FMIL vs. FELC

Last updated Jun 4, 2026

FMIL (Fidelity New Millennium ETF) and FELC (Fidelity Enhanced Large Cap Core ETF) are both exchange-traded funds - FMIL is a Large Cap Blend Equities fund actively managed by Fidelity, while FELC is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FMIL returned 26.96% vs 28.58% for FELC. Their correlation of 0.95 suggests significant overlap in exposure. FMIL charges 0.59%/yr vs 0.18%/yr for FELC.

Performance

FMIL vs. FELC - Performance Comparison

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

Returns By Period

In the year-to-date period, FMIL achieves a 10.26% return, which is significantly lower than FELC's 11.23% return.

FMIL

• 1D: -0.68%
• 1M: 3.15%
• YTD: 10.26%
• 6M: 11.18%
• 1Y: 26.96%
• 3Y*: 23.20%
• 5Y*: 15.85%
• 10Y*: —

FELC

• 1D: -0.59%
• 1M: 5.59%
• YTD: 11.23%
• 6M: 11.57%
• 1Y: 28.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMIL vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMIL Fidelity New Millennium ETF	10.26%	17.67%	27.89%	4.86%
FELC Fidelity Enhanced Large Cap Core ETF	11.23%	17.09%	25.25%	5.68%

Correlation

The correlation between FMIL and FELC is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.95

The correlation between FMIL and FELC has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

FMIL vs. FELC - Sectors Allocation Comparison

Sectors	FMIL	FELC
Technology	32.4%	38.2%
Communication Services	11.9%	12.4%
Financial Services	11.1%	12.2%
Industrials	10.8%	9.6%
Consumer Cyclical	10.4%	9.8%
Healthcare	8.2%	7.4%
Consumer Defensive	4.7%	2.8%
Energy	4.6%	3.7%
Utilities	2.5%	1.3%
Basic Materials	1.8%	1.5%
Real Estate	1.1%	1.0%

Return for Risk

FMIL vs. FELC — Risk / Return Rank

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

FMIL

FMIL Risk / Return Rank: 61
FMIL Sharpe Ratio Rank: 62
FMIL Sortino Ratio Rank: 61
FMIL Omega Ratio Rank: 62
FMIL Calmar Ratio Rank: 54
FMIL Martin Ratio Rank: 67

FELC

FELC Risk / Return Rank: 70
FELC Sharpe Ratio Rank: 72
FELC Sortino Ratio Rank: 71
FELC Omega Ratio Rank: 71
FELC Calmar Ratio Rank: 63
FELC Martin Ratio Rank: 75

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.

FMIL vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium ETF (FMIL) 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.

	FMIL	FELC	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.41	-0.30
Sortino ratio: Return per unit of downside risk	2.90	3.29	-0.39
Omega ratio: Gain probability vs. loss probability	1.38	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.71	3.16	-0.45
Martin ratio: Return relative to average drawdown	12.30	14.66	-2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMIL vs. FELC - Sharpe Ratio Comparison

The current FMIL Sharpe Ratio is 2.12, which is comparable to the FELC Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of FMIL and FELC, 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

	FMIL	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.41	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.59	-0.42

Drawdowns

FMIL vs. FELC - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FMIL and FELC.

Drawdown Indicators

	FMIL	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-18.59%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-9.09%	-0.89%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	—	—
Current Drawdown Current decline from peak	-0.68%	-0.59%	-0.09%
Average Drawdown Average peak-to-trough decline	-2.99%	-1.91%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.95%	+0.25%

Volatility

FMIL vs. FELC - Volatility Comparison

Fidelity New Millennium ETF (FMIL) has a higher volatility of 3.15% compared to Fidelity Enhanced Large Cap Core ETF (FELC) at 2.78%. This indicates that FMIL's price experiences larger fluctuations and is considered to be riskier than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMIL	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	2.78%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	8.93%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	12.80%	11.90%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	15.17%	+1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	15.17%	+2.48%

FMIL vs. FELC - Expense Ratio Comparison

FMIL has a 0.59% expense ratio, which is higher than FELC's 0.18% expense ratio.

Dividends

FMIL vs. FELC - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 1.00%, more than FELC's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FELC Fidelity Enhanced Large Cap Core ETF	0.85%	0.92%	1.03%	0.04%	0.00%	0.00%	0.00%
FMIL Fidelity New Millennium ETF	1.00%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%

Frequently Asked Questions

Can I hold both FMIL and FELC in my portfolio?

With a correlation of 0.95, FMIL and FELC 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, FMIL or FELC?

FMIL has higher volatility (3.15%) compared to FELC (2.78%). In terms of maximum drawdown, FMIL dropped -19.72% vs FELC's -18.59%.

Which ETF is better, FMIL or FELC?

On 1-year performance, FELC leads with 28.58% vs 26.96% for FMIL. On fees, FELC is cheaper at 0.18% per year. On volatility, FELC has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMIL or FELC?

Over the 1-year period, FELC has performed better with a 28.58% return vs 26.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMIL or FELC?

FELC is cheaper with a 0.18% expense ratio, compared with 0.59% for FMIL.

Which ETF pays a higher dividend yield, FMIL or FELC?

FMIL has the higher dividend yield at 1.00%, compared with 0.85% for FELC.

What is the main difference between FMIL and FELC?

FMIL is categorized as Large Cap Blend Equities, while FELC is Large Cap Growth Equities. Their fees differ too: 0.59% for FMIL and 0.18% for FELC.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (2.41 vs 2.12), 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.