FPRO vs. FELG

Last updated Jun 4, 2026

FPRO (Fidelity Real Estate Investment ETF) and FELG (Fidelity Enhanced Large Cap Growth ETF) are both exchange-traded funds - FPRO is a REIT fund actively managed by Fidelity, while FELG is a Large Cap Growth Equities fund actively managed by Fidelity. Both are actively managed. Over the past year, FPRO returned 10.32% vs 27.58% for FELG. At a 0.20 correlation, their price movements are largely independent. FPRO charges 0.59%/yr vs 0.18%/yr for FELG.

Performance

FPRO vs. FELG - 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 Growth ETF (FELG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPRO achieves a 9.97% return, which is significantly higher than FELG's 7.70% return.

FPRO

• 1D: 0.12%
• 1M: -1.08%
• YTD: 9.97%
• 6M: 9.24%
• 1Y: 10.32%
• 3Y*: 9.14%
• 5Y*: 3.13%
• 10Y*: —

FELG

• 1D: -1.12%
• 1M: 5.85%
• YTD: 7.70%
• 6M: 7.23%
• 1Y: 27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPRO vs. FELG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FPRO Fidelity Real Estate Investment ETF	9.97%	2.60%	5.63%	10.50%
FELG Fidelity Enhanced Large Cap Growth ETF	7.70%	18.44%	35.45%	4.20%

Correlation

The correlation between FPRO and FELG is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.20

FPRO vs. FELG - Sectors Allocation Comparison

Sectors	FPRO	FELG
Real Estate	99.4%	0.0%
Communication Services	0.6%	13.8%
Basic Materials	-	0.5%
Consumer Cyclical	-	11.5%
Consumer Defensive	-	1.0%
Energy	-	1.1%
Financial Services	-	4.7%
Healthcare	-	6.3%
Industrials	-	7.2%
Technology	-	53.9%
Utilities	-	0.1%

Return for Risk

FPRO vs. FELG — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 24
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 28
FPRO Martin Ratio Rank: 27

FELG

FELG Risk / Return Rank: 44
FELG Sharpe Ratio Rank: 51
FELG Sortino Ratio Rank: 49
FELG Omega Ratio Rank: 49
FELG Calmar Ratio Rank: 34
FELG Martin Ratio Rank: 37

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. FELG - 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 Growth ETF (FELG). 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	FELG	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.79	-1.00
Sortino ratio: Return per unit of downside risk	1.15	2.45	-1.30
Omega ratio: Gain probability vs. loss probability	1.14	1.31	-0.17
Calmar ratio: Return relative to maximum drawdown	1.35	1.71	-0.36
Martin ratio: Return relative to average drawdown	3.88	5.86	-1.98
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. FELG - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.79, which is lower than the FELG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of FPRO and FELG, 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

	FPRO	FELG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.79	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.32	-0.98

Drawdowns

FPRO vs. FELG - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, which is greater than FELG's maximum drawdown of -23.89%. Use the drawdown chart below to compare losses from any high point for FPRO and FELG.

Drawdown Indicators

	FPRO	FELG	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-23.89%	-8.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-16.17%	+8.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	—	—
Current Drawdown Current decline from peak	-2.73%	-1.34%	-1.39%
Average Drawdown Average peak-to-trough decline	-12.66%	-3.52%	-9.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	4.72%	-2.05%

Volatility

FPRO vs. FELG - Volatility Comparison

Fidelity Real Estate Investment ETF (FPRO) and Fidelity Enhanced Large Cap Growth ETF (FELG) have volatilities of 3.54% and 3.50%, 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

	FPRO	FELG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.50%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	11.59%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	15.46%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	19.89%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	19.89%	-1.52%

FPRO vs. FELG - Expense Ratio Comparison

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

Dividends

FPRO vs. FELG - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, more than FELG's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021
FELG Fidelity Enhanced Large Cap Growth ETF	0.34%	0.38%	0.44%	0.11%	0.00%	0.00%
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%

Frequently Asked Questions

Can I hold both FPRO and FELG in my portfolio?

FPRO and FELG have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPRO or FELG?

FPRO has higher volatility (3.54%) compared to FELG (3.50%). In terms of maximum drawdown, FPRO dropped -32.81% vs FELG's -23.89%.

Which ETF is better, FPRO or FELG?

On 1-year performance, FELG leads with 27.58% vs 10.32% for FPRO. On fees, FELG 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, FPRO or FELG?

Over the 1-year period, FELG has performed better with a 27.58% return vs 10.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPRO or FELG?

FELG is cheaper with a 0.18% expense ratio, compared with 0.59% for FPRO.

Which ETF pays a higher dividend yield, FPRO or FELG?

FPRO has the higher dividend yield at 2.57%, compared with 0.34% for FELG.

What is the main difference between FPRO and FELG?

FPRO is categorized as REIT, while FELG is Large Cap Growth Equities. Their fees differ too: 0.59% for FPRO and 0.18% for FELG.

Which has better risk-adjusted returns?

FELG currently has the higher Sharpe Ratio (1.79 vs 0.79), 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.