FNDX vs. FELV

Last updated Aug 4, 2026

FNDX (Schwab Fundamental U.S. Large Company Index ETF) and FELV (Fidelity Enhanced Large Cap Value ETF) are both Large Cap Value Equities funds. FNDX is passively managed, while FELV is actively managed. Over the past year, FNDX returned 33.39% vs 36.79% for FELV. Their 0.95 correlation means they have historically moved very closely together. FNDX charges 0.25%/yr vs 0.18%/yr for FELV.

Performance

FNDX vs. FELV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Fidelity Enhanced Large Cap Value ETF (FELV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNDX achieves a 18.49% return, which is significantly lower than FELV's 23.19% return.

FNDX

• 1D: 0.79%
• 1M: 2.30%
• 6M: 12.65%
• YTD: 18.49%
• 1Y: 33.39%
• 3Y*: 19.99%
• 5Y*: 14.07%
• 10Y*: 14.22%
• ALL TIME*: 13.17%

FELV

• 1D: 0.93%
• 1M: 4.23%
• 6M: 17.57%
• YTD: 23.19%
• 1Y: 36.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FELV Fidelity Enhanced Large Cap Value ETF	$8.12M	$7.54M	$6.16M
FNDX Schwab Fundamental U.S. Large Company Index ETF	$78.80M	$81.53M	$109.49M

FNDX vs. FELV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FNDX Schwab Fundamental U.S. Large Company Index ETF	18.49%	16.94%	16.77%	7.11%
FELV Fidelity Enhanced Large Cap Value ETF	23.19%	15.80%	15.89%	7.49%

Correlation

The correlation between FNDX and FELV is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.95

The correlation between FNDX and FELV has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FNDX vs. FELV - Sectors Allocation Comparison

Sectors	FNDX	FELV
Technology	19.1%	22.0%
Financial Services	15.4%	18.7%
Healthcare	13.2%	11.0%
Energy	9.8%	5.4%
Industrials	9.0%	13.2%
Consumer Cyclical	8.9%	10.3%
Communication Services	8.3%	4.9%
Consumer Defensive	7.3%	5.3%
Basic Materials	3.8%	2.4%
Utilities	3.3%	3.7%
Real Estate	1.8%	3.1%

Return for Risk

FNDX vs. FELV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNDX

FNDX Risk / Return Rank: 96
FNDX Sharpe Ratio Rank: 97
FNDX Sortino Ratio Rank: 96
FNDX Omega Ratio Rank: 96
FNDX Calmar Ratio Rank: 95
FNDX Martin Ratio Rank: 95

FELV

FELV Risk / Return Rank: 96
FELV Sharpe Ratio Rank: 97
FELV Sortino Ratio Rank: 96
FELV Omega Ratio Rank: 96
FELV Calmar Ratio Rank: 95
FELV Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNDX vs. FELV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Fidelity Enhanced Large Cap Value ETF (FELV). 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.

	FNDX	FELV	Difference
Sharpe ratio: Return per unit of total volatility	3.29	3.33	-0.04
Sortino ratio: Return per unit of downside risk	4.54	4.56	-0.02
Omega ratio: Gain probability vs. loss probability	1.62	1.61	+0.01
Calmar ratio: Return relative to maximum drawdown	5.53	5.39	+0.14
Martin ratio: Return relative to average drawdown	22.12	23.57	-1.45

FNDX vs. FELV - Sharpe Ratio Comparison

The current FNDX Sharpe Ratio is 3.29, which is comparable to the FELV Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of FNDX and FELV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNDX vs. FELV - Drawdown Comparison

The maximum FNDX drawdown since its inception was -37.72%, which is greater than FELV's maximum drawdown of -16.08%. Use the drawdown chart below to compare losses from any high point for FNDX and FELV.

Drawdown Indicators

	FNDX	FELV	Difference
Max Drawdown Largest peak-to-trough decline	-37.72%	-16.08%	-21.64%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-6.85%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.72%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.52%	-1.97%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.56%	-0.05%

Volatility

FNDX vs. FELV - Volatility Comparison

Schwab Fundamental U.S. Large Company Index ETF (FNDX) and Fidelity Enhanced Large Cap Value ETF (FELV) have volatilities of 2.44% and 2.38%, 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

	FNDX	FELV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	2.38%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	7.37%	8.47%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	11.14%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.08%	13.31%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	13.31%	+4.14%

FNDX vs. FELV - Expense Ratio Comparison

FNDX has a 0.25% expense ratio, which is higher than FELV'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

FNDX vs. FELV - Dividend Comparison

FNDX's dividend yield for the trailing twelve months is around 1.44%, more than FELV's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELV Fidelity Enhanced Large Cap Value ETF	1.40%	1.67%	2.02%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.44%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%

Frequently Asked Questions

Can I hold both FNDX and FELV in my portfolio?

With a correlation of 0.94, FNDX and FELV 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, FNDX or FELV?

FNDX has higher volatility (2.44%) compared to FELV (2.38%). In terms of maximum drawdown, FNDX dropped -37.72% vs FELV's -16.08%.

Which ETF is better, FNDX or FELV?

On 1-year performance, FELV leads with 36.79% vs 33.39% for FNDX. On fees, FELV is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNDX or FELV?

Over the 1-year period, FELV has performed better with a 36.79% return vs 33.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNDX or FELV?

FELV is cheaper with a 0.18% expense ratio, compared with 0.25% for FNDX.

Which ETF pays a higher dividend yield, FNDX or FELV?

FNDX has the higher dividend yield at 1.44%, compared with 1.40% for FELV.

What is the main difference between FNDX and FELV?

They also come from different issuers: Charles Schwab and Fidelity. Their fees differ too: 0.25% for FNDX and 0.18% for FELV.

Which has better risk-adjusted returns?

FELV currently has the higher Sharpe Ratio (3.33 vs 3.29), 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.