FMDE vs. FELG

Last updated Jun 4, 2026

FMDE (Fidelity Enhanced Mid Cap ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both exchange-traded funds - FMDE is a Mid Cap Blend 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, FMDE returned 20.62% vs 27.58% for FELG. A 0.66 correlation means they provide meaningful diversification when combined. FMDE charges 0.23%/yr vs 0.18%/yr for FELG.

Performance

FMDE vs. FELG - 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 Growth ETF (FELG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMDE achieves a 10.39% return, which is significantly higher than FELG's 7.70% return.

FMDE

• 1D: -0.20%
• 1M: 4.14%
• YTD: 10.39%
• 6M: 10.80%
• 1Y: 20.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FELG

• 1D: -1.12%
• 1M: 5.85%
• YTD: 7.70%
• 6M: 7.23%
• 1Y: 27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMDE vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMDE Fidelity Enhanced Mid Cap ETF	10.39%	12.19%	21.76%	8.91%
FELG Fidelity Enhanced Large Cap Growth ETF	7.70%	18.44%	35.45%	4.20%

Correlation

The correlation between FMDE and FELG is 0.63, 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	0.63
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.66

The correlation between FMDE and FELG has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

FMDE vs. FELG - Sectors Allocation Comparison

Sectors	FMDE	FELG
Technology	20.6%	53.9%
Industrials	20.1%	7.2%
Financial Services	12.9%	4.7%
Consumer Cyclical	12.1%	11.5%
Healthcare	7.8%	6.3%
Energy	6.4%	1.1%
Real Estate	5.7%	0.0%
Utilities	5.0%	0.1%
Basic Materials	3.9%	0.5%
Communication Services	3.8%	13.8%
Consumer Defensive	1.7%	1.0%

Return for Risk

FMDE vs. FELG — Risk / Return Rank

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

FMDE

FMDE Risk / Return Rank: 46
FMDE Sharpe Ratio Rank: 43
FMDE Sortino Ratio Rank: 43
FMDE Omega Ratio Rank: 41
FMDE Calmar Ratio Rank: 50
FMDE Martin Ratio Rank: 56

FELG

FELG Risk / Return Rank: 44
FELG Sharpe Ratio Rank: 51
FELG Sortino Ratio Rank: 49
FELG Omega Ratio Rank: 49
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 37

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. FELG - 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 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.

	FMDE	FELG	Difference
Sharpe ratio Return per unit of total volatility	1.52	1.79	-0.27
Sortino ratio Return per unit of downside risk	2.20	2.45	-0.25
Omega ratio Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio Return relative to maximum drawdown	2.49	1.71	+0.77
Martin ratio Return relative to average drawdown	9.84	5.86	+3.99
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. FELG - Sharpe Ratio Comparison

The current FMDE Sharpe Ratio is 1.52, which is comparable to the FELG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FMDE 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

	FMDE	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	1.79	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	1.32	+0.03

Drawdowns

FMDE vs. FELG - Drawdown Comparison

The maximum FMDE drawdown since its inception was -21.10%, smaller than the maximum FELG drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FMDE and FELG.

Drawdown Indicators

	FMDE	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-21.10%	-23.89%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-16.17%	+7.84%
Current Drawdown Current decline from peak	-0.20%	-1.34%	+1.14%
Average Drawdown Average peak-to-trough decline	-2.65%	-3.52%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	4.72%	-2.62%

Volatility

FMDE vs. FELG - Volatility Comparison

The current volatility for Fidelity Enhanced Mid Cap ETF (FMDE) is 3.24%, while Fidelity Enhanced Large Cap Growth ETF (FELG) has a volatility of 3.50%. This indicates that FMDE experiences smaller price fluctuations and is considered to be less risky than FELG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMDE	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	3.50%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	11.59%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	15.46%	-1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	19.89%	-3.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	19.89%	-3.76%

FMDE vs. FELG - Expense Ratio Comparison

FMDE has a 0.23% expense ratio, which is higher than FELG'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%.

Dividends

FMDE vs. FELG - Dividend Comparison

FMDE's dividend yield for the trailing twelve months is around 1.10%, more than FELG's 0.34% yield.

Position	TTM	2025	2024	2023
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%
FMDE Fidelity Enhanced Mid Cap ETF	1.10%	1.23%	1.11%	0.10%

Frequently Asked Questions

Can I hold both FMDE and FELG in my portfolio?

FMDE and FELG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMDE or FELG?

FELG has higher volatility (3.50%) compared to FMDE (3.24%). In terms of maximum drawdown, FMDE dropped -21.10% vs FELG's -23.89%.

Which ETF is better, FMDE or FELG?

On 1-year performance, FELG leads with 27.58% vs 20.62% for FMDE. On fees, FELG is cheaper at 0.18% per year. On volatility, FMDE has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMDE or FELG?

Over the 1-year period, FELG has performed better with a 27.58% return vs 20.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMDE or FELG?

FELG is cheaper with a 0.18% expense ratio, compared with 0.23% for FMDE.

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

FMDE has the higher dividend yield at 1.10%, compared with 0.34% for FELG.

What is the main difference between FMDE and FELG?

FMDE is categorized as Mid Cap Blend Equities, while FELG is Large Cap Growth Equities. Their fees differ too: 0.23% for FMDE and 0.18% for FELG.

Which has better risk-adjusted returns?

FELG currently has the higher Sharpe Ratio (1.79 vs 1.52), 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.