FELC vs FMCX
Fidelity Enhanced Large Cap Core ETF vs FM Focus Equity ETF
Which is better, FELC or FMCX?
FELC has been ahead.
FELC has a lower expense ratio. FELC led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. FELC is less concentrated, with 40.1% of the fund in its ten largest positions against 54.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FELC | FMCX |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.72% |
| AUM | $8.6B | $118M |
| Dividend Yield | 0.83% | 0.29% |
| Holdings | 590 | 32 |
| YTD Return | +14.93%Best | +5.03% |
| 1Y Return | +19.54%Best | +3.97% |
| 3Y Return (annualized) | +22.11%Best | +15.01% |
| Volatility (annualized) | 11.7%Best | 12.7% |
| Max Drawdown | -18.6% | -18.5%Best |
| $10,000 over 2.9 years | $17,848Best | $14,430 |
| Top 10 Weight | 40.1%Best | 54.3% |
| Fund Family | Fidelity Investments (US) | First Manhattan |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 20, 2023 | Apr 22, 2022 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Nov 20, 2023 to Oct 14, 2026 (2.9 years).
FELC vs FMCX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.9 years both funds cover.
FELC vs FMCX Performance
Fidelity Enhanced Large Cap Core ETF (FELC) is an ETF from Fidelity Investments (US) and FM Focus Equity ETF (FMCX) is an ETF from First Manhattan. Over the past year FELC returned +19.54% while FMCX returned +3.97%. Year to date, FELC is up 14.93% versus a gain of 5.03% for FMCX.
Over three years, FELC compounded at +22.11% per year against +15.01% for FMCX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 11.7% for FELC. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.6% for FELC and -18.5% for FMCX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FELC charges 0.18% per year while FMCX charges 0.72%. On a $10,000 position that is $18 vs $72 annually, a gap of $54 per year that compounds over a long holding period. On income, FELC currently yields 0.83% against 0.29% for FMCX.
Holdings Overlap
35.2% of FELC's money is in holdings FMCX also owns. 68.7% of FMCX's money is in holdings FELC also owns.
The two portfolios partly overlap.
The two holdings books were reported 124 days apart, FELC as of Oct 2, 2026 and FMCX as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
22 positions in common, counted across the 300 positions we hold weights for in FELC and 32 in FMCX, against full books of 590 and 32.
What only one of them owns
Our book lists 8 positions for FMCX that do not appear in our book for FELC (28.1% of the fund), and 195 for FELC that do not appear in FMCX (64.2%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FELC | Weight in FMCX | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 5.08% | 6.63% | 1.55% |
| NVDANvidia Corp | 8.93% | 1.93% | 7.00% |
| AMZNAmazon.Com Inc | 3.83% | 4.87% | 1.04% |
| AVGOBroadcom Inc | 2.80% | 3.83% | 1.03% |
| GEGeneral Electric Co. | 0.70% | 5.69% | 4.99% |
| INTCIntel Corporation | 0.95% | 5.38% | 4.43% |
| KKRKkr & Co. Inc. Class a | 0.13% | 5.21% | 5.08% |
| HONHoneywell International Inc | 0.22% | 4.41% | 4.19% |
| METAMeta Platforms Inc | 2.38% | 1.79% | 0.59% |
| GOOGLAlphabet Inc | 3.35% | 0.53% | 2.82% |
68.7% of FMCX is already inside FELC.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FELC or FMCX?
FELC has an expense ratio of 0.18% while FMCX charges 0.72%. FELC is the cheaper option, by $54 a year on a $10,000 investment.
Which performed better, FELC or FMCX?
Over the past year FELC returned +19.54% vs +3.97% for FMCX, so FELC leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FELC or FMCX?
FMCX has been the more volatile fund at 12.7% annualized versus 11.7% for FELC. Worst drawdown: FELC -18.6% vs FMCX -18.5%.
Should I hold both FELC and FMCX?
FELC and FMCX have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FELC and FMCX?
68.7% of FMCX's money is in holdings FELC also owns. 68.7% of FMCX's is in holdings FELC also owns. They hold 22 positions in common, counted across the 300 positions we hold weights for in FELC and 32 in FMCX.
Which pays a higher dividend, FELC or FMCX?
FELC yields 0.83% while FMCX yields 0.29%, so FELC currently pays the higher dividend yield.
Is FMCX better than FELC?
FELC has a lower expense ratio. FELC led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.91. FELC is less concentrated, with 40.1% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.