FMDE vs. FELC - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FMDE and FELC.

Drawdown Indicators

	FMDE	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-18.59%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-12.01%	-1.42%
Current Drawdown Current decline from peak	-4.79%	-5.68%	+0.89%
Average Drawdown Average peak-to-trough decline	-2.76%	-1.99%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.59%	+0.26%

Volatility

FMDE vs. FELC - Volatility Comparison

Fidelity Enhanced Mid Cap ETF (FMDE) and Fidelity Enhanced Large Cap Core ETF (FELC) have volatilities of 5.55% and 5.34%, 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

	FMDE	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	5.34%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	9.62%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	18.86%	18.22%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.38%	15.42%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	15.42%	+0.96%