INFL vs. FFLC

Last updated Jun 4, 2026

INFL (Horizon Kinetics Inflation Beneficiaries ETF) and FFLC (Fidelity Fundamental Large Cap Core ETF) are both exchange-traded funds - INFL is a Global Equities fund actively managed by Horizon Kinetics LLC, while FFLC is a Large Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, INFL returned 13.12%/yr vs 15.85%/yr for FFLC. A 0.67 correlation means they provide meaningful diversification when combined. INFL charges 0.85%/yr vs 0.38%/yr for FFLC.

Performance

INFL vs. FFLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Fidelity Fundamental Large Cap Core ETF (FFLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INFL achieves a 17.21% return, which is significantly higher than FFLC's 10.26% return.

INFL

• 1D: -0.48%
• 1M: -1.64%
• YTD: 17.21%
• 6M: 17.82%
• 1Y: 23.41%
• 3Y*: 21.83%
• 5Y*: 13.12%
• 10Y*: —

FFLC

• 1D: -0.68%
• 1M: 3.15%
• YTD: 10.26%
• 6M: 11.18%
• 1Y: 26.96%
• 3Y*: 23.20%
• 5Y*: 15.85%
• 10Y*: —

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

INFL vs. FFLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INFL Horizon Kinetics Inflation Beneficiaries ETF	17.21%	18.30%	23.34%	1.62%	2.65%	24.77%
FFLC Fidelity Fundamental Large Cap Core ETF	10.26%	17.67%	27.89%	25.07%	-0.04%	17.63%

Correlation

The correlation between INFL and FFLC is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jan 13, 2021	0.67

Over the past year, the correlation between INFL and FFLC has dropped to 0.40 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

INFL vs. FFLC - Sectors Allocation Comparison

Sectors	INFL	FFLC
Energy	40.5%	4.8%
Financial Services	21.1%	11.3%
Basic Materials	20.0%	1.8%
Utilities	2.9%	2.6%
Consumer Defensive	2.4%	4.1%
Industrials	1.8%	10.8%
Healthcare	1.2%	8.1%
Real Estate	1.1%	1.1%
Communication Services	0.3%	11.8%
Consumer Cyclical	-	10.9%
Technology	-	32.3%

Return for Risk

INFL vs. FFLC — Risk / Return Rank

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

INFL

INFL Risk / Return Rank: 45
INFL Sharpe Ratio Rank: 42
INFL Sortino Ratio Rank: 38
INFL Omega Ratio Rank: 40
INFL Calmar Ratio Rank: 56
INFL Martin Ratio Rank: 46

FFLC

FFLC Risk / Return Rank: 61
FFLC Sharpe Ratio Rank: 61
FFLC Sortino Ratio Rank: 61
FFLC Omega Ratio Rank: 61
FFLC Calmar Ratio Rank: 54
FFLC Martin Ratio Rank: 66

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.

INFL vs. FFLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Fidelity Fundamental Large Cap Core ETF (FFLC). 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.

	INFL	FFLC	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.12	-0.60
Sortino ratio: Return per unit of downside risk	2.01	2.90	-0.89
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	2.81	2.71	+0.10
Martin ratio: Return relative to average drawdown	7.68	12.30	-4.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INFL vs. FFLC - Sharpe Ratio Comparison

The current INFL Sharpe Ratio is 1.52, which is comparable to the FFLC Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of INFL and FFLC, 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

	INFL	FFLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.52	2.12	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.94	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.17	-0.26

Drawdowns

INFL vs. FFLC - Drawdown Comparison

The maximum INFL drawdown since its inception was -21.30%, which is greater than FFLC's maximum drawdown of -19.72%. Use the drawdown chart below to compare losses from any high point for INFL and FFLC.

Drawdown Indicators

	INFL	FFLC	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-19.72%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-9.98%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-19.72%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	-19.72%	-1.58%
Current Drawdown Current decline from peak	-5.51%	-0.68%	-4.83%
Average Drawdown Average peak-to-trough decline	-5.10%	-2.99%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.20%	+0.86%

Volatility

INFL vs. FFLC - Volatility Comparison

Horizon Kinetics Inflation Beneficiaries ETF (INFL) has a higher volatility of 3.60% compared to Fidelity Fundamental Large Cap Core ETF (FFLC) at 3.15%. This indicates that INFL's price experiences larger fluctuations and is considered to be riskier than FFLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFL	FFLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.60%	3.15%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	9.73%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	12.80%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	16.92%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	17.65%	-0.01%

INFL vs. FFLC - Expense Ratio Comparison

INFL has a 0.85% expense ratio, which is higher than FFLC's 0.38% expense ratio.

Dividends

INFL vs. FFLC - Dividend Comparison

INFL's dividend yield for the trailing twelve months is around 0.91%, less than FFLC's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FFLC Fidelity Fundamental Large Cap Core ETF	1.00%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%
INFL Horizon Kinetics Inflation Beneficiaries ETF	0.91%	1.26%	1.77%	1.60%	1.65%	0.91%	0.00%

Frequently Asked Questions

Can I hold both INFL and FFLC in my portfolio?

INFL and FFLC have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INFL or FFLC?

INFL has higher volatility (3.60%) compared to FFLC (3.15%). In terms of maximum drawdown, INFL dropped -21.30% vs FFLC's -19.72%.

Which ETF is better, INFL or FFLC?

On 5-year performance, FFLC leads with 15.85% vs 13.12% for INFL. On fees, FFLC is cheaper at 0.38% per year. On volatility, FFLC has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INFL or FFLC?

Over the 5-year period, FFLC has performed better with a 15.85% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INFL or FFLC?

FFLC is cheaper with a 0.38% expense ratio, compared with 0.85% for INFL.

Which ETF pays a higher dividend yield, INFL or FFLC?

FFLC has the higher dividend yield at 1.00%, compared with 0.91% for INFL.

What is the main difference between INFL and FFLC?

INFL is categorized as Global Equities, while FFLC is Large Cap Blend Equities. They also come from different issuers: Horizon Kinetics LLC and Fidelity. Their fees differ too: 0.85% for INFL and 0.38% for FFLC.

Which has better risk-adjusted returns?

FFLC currently has the higher Sharpe Ratio (2.12 vs 1.51), 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.