FMIL vs. FGRO

Last updated Jun 21, 2026

FMIL (Fidelity New Millennium ETF) and FGRO (Fidelity Growth Opportunities ETF) are both exchange-traded funds - FMIL is a Large Cap Blend Equities fund actively managed by Fidelity, while FGRO is a Global Equities fund actively managed by Fidelity. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

FMIL vs. FGRO - Performance Comparison

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

Returns By Period

FMIL

• 1D: 1.29%
• 1M: 2.38%
• YTD: 11.82%
• 6M: 12.47%
• 1Y: 28.51%
• 3Y*: 22.73%
• 5Y*: 17.27%
• 10Y*: —

FGRO

• 1D: -0.92%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMIL vs. FGRO - Yearly Performance Comparison

	2026 (YTD)
FMIL Fidelity New Millennium ETF	3.39%
FGRO Fidelity Growth Opportunities ETF	-1.24%

Correlation

The correlation between FMIL and FGRO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.51

FMIL vs. FGRO - Sectors Allocation Comparison

Sectors	FMIL	FGRO
Technology	32.5%	47.1%
Financial Services	11.6%	4.8%
Industrials	11.5%	5.7%
Communication Services	10.9%	18.4%
Consumer Cyclical	9.7%	12.3%
Healthcare	8.1%	7.9%
Consumer Defensive	4.6%	0.8%
Energy	4.4%	0.2%
Utilities	2.6%	0.5%
Basic Materials	1.7%	1.5%
Real Estate	1.1%	0.7%

Return for Risk

FMIL vs. FGRO — Risk / Return Rank

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

FMIL

FMIL Risk / Return Rank: 66
FMIL Sharpe Ratio Rank: 69
FMIL Sortino Ratio Rank: 65
FMIL Omega Ratio Rank: 67
FMIL Calmar Ratio Rank: 60
FMIL Martin Ratio Rank: 72

FGRO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FGRO - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FMIL	FGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.11	—	—
Sortino ratio: Return per unit of downside risk	2.86	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	12.65	—	—

Drawdowns

FMIL vs. FGRO - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, which is greater than FGRO's maximum drawdown of -1.24%. Use the drawdown chart below to compare losses from any high point for FMIL and FGRO.

Drawdown Indicators

	FMIL	FGRO	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-1.24%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	—	—
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	0.00%	-1.24%	+1.24%
Average Drawdown Average peak-to-trough decline	-2.98%	-0.61%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	—	—

Volatility

Volatility by Period

	FMIL	FGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.42%	7.18%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	7.18%	+9.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	7.18%	+10.50%

FMIL vs. FGRO - Expense Ratio Comparison

Both FMIL and FGRO have an expense ratio of 0.59%.

Dividends

FMIL vs. FGRO - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 1.20%, while FGRO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
FGRO Fidelity Growth Opportunities ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FMIL Fidelity New Millennium ETF	0.98%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%

Frequently Asked Questions

Can I hold both FMIL and FGRO in my portfolio?

FMIL and FGRO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMIL or FGRO?

Both ETFs have the same 0.59% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMIL or FGRO?

FMIL and FGRO have the same expense ratio: 0.59% per year.

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

FMIL has the higher dividend yield at 0.98%, compared with 0.00% for FGRO.

What is the main difference between FMIL and FGRO?

FMIL is categorized as Large Cap Blend Equities, while FGRO is Global Equities.