FULVX vs. FDLO

Last updated Jun 3, 2026

FULVX (Fidelity U.S. Low Volatility Equity Fund) and FDLO (Fidelity Low Volatility Factor ETF) are both funds - FULVX is a Large Cap Blend Equities fund managed by Fidelity, while FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index. Over the past 5 years, FULVX returned 5.24%/yr vs 10.51%/yr for FDLO. Their correlation of 0.90 suggests significant overlap in exposure. FULVX charges 0.66%/yr vs 0.29%/yr for FDLO.

Performance

FULVX vs. FDLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity U.S. Low Volatility Equity Fund (FULVX) and Fidelity Low Volatility Factor ETF (FDLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FULVX achieves a -0.01% return, which is significantly lower than FDLO's 5.91% return.

FULVX

• 1D: 0.00%
• 1M: -0.69%
• YTD: -0.01%
• 6M: -0.72%
• 1Y: 0.65%
• 3Y*: 9.47%
• 5Y*: 5.24%
• 10Y*: —

FDLO

• 1D: 0.11%
• 1M: 1.78%
• YTD: 5.91%
• 6M: 5.34%
• 1Y: 16.57%
• 3Y*: 14.63%
• 5Y*: 10.51%
• 10Y*: —

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

FULVX vs. FDLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FULVX Fidelity U.S. Low Volatility Equity Fund	-0.01%	5.23%	17.76%	6.38%	-10.43%	17.79%	3.83%	4.30%
FDLO Fidelity Low Volatility Factor ETF	5.91%	11.77%	16.06%	16.38%	-10.38%	24.00%	12.19%	5.15%

Correlation

The correlation between FULVX and FDLO is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 6, 2019	0.90

The correlation between FULVX and FDLO shifts across timeframes, from 0.79 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FULVX vs. FDLO — Risk / Return Rank

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

FULVX

FULVX Risk / Return Rank: 4
FULVX Sharpe Ratio Rank: 3
FULVX Sortino Ratio Rank: 2
FULVX Omega Ratio Rank: 2
FULVX Calmar Ratio Rank: 5
FULVX Martin Ratio Rank: 5

FDLO

FDLO Risk / Return Rank: 54
FDLO Sharpe Ratio Rank: 55
FDLO Sortino Ratio Rank: 56
FDLO Omega Ratio Rank: 55
FDLO Calmar Ratio Rank: 48
FDLO Martin Ratio Rank: 58

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.

FULVX vs. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity U.S. Low Volatility Equity Fund (FULVX) and Fidelity Low Volatility Factor ETF (FDLO). 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.

	FULVX	FDLO	Difference
Sharpe ratio Return per unit of total volatility	0.00	1.91	-1.91
Sortino ratio Return per unit of downside risk	0.06	2.72	-2.66
Omega ratio Gain probability vs. loss probability	1.01	1.34	-0.34
Calmar ratio Return relative to maximum drawdown	0.47	2.37	-1.90
Martin ratio Return relative to average drawdown	1.37	10.37	-8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FULVX vs. FDLO - Sharpe Ratio Comparison

The current FULVX Sharpe Ratio is 0.00, which is lower than the FDLO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FULVX and FDLO, 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

	FULVX	FDLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.00	1.91	-1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.81	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.84	-0.43

Drawdowns

FULVX vs. FDLO - Drawdown Comparison

The maximum FULVX drawdown since its inception was -33.24%, roughly equal to the maximum FDLO drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for FULVX and FDLO.

Drawdown Indicators

	FULVX	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-33.24%	-34.35%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-6.33%	-7.13%	+0.80%
Max Drawdown (3Y) Largest decline over 3 years	-10.31%	-13.68%	+3.37%
Max Drawdown (5Y) Largest decline over 5 years	-18.64%	-19.23%	+0.59%
Current Drawdown Current decline from peak	-3.95%	-0.06%	-3.89%
Average Drawdown Average peak-to-trough decline	-5.09%	-3.38%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	1.63%	+0.53%

Volatility

FULVX vs. FDLO - Volatility Comparison

Fidelity U.S. Low Volatility Equity Fund (FULVX) has a higher volatility of 1.84% compared to Fidelity Low Volatility Factor ETF (FDLO) at 1.72%. This indicates that FULVX's price experiences larger fluctuations and is considered to be riskier than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FULVX	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	1.72%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	5.81%	6.40%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	8.38%	8.70%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.19%	13.06%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	15.50%	+0.72%

FULVX vs. FDLO - Expense Ratio Comparison

FULVX has a 0.66% expense ratio, which is higher than FDLO's 0.29% expense ratio.

Dividends

FULVX vs. FDLO - Dividend Comparison

FULVX's dividend yield for the trailing twelve months is around 13.25%, more than FDLO's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDLO Fidelity Low Volatility Factor ETF	1.35%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%
FULVX Fidelity U.S. Low Volatility Equity Fund	13.25%	6.82%	5.76%	1.65%	4.98%	5.35%	0.62%	0.28%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FULVX and FDLO in my portfolio?

FULVX and FDLO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FULVX or FDLO?

FULVX has higher volatility (1.84%) compared to FDLO (1.72%). In terms of maximum drawdown, FULVX dropped -33.24% vs FDLO's -34.35%.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.91 vs 0.00), 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.