VELIX vs. FEQHX
VELIX (VELA Large Cap Plus Fund) and FEQHX (Fidelity Hedged Equity Fund) are both Large Cap Blend Equities funds. Over the past 3 years, VELIX returned 10.18%/yr vs 16.67%/yr for FEQHX. Their correlation of 0.83 suggests significant overlap in exposure. VELIX charges 1.84%/yr vs 0.55%/yr for FEQHX.
Performance
VELIX vs. FEQHX - Performance Comparison
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Returns By Period
In the year-to-date period, VELIX achieves a -2.30% return, which is significantly lower than FEQHX's 7.79% return.
VELIX
- 1D
- -0.66%
- 1M
- -1.48%
- YTD
- -2.30%
- 6M
- -2.41%
- 1Y
- 5.58%
- 3Y*
- 10.18%
- 5Y*
- 7.40%
- 10Y*
- —
FEQHX
- 1D
- -0.43%
- 1M
- -0.43%
- YTD
- 7.79%
- 6M
- 6.86%
- 1Y
- 18.77%
- 3Y*
- 16.67%
- 5Y*
- —
- 10Y*
- —
VELIX vs. FEQHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VELIX VELA Large Cap Plus Fund | -2.30% | 9.43% | 14.65% | 15.80% | -1.31% |
FEQHX Fidelity Hedged Equity Fund | 7.79% | 13.61% | 19.46% | 17.65% | -4.85% |
Correlation
The correlation between VELIX and FEQHX is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.83 |
The correlation between VELIX and FEQHX shifts across timeframes, from 0.68 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VELIX vs. FEQHX — Risk / Return Rank
VELIX
FEQHX
VELIX vs. FEQHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VELA Large Cap Plus Fund (VELIX) and Fidelity Hedged Equity Fund (FEQHX). 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.
| VELIX | FEQHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.37 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.67 | -1.90 |
| Martin ratioReturn relative to average drawdown | 2.54 | 10.27 | -7.72 |
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Drawdowns
VELIX vs. FEQHX - Drawdown Comparison
The maximum VELIX drawdown since its inception was -16.39%, which is greater than FEQHX's maximum drawdown of -10.42%. Use the drawdown chart below to compare losses from any high point for VELIX and FEQHX.
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Drawdown Indicators
| VELIX | FEQHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.39% | -10.42% | -5.97% |
Max Drawdown (1Y)Largest decline over 1 year | -8.24% | -7.40% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -15.80% | -10.42% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -16.39% | — | — |
Current DrawdownCurrent decline from peak | -4.38% | -2.01% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -3.36% | -2.22% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.47% | 1.92% | +0.55% |
Volatility
VELIX vs. FEQHX - Volatility Comparison
The current volatility for VELA Large Cap Plus Fund (VELIX) is 3.07%, while Fidelity Hedged Equity Fund (FEQHX) has a volatility of 3.97%. This indicates that VELIX experiences smaller price fluctuations and is considered to be less risky than FEQHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VELIX | FEQHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.07% | 3.97% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 7.39% | 7.45% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.52% | 9.76% | -0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.22% | 11.32% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.52% | 11.32% | +2.20% |
VELIX vs. FEQHX - Expense Ratio Comparison
VELIX has a 1.84% expense ratio, which is higher than FEQHX's 0.55% expense ratio.
Dividends
VELIX vs. FEQHX - Dividend Comparison
VELIX's dividend yield for the trailing twelve months is around 7.26%, more than FEQHX's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FEQHX Fidelity Hedged Equity Fund | 0.52% | 0.43% | 0.61% | 0.77% | 0.37% | 0.00% | 0.00% |
VELIX VELA Large Cap Plus Fund | 7.26% | 7.10% | 6.86% | 0.04% | 1.79% | 0.35% | 0.12% |
Frequently Asked Questions
VELIX and FEQHX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FEQHX has higher volatility (3.97%) compared to VELIX (3.07%). In terms of maximum drawdown, VELIX dropped -16.39% vs FEQHX's -10.42%.
FEQHX currently has the higher Sharpe Ratio (2.03 vs 0.66), 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.
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