SSAQX vs. FELC

Last updated Jun 24, 2026

SSAQX (State Street U.S. Core Equity Fund) and FELC (Fidelity Enhanced Large Cap Core ETF) are both Large Cap Blend Equities funds. Over the past year, SSAQX returned 21.87% vs 24.68% for FELC. With a 0.97 correlation, they move nearly in lockstep. SSAQX charges 0.16%/yr vs 0.18%/yr for FELC.

Performance

SSAQX vs. FELC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street U.S. Core Equity Fund (SSAQX) and Fidelity Enhanced Large Cap Core ETF (FELC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSAQX achieves a 6.01% return, which is significantly lower than FELC's 8.65% return.

SSAQX

• 1D: -0.80%
• 1M: -0.21%
• YTD: 6.01%
• 6M: 5.24%
• 1Y: 21.87%
• 3Y*: 13.56%
• 5Y*: 8.81%
• 10Y*: —

FELC

• 1D: -1.46%
• 1M: -0.92%
• YTD: 8.65%
• 6M: 7.63%
• 1Y: 24.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SSAQX vs. FELC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SSAQX State Street U.S. Core Equity Fund	6.01%	17.43%	5.04%	5.67%
FELC Fidelity Enhanced Large Cap Core ETF	8.65%	17.09%	25.25%	6.06%

Correlation

The correlation between SSAQX and FELC is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.97

The correlation between SSAQX and FELC has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

SSAQX vs. FELC — Risk / Return Rank

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

SSAQX

SSAQX Risk / Return Rank: 42
SSAQX Sharpe Ratio Rank: 45
SSAQX Sortino Ratio Rank: 42
SSAQX Omega Ratio Rank: 44
SSAQX Calmar Ratio Rank: 36
SSAQX Martin Ratio Rank: 46

FELC

FELC Risk / Return Rank: 61
FELC Sharpe Ratio Rank: 62
FELC Sortino Ratio Rank: 59
FELC Omega Ratio Rank: 60
FELC Calmar Ratio Rank: 57
FELC Martin Ratio Rank: 69

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.

SSAQX vs. FELC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street U.S. Core Equity Fund (SSAQX) 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.

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.

	SSAQX	FELC	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.97	-0.14
Sortino ratio: Return per unit of downside risk	2.51	2.67	-0.17
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.15	2.73	-0.58
Martin ratio: Return relative to average drawdown	9.06	12.19	-3.13

SSAQX vs. FELC - Sharpe Ratio Comparison

The current SSAQX Sharpe Ratio is 1.83, which is comparable to the FELC Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SSAQX and FELC, 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

SSAQX vs. FELC - Drawdown Comparison

The maximum SSAQX drawdown since its inception was -31.70%, which is greater than FELC's maximum drawdown of -18.59%. Use the drawdown chart below to compare losses from any high point for SSAQX and FELC.

Drawdown Indicators

	SSAQX	FELC	Difference
Max Drawdown Largest peak-to-trough decline	-31.70%	-18.59%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-9.09%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-31.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.70%	—	—
Current Drawdown Current decline from peak	-1.93%	-2.90%	+0.97%
Average Drawdown Average peak-to-trough decline	-8.01%	-1.91%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.03%	+0.51%

Volatility

SSAQX vs. FELC - Volatility Comparison

The current volatility for State Street U.S. Core Equity Fund (SSAQX) is 4.70%, while Fidelity Enhanced Large Cap Core ETF (FELC) has a volatility of 4.96%. This indicates that SSAQX 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

	SSAQX	FELC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	4.96%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	9.91%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	12.62%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	15.29%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.86%	15.29%	+3.57%

SSAQX vs. FELC - Expense Ratio Comparison

SSAQX has a 0.16% expense ratio, which is lower than FELC's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSAQX vs. FELC - Dividend Comparison

SSAQX's dividend yield for the trailing twelve months is around 11.34%, more than FELC's 0.86% yield.

Position	TTM	2025	2024	2023	2022	2021
FELC Fidelity Enhanced Large Cap Core ETF	0.86%	0.92%	1.03%	0.04%	0.00%	0.00%
SSAQX State Street U.S. Core Equity Fund	11.34%	12.02%	0.00%	3.83%	9.83%	13.21%

Frequently Asked Questions

Can I hold both SSAQX and FELC in my portfolio?

With a correlation of 0.96, SSAQX and FELC 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, SSAQX or FELC?

FELC has higher volatility (4.96%) compared to SSAQX (4.70%). In terms of maximum drawdown, SSAQX dropped -31.70% vs FELC's -18.59%.

Which has better risk-adjusted returns?

FELC currently has the higher Sharpe Ratio (1.97 vs 1.83), 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.