FELC vs PHEQ
Fidelity Enhanced Large Cap Core ETF vs Parametric Hedged Equity ETF
Which is better, FELC or PHEQ?
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 0.90. FELC is less concentrated, with 40.1% of the fund in its ten largest positions against 40.8%.
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 | PHEQ |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.29% |
| AUM | $8.6B | $152M |
| Dividend Yield | 0.83% | 0.82% |
| Holdings | 590 | 374 |
| YTD Return | +14.93%Best | +9.39% |
| 1Y Return | +19.54%Best | +12.67% |
| 3Y Return (annualized) | +22.11%Best | +14.84% |
| Volatility (annualized) | 11.7% | 6.0%Best |
| Max Drawdown | -18.6% | -12.6%Best |
| $10,000 over 2.9 years | $17,848Best | $14,511 |
| Top 10 Weight | 40.1%Best | 40.8% |
| Fund Family | Fidelity Investments (US) | Parametric |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 20, 2023 | Oct 16, 2023 |
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 PHEQ 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 PHEQ Performance
Fidelity Enhanced Large Cap Core ETF (FELC) is an ETF from Fidelity Investments (US) and Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric. Over the past year FELC returned +19.54% while PHEQ returned +12.67%. Year to date, FELC is up 14.93% versus a gain of 9.39% for PHEQ.
Over three years, FELC compounded at +22.11% per year against +14.84% for PHEQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FELC has been the more volatile fund, with annualized monthly volatility of 11.7% compared with 6.0% for PHEQ. 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 -12.6% for PHEQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.90. 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 PHEQ charges 0.29%. On a $10,000 position that is $18 vs $29 annually, a gap of $11 per year that compounds over a long holding period. On income, FELC currently yields 0.83% against 0.82% for PHEQ.
Holdings Overlap
67.6% of FELC's money is in holdings PHEQ also owns. 80.8% of PHEQ's money is in holdings FELC also owns.
Most of PHEQ is already inside FELC. Owning both mostly buys the same companies twice.
81 positions in common, counted across the 300 positions we hold weights for in FELC and 174 in PHEQ, against full books of 590 and 374.
What only one of them owns
Our book lists 87 positions for PHEQ that do not appear in our book for FELC (21.2% of the fund), and 148 for FELC that do not appear in PHEQ (31.9%).
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 PHEQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.93% | 8.63% | 0.30% |
| AAPLApple, Inc | 7.73% | 7.52% | 0.21% |
| MSFTMicrosoft Corp | 5.08% | 5.98% | 0.90% |
| AMZNAmazon.Com Inc | 3.83% | 3.93% | 0.10% |
| GOOGLAlphabet Inc | 3.35% | 3.20% | 0.15% |
| AVGOBroadcom Inc | 2.80% | 2.68% | 0.12% |
| GOOGAlphabet Inc. C | 2.12% | 2.69% | 0.57% |
| METAMeta Platforms Inc | 2.38% | 2.40% | 0.02% |
| MUMicron Technology, Inc. | 2.04% | 1.94% | 0.10% |
| LLYEli Lilly & Co. | 1.74% | 1.71% | 0.03% |
80.8% of PHEQ 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 PHEQ?
FELC has an expense ratio of 0.18% while PHEQ charges 0.29%. FELC is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, FELC or PHEQ?
Over the past year FELC returned +19.54% vs +12.67% for PHEQ, 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 PHEQ?
FELC has been the more volatile fund at 11.7% annualized versus 6.0% for PHEQ. Worst drawdown: FELC -18.6% vs PHEQ -12.6%.
Should I hold both FELC and PHEQ?
FELC and PHEQ have a monthly-return correlation of 0.90, 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 PHEQ?
80.8% of PHEQ's money is in holdings FELC also owns. 80.8% of PHEQ's is in holdings FELC also owns. They hold 81 positions in common, counted across the 300 positions we hold weights for in FELC and 174 in PHEQ.
Which pays a higher dividend, FELC or PHEQ?
FELC yields 0.83% while PHEQ yields 0.82%, so FELC currently pays the higher dividend yield.
Is PHEQ 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 0.90. FELC is less concentrated, with 40.1% of the fund in its ten largest positions against 40.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.