FMAG vs QRFT
Fidelity Magellan ETF vs Qraft AI-Enhanced US Large Cap ETF
Which is better, FMAG or QRFT?
Each has led over a different period.
FMAG has a lower expense ratio. FMAG led over the full window, QRFT over 1Y. The two have moved almost in lockstep, correlation 0.93. FMAG is less concentrated, with 44.0% of the fund in its ten largest positions against 45.5%.
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 | FMAG | QRFT |
|---|---|---|
| Expense Ratio | 0.57%Best | 0.75% |
| AUM | $243M | $9M |
| Dividend Yield | 0.00% | 0.25% |
| Holdings | 52 | 301 |
| Volatility (annualized) | 18.2% | 16.4%Best |
| Max Drawdown | -32.9% | -28.2%Best |
| $10,000 over 5.5 years | $18,054Best | $17,762 |
| Top 10 Weight | 44.0%Best | 45.5% |
| Fund Family | Fidelity Investments (US) | QRAFT AI ETFs |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Feb 2, 2021 | May 20, 2019 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 85 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. FMAG has data through Oct 14, 2026 and QRFT through Jul 21, 2026.
Volatility and max drawdown, and the $10,000 over 5.5 years row, are measured over the window both funds cover: Feb 4, 2021 to Jul 21, 2026 (5.5 years).
Risk: Volatility and Drawdowns
FMAG has been the more volatile fund, with annualized monthly volatility of 18.2% compared with 16.4% for QRFT. 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 -32.9% for FMAG and -28.2% for QRFT. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMAG charges 0.57% per year while QRFT charges 0.75%. On a $10,000 position that is $57 vs $75 annually, a gap of $18 per year that compounds over a long holding period. On income, FMAG currently yields 0.00% against 0.25% for QRFT.
Holdings Overlap
68.6% of FMAG's money is in holdings QRFT also owns. 36.3% of QRFT's money is in holdings FMAG also owns.
The two portfolios partly overlap.
The two holdings books were reported 123 days apart, FMAG as of Aug 31, 2026 and QRFT as of Apr 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
33 positions in common, counted across the 50 positions we hold weights for in FMAG and 294 in QRFT, against full books of 52 and 301.
What only one of them owns
Our book lists 248 positions for QRFT that do not appear in our book for FMAG (61.1% of the fund), and 16 for FMAG that do not appear in QRFT (28.8%).
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 FMAG | Weight in QRFT | Difference |
|---|---|---|---|
| NVDANvidia Corp | 10.24% | 9.65% | 0.59% |
| AMZNAmazon.Com Inc | 6.45% | 5.92% | 0.53% |
| AVGOBroadcom Inc | 4.55% | 4.11% | 0.44% |
| GOOGLAlphabet Inc | 3.87% | 4.70% | 0.83% |
| AMDAdvanced Micro Devices Inc | 3.14% | 1.52% | 1.62% |
| LLYEli Lilly & Co. | 2.39% | 2.00% | 0.39% |
| MAMastercard Inc | 2.16% | 0.91% | 1.25% |
| KLACKla-tencor | 2.08% | 0.50% | 1.58% |
| GEGeneral Electric Co. | 1.76% | 0.65% | 1.11% |
| CATCaterpillar, Inc. | 1.54% | 0.85% | 0.69% |
68.6% of FMAG is already inside QRFT.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, FMAG or QRFT?
FMAG has an expense ratio of 0.57% while QRFT charges 0.75%. FMAG is the cheaper option, by $18 a year on a $10,000 investment.
Which is riskier, FMAG or QRFT?
FMAG has been the more volatile fund at 18.2% annualized versus 16.4% for QRFT. Worst drawdown: FMAG -32.9% vs QRFT -28.2%.
Should I hold both FMAG and QRFT?
FMAG and QRFT have a monthly-return correlation of 0.93, 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 FMAG and QRFT?
68.6% of FMAG's money is in holdings QRFT also owns. 36.3% of QRFT's is in holdings FMAG also owns. They hold 33 positions in common, counted across the 50 positions we hold weights for in FMAG and 294 in QRFT.
Which pays a higher dividend, FMAG or QRFT?
FMAG yields 0.00% while QRFT yields 0.25%, so QRFT currently pays the higher dividend yield.
Is QRFT better than FMAG?
FMAG has a lower expense ratio. FMAG led over the full window, QRFT over 1Y. The two have moved almost in lockstep, correlation 0.93. FMAG is less concentrated, with 44.0% of the fund in its ten largest positions against 45.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.