FNCL vs. FCOM

Last updated Jun 3, 2026

FNCL (Fidelity MSCI Financials Index ETF) and FCOM (Fidelity MSCI Communication Services Index ETF) are both exchange-traded funds - FNCL is a Financials Equities fund tracking the MSCI USA IMI Financials Index, while FCOM is a Large Cap Growth Equities fund tracking the MSCI USA IMI Telecommunication Services 25/50 Index. Both are passively managed. Over the past 10 years, FNCL returned 12.30%/yr vs 12.08%/yr for FCOM. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.08% expense ratio.

Performance

FNCL vs. FCOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Financials Index ETF (FNCL) and Fidelity MSCI Communication Services Index ETF (FCOM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNCL achieves a -5.08% return, which is significantly lower than FCOM's -0.74% return. Both investments have delivered pretty close results over the past 10 years, with FNCL having a 12.30% annualized return and FCOM not far behind at 12.08%.

FNCL

• 1D: 0.07%
• 1M: -1.01%
• YTD: -5.08%
• 6M: -1.30%
• 1Y: 4.23%
• 3Y*: 18.99%
• 5Y*: 8.15%
• 10Y*: 12.30%

FCOM

• 1D: -1.43%
• 1M: -2.35%
• YTD: -0.74%
• 6M: 1.13%
• 1Y: 20.54%
• 3Y*: 24.13%
• 5Y*: 7.81%
• 10Y*: 12.08%

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

FNCL vs. FCOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNCL Fidelity MSCI Financials Index ETF	-5.08%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%
FCOM Fidelity MSCI Communication Services Index ETF	-0.74%	26.06%	33.05%	44.65%	-38.97%	13.88%	28.33%	26.69%	-5.33%	8.20%

Correlation

The correlation between FNCL and FCOM is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.57

The correlation between FNCL and FCOM shifts across timeframes, from 0.50 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

FNCL vs. FCOM - Sectors Allocation Comparison

Sectors	FNCL	FCOM
Financial Services	96.9%	-
Technology	2.1%	1.2%
Real Estate	0.7%	0.1%
Industrials	0.2%	-
Healthcare	0.0%	-
Communication Services	0.0%	98.5%
Consumer Cyclical	0.0%	0.3%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Utilities	-	-

Return for Risk

FNCL vs. FCOM — Risk / Return Rank

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

FNCL

FNCL Risk / Return Rank: 12
FNCL Sharpe Ratio Rank: 13
FNCL Sortino Ratio Rank: 12
FNCL Omega Ratio Rank: 12
FNCL Calmar Ratio Rank: 12
FNCL Martin Ratio Rank: 12

FCOM

FCOM Risk / Return Rank: 36
FCOM Sharpe Ratio Rank: 38
FCOM Sortino Ratio Rank: 39
FCOM Omega Ratio Rank: 35
FCOM Calmar Ratio Rank: 32
FCOM Martin Ratio Rank: 38

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.

FNCL vs. FCOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Financials Index ETF (FNCL) and Fidelity MSCI Communication Services Index ETF (FCOM). 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.

	FNCL	FCOM	Difference
Sharpe ratio Return per unit of total volatility	0.29	1.34	-1.05
Sortino ratio Return per unit of downside risk	0.49	2.02	-1.53
Omega ratio Gain probability vs. loss probability	1.06	1.24	-0.18
Calmar ratio Return relative to maximum drawdown	0.29	1.58	-1.29
Martin ratio Return relative to average drawdown	0.78	6.04	-5.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNCL vs. FCOM - Sharpe Ratio Comparison

The current FNCL Sharpe Ratio is 0.29, which is lower than the FCOM Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FNCL and FCOM, 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

	FNCL	FCOM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	1.34	-1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.37	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.58	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.57	-0.04

Drawdowns

FNCL vs. FCOM - Drawdown Comparison

The maximum FNCL drawdown since its inception was -44.38%, smaller than the maximum FCOM drawdown of -46.76%. Use the drawdown chart below to compare losses from any high point for FNCL and FCOM.

Drawdown Indicators

	FNCL	FCOM	Difference
Max Drawdown Largest peak-to-trough decline	-44.38%	-46.76%	+2.38%
Max Drawdown (1Y) Largest decline over 1 year	-14.78%	-13.48%	-1.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.29%	-21.16%	+3.87%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-46.76%	+21.08%
Max Drawdown (10Y) Largest decline over 10 years	-44.38%	-46.76%	+2.38%
Current Drawdown Current decline from peak	-7.97%	-4.05%	-3.92%
Average Drawdown Average peak-to-trough decline	-6.90%	-8.67%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.53%	3.52%	+2.01%

Volatility

FNCL vs. FCOM - Volatility Comparison

The current volatility for Fidelity MSCI Financials Index ETF (FNCL) is 3.02%, while Fidelity MSCI Communication Services Index ETF (FCOM) has a volatility of 4.18%. This indicates that FNCL experiences smaller price fluctuations and is considered to be less risky than FCOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNCL	FCOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	4.18%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	11.01%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	15.36%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	21.17%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	20.96%	+1.38%

FNCL vs. FCOM - Expense Ratio Comparison

Both FNCL and FCOM have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FNCL vs. FCOM - Dividend Comparison

FNCL's dividend yield for the trailing twelve months is around 1.68%, more than FCOM's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCOM Fidelity MSCI Communication Services Index ETF	0.94%	0.88%	0.87%	0.77%	1.04%	0.90%	0.68%	0.86%	2.78%	11.70%	2.27%	2.92%
FNCL Fidelity MSCI Financials Index ETF	1.68%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%

Frequently Asked Questions

Can I hold both FNCL and FCOM in my portfolio?

FNCL and FCOM have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNCL or FCOM?

FCOM has higher volatility (4.18%) compared to FNCL (3.02%). In terms of maximum drawdown, FNCL dropped -44.38% vs FCOM's -46.76%.

Which ETF is better, FNCL or FCOM?

On 10-year performance, FNCL leads with 12.30% vs 12.08% for FCOM. Both ETFs have the same 0.08% expense ratio. On volatility, FNCL has been the lower-risk option at 3.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNCL or FCOM?

Over the 10-year period, FNCL has performed better with a 12.30% return vs 12.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNCL or FCOM?

FNCL and FCOM have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, FNCL or FCOM?

FNCL has the higher dividend yield at 1.68%, compared with 0.94% for FCOM.

What is the main difference between FNCL and FCOM?

FNCL is categorized as Financials Equities, while FCOM is Large Cap Growth Equities. FNCL tracks MSCI USA IMI Financials Index, while FCOM tracks MSCI USA IMI Telecommunication Services 25/50 Index.

Which has better risk-adjusted returns?

FCOM currently has the higher Sharpe Ratio (1.34 vs 0.29), 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.