FPRO vs. FELC

Last updated Apr 1, 2026

Compare and contrast key facts about Fidelity Real Estate Investment ETF (FPRO) and Fidelity Enhanced Large Cap Core ETF (FELC).

FPRO and FELC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FPRO is an actively managed fund by Fidelity. It was launched on Feb 2, 2021. FELC is an actively managed fund by Fidelity. It was launched on Apr 19, 2007.

Performance

FPRO vs. FELC - Performance Comparison

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

FPRO vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPRO Fidelity Real Estate Investment ETF	3.28%	2.60%	5.63%	10.50%
FELC Fidelity Enhanced Large Cap Core ETF	-4.71%	17.09%	25.25%	5.68%

Returns By Period

In the year-to-date period, FPRO achieves a 3.28% return, which is significantly higher than FELC's -4.71% return.

FPRO

• 1D: 1.39%
• 1M: -5.97%
• YTD: 3.28%
• 6M: 2.58%
• 1Y: 2.28%
• 3Y*: 6.41%
• 5Y*: 4.08%
• 10Y*: —

FELC

• 1D: 2.92%
• 1M: -4.96%
• YTD: -4.71%
• 6M: -2.19%
• 1Y: 17.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPRO vs. FELC - Expense Ratio Comparison

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

FPRO

Fidelity Real Estate Investment ETF

FELC

Fidelity Enhanced Large Cap Core ETF

Return for Risk

FPRO vs. FELC — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 17
FPRO Sharpe Ratio Rank: 16
FPRO Sortino Ratio Rank: 15
FPRO Omega Ratio Rank: 15
FPRO Calmar Ratio Rank: 18
FPRO Martin Ratio Rank: 20

FELC

FELC Risk / Return Rank: 64
FELC Sharpe Ratio Rank: 58
FELC Sortino Ratio Rank: 61
FELC Omega Ratio Rank: 64
FELC Calmar Ratio Rank: 64
FELC Martin Ratio Rank: 73

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.

FPRO vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) 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.

	FPRO	FELC	Difference
Sharpe ratio Return per unit of total volatility	0.14	0.96	-0.82
Sortino ratio Return per unit of downside risk	0.31	1.47	-1.17
Omega ratio Gain probability vs. loss probability	1.04	1.22	-0.18
Calmar ratio Return relative to maximum drawdown	0.26	1.50	-1.24
Martin ratio Return relative to average drawdown	1.03	7.02	-5.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPRO vs. FELC - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.14, which is lower than the FELC Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of FPRO and FELC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FPRO	FELC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.14	0.96	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.18	-0.89

Correlation

The correlation between FPRO and FELC is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FPRO vs. FELC - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.74%, more than FELC's 0.99% yield.

	TTM	2025	2024	2023	2022	2021
FPRO Fidelity Real Estate Investment ETF	2.74%	2.69%	2.50%	2.83%	2.67%	1.69%
FELC Fidelity Enhanced Large Cap Core ETF	0.99%	0.92%	1.03%	0.04%	0.00%	0.00%

Drawdowns

FPRO vs. FELC - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for FPRO and FELC.

Drawdown Indicators

	FPRO	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-18.59%	-14.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.51%	-12.01%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	—	—
Current Drawdown Current decline from peak	-6.90%	-6.43%	-0.47%
Average Drawdown Average peak-to-trough decline	-13.03%	-1.98%	-11.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.56%	+0.59%

Volatility

FPRO vs. FELC - Volatility Comparison

The current volatility for Fidelity Real Estate Investment ETF (FPRO) is 4.34%, while Fidelity Enhanced Large Cap Core ETF (FELC) has a volatility of 5.29%. This indicates that FPRO experiences smaller price fluctuations and is considered to be less risky than FELC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPRO	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	5.29%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	9.59%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.46%	18.21%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	15.42%	+3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	15.42%	+3.09%