FDLO vs LGLV: Grades, Fees and Holdings Compared

Fidelity Low Volatility Factor ETF

FDLOBNYSE Arca

State Street SPDR US Large Cap Low Volatility Index ETF

LGLVANYSE Arca

Overlap

31.1%by weight

Expense ratio

LGLV −0.03pt a year

FDLO0.15%LGLV0.12%

Avg volume · 30D

FDLO 2.4×the volume

FDLO63KLGLV26.6K

10Y return · a year

FDLO +1.5pt

FDLO+13.4%LGLV+11.9%

FDLO vs LGLV Performance

Oct 29, 2021 – Oct 30, 2026

+58.6%FDLO+45.7%LGLV

Expense ratio: FDLO 0.15%; LGLV 0.12%, better
Fund size: FDLO $1.38B; LGLV $1.2B
1Y total return: FDLO +14.9%, better; LGLV +11.7%
Yield (12M): FDLO 1.34%; LGLV 2.06%, better
Holdings: FDLO 138; LGLV 174
Avg volume (30D): FDLO 63K sh, better; LGLV 26.6K sh
NAV per share: FDLO $74.47; LGLV $187.96
52W range

ETF.net Grade

Pillar letters and Scores for FDLO, LGLV, with each pillar’s weight
Pillar	FDLO	LGLV
Cost30% weight	A70	A90Higher
Mission25% weight	A76	A93Higher
Risk15% weight	B59Higher	C44
Tradability15% weight	B63	A82Higher
Holdings10% weight	D34	C52Higher
Durability5% weight	B65	A74Higher

Rank among US Low Volatility Index funds

How we build Categories ›

Same Category. FDLO and LGLV are both graded against the same 16 US Low Volatility Index funds, so their Grades compare head to head.

US Low Volatility Index⁠

Category · 16 funds

See all 16 ›

LGLV ranks 1st and FDLO 6th of 16 funds in the US Low Volatility Index Category.

Rank 1ALGLVState Street SPDR US Large Cap Low Volatility Index ETFScore 78
Rank 2AQLVNorthern Trust US Quality Low Volatility ETFScore 76
Rank 5BONEVState Street SPDR Russell 1000 Low Volatility Focus ETFScore 67
Rank 6BFDLOFidelity Low Volatility Factor ETF Score 65
Rank 7BSMMViShares MSCI USA Small-Cap Min Vol Factor ETFScore 57

Our read on each fund

ETF.net Research

FDLOBFidelity Low Volatility Factor ETF

LGLVAState Street SPDR US Large Cap Low Volatility Index ETF

In short

FDLO Fidelity's in-house take on low volatility: roughly 130 US stocks drawn from an index Fidelity built itself, priced under the category median and matched to what the category's biggest name charges.

LGLV Most low-vol funds run an optimizer. LGLV just ranks the biggest 1,000 US stocks by how calm they have been and gives the quietest ones the heaviest weights, for 0.12% a year.

Stated mandate

FDLO The fund seeks investment returns that generally correspond, before fees and expenses, to the performance of the Fidelity U.S. Low Volatility Factor Index.

LGLV The fund is designed to provide exposure to U.S. large-capitalization equities selected through a low-volatility index strategy.

Why people hold it

FDLO 0.15% a year undercuts the low-vol category's median fee and matches USMV, the category heavyweight, while running a very different, tighter portfolio.
Does the job it advertises: it hews closely to the Fidelity U.S. Low Volatility Factor Index rather than drifting into a generic large-cap blend.
Trading is smooth for a factor fund: a multi-billion-dollar portfolio with steady daily volume, so getting in and out is rarely the hard part.
Running since 2016 with a real track record behind it, and it sits in the upper half of the US low-volatility group on our review.

LGLV 0.12% a year, below the typical US low-vol fund (cohort median 0.20%) and under USMV's 0.15%.
The rules fit in one sentence: screen the largest 1,000 US stocks, weight the calmest heaviest, subject to liquidity limits. No black box.ssga.com
Running since 2013 and tracking its index tightly, it rates as one of the stronger builds in the US low-vol group.

Worth knowing

FDLO Low volatility means a steadier ride than the broad market, not a shield. This is a fully invested US stock fund, and stock funds fall.
About 130 names is a narrow roster for a large-cap fund, and the resulting sector tilts are where it looks thinner than peers holding wider baskets.
The benchmark is Fidelity's own index, so the rules and any future tweaks sit with the issuer rather than an independent index provider.

LGLV Weighting by volatility alone means the sector mix can lean hard into whatever is quiet (often utilities and staples) and look nothing like the S&P 500.ssga.com
Trades lighter than the category's household names, so spreads can be wider. Limit orders matter more here.
Low volatility is not low risk: this is a fully invested stock fund and it can move very differently from the broad market.ssga.com

Full FDLO profile⁠

Full LGLV profile⁠

FDLO vs LGLV Holdings

How FDLO and LGLV differ

Overlap by weight

31.1%

Shared holdings make up 57.1% of FDLO and 52.5% of LGLV.

Level by level

Holdings70 in both31.1%
Sector11 Sectors59.0%
Countryby domicile98.5%
Asset classEquity100%

Sector

Sector weights in FDLO and LGLV, widest gap first
Sector	More in FDLOMore in LGLV	FDLO	LGLV
Technology	FDLO +30.3 points	36.9%	6.6%
Real Estate	LGLV +14.2 points	1.8%	16.0%
Industrials	LGLV +12.4 points	9.2%	21.6%
Utilities	LGLV +9.3 points	1.9%	11.2%
Communication	FDLO +5.8 points	9.7%	3.9%
Materials	LGLV +3.3 points	2.0%	5.3%
Consumer Discretionary	FDLO +2.4 points	8.6%	6.2%
Health Care	FDLO +2.0 points	9.9%	7.9%
Consumer Staples	LGLV +1.9 points	4.3%	6.2%
Financials	FDLO +0.4 points	11.9%	11.5%
Energy	FDLO +0.1 points	3.6%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in FDLO and LGLV, widest gap first
Country	More in FDLOMore in LGLV	FDLO	LGLV
United States	FDLO +1.5 points	98.9%	97.4%
Canada	LGLV +0.6 points	0.0%	0.6%
United Kingdom	LGLV +0.5 points	0.1%	0.7%
Other countries (2)	LGLV +0.4 points	0.9%	1.3%

Concentration

Weight in the 10 largest Holdings

FDLO35.6%
LGLV15.8%

Securities held

FDLO135
LGLV172

Asset class

FDLO: Equity
LGLV: Equity

Holdings

Only in FDLO65
In both70
Only in LGLV102

Only in FDLO

65 securities, 43.7% of FDLO by weight

Amazon.com Inc3.41%
Broadcom Inc3.27%
Meta Platforms Inc Class A2.07%
Accenture PLC Class A2.05%
Eli Lilly & Co1.86%
Texas Instruments Inc1.82%
Analog Devices Inc1.75%
Intl Bus Mach Corp1.74%
JPMorgan Chase & Co1.64%
Intuit Inc1.44%
Cadence Design Systems Inc1.42%
Securities Lending Cf0.95%
Merck & Co Inc New0.87%
UnitedHealth Group Inc0.85%
Bank of America Corporation0.78%
Chevron Corp0.77%
Thermo Fisher Scientific Inc0.76%
Wells Fargo & Co0.74%
Amgen Inc0.72%
Gilead Sciences Inc0.70%
Deere & Co0.62%
Progressive Corp Ohio0.61%
Philip Morris Intl Inc0.59%
Chubb Ltd0.59%
Medtronic PLC0.54%
Mckesson Corp0.53%
Eaton Corp PLC0.53%
Schwab Charles Corp0.53%
Arthur J Gallaghar and Co0.52%
Regeneron Pharmaceuticals Inc0.46%
Aon PLC0.45%
Conocophillips0.44%
Linde PLC0.44%
Hartford Insurance Grp Inc/The0.41%
Marathon Petroleum Corp0.39%
Nextera Energy0.37%
Starbucks Corp0.33%
Marriott International Inc A0.31%
Hilton Worldwide Holdings Inc0.30%
Eog Resources Inc0.29%
Newmont Corp0.29%
The Booking Holdings Inc0.28%
Ross Stores Inc0.26%
T-Mobile Us Inc0.25%
American Electric Power Co Inc0.24%
Oneok Inc0.24%
Equinix Inc0.24%
Mondelez International Inc0.24%
American Tower Corp0.23%
Garmin Ltd0.22%

Only in LGLV

102 securities, 47.4% of LGLV by weight

Vivmark Residential1.44%
Public Service Enterprise Gp1.11%
Ameren Corporation0.93%
Chubb Ltd0.92%
Cheniere Energy Inc0.90%
Becton Dickinson and Co0.90%
Royalty Pharma PLC Class A0.87%
Aflac Inc0.85%
Dte Energy Company0.85%
Centerpoint Energy Inc0.84%
Linde PLC0.83%
Firstenergy Corp0.83%
Willis Towers Watson PLC0.82%
Labcorp Holdings Inc0.77%
Markel Group Inc0.70%
Nisource Inc0.65%
Cms Energy Corp0.65%
Restaurant Brands Intern0.63%
Danaher Corp0.63%
Fortive Corp0.62%
Broadridge Financial Solutio0.61%
Wabtec Corp0.61%
Evergy Inc0.59%
Liberty Media Corp C0.59%
Loews Corp0.58%
Medtronic PLC0.58%
Udr Inc0.57%
Vulcan Materials Co0.56%
Jacobs Solutions Inc0.54%
Idex Corp0.54%
General Mills Inc0.54%
Csx Corp0.54%
Essex Property Trust Inc0.54%
Nordson Corp0.53%
Cencora Inc0.52%
Stryker Corp0.52%
Ss+c Technologies Holdings0.51%
Lyondellbasell Indu Class A0.51%
Heico Corp0.50%
Invitation Homes Inc0.49%
Kimco Realty Corp0.49%
Allegion PLC0.49%
Ww Grainger Inc0.49%
Casey’s General Stores Inc0.47%
Genuine Parts Co0.47%
Omnicom Group0.46%
Textron Inc0.46%
Martin Marietta Materials0.46%
Dover Corp0.45%
Otis Worldwide Corp0.45%

Weight gaps

All 70 Holdings in both funds, largest gap first.

Holding weights in FDLO and LGLV, widest gap first
Holding	More in FDLOMore in LGLV	FDLO	LGLV
Apple IncAAPL	FDLO +7.66 points	8.41%	0.75%
Microsoft CorpMSFT	FDLO +5.93 points	6.72%	0.79%
Welltower IncWELL	LGLV +4.04 points	0.33%	4.37%
Alphabet Inc Class AGOOGL	FDLO +3.93 points	4.25%	0.32%
Realty Income Corp ReitO	LGLV +1.45 points	0.17%	1.62%
Duke Energy CorpDUK	LGLV +1.10 points	0.28%	1.38%
Consolidated Edison IncED	LGLV +0.98 points	0.21%	1.19%
Southern CoSO	LGLV +0.89 points	0.29%	1.18%
Teledyne Technologies IncTDY	FDLO +0.86 points	1.30%	0.44%
Motorola Solutions IncMSI	FDLO +0.83 points	1.43%	0.60%
Amphenol Corporation Class AAPH	FDLO +0.81 points	1.50%	0.69%
Berkshire Hathaway Inc Class BBRK.B	FDLO +0.80 points	1.77%	0.97%
Cisco Systems IncCSCO	FDLO +0.76 points	1.73%	0.97%
Verisign IncVRSN	FDLO +0.73 points	1.37%	0.64%
Colgate-Palmolive CoCL	LGLV +0.71 points	0.23%	0.94%
Vici Pptys IncVICI	LGLV +0.67 points	0.13%	0.80%
Roper Technologies IncROP	FDLO +0.63 points	1.51%	0.88%
Exxonmobil Holdings CorpXOM	FDLO +0.60 points	1.21%	0.61%
Coca Cola CoKO	LGLV +0.60 points	0.63%	1.23%
Travelers Companies IncTRV	LGLV +0.57 points	0.53%	1.10%
Darden Restaurants IncDRI	LGLV +0.56 points	0.21%	0.77%
Pepsico IncPEP	LGLV +0.56 points	0.38%	0.94%
Cme Group Inc Class ACME	LGLV +0.54 points	0.59%	1.13%
Ecolab IncECL	LGLV +0.53 points	0.23%	0.76%
Packaging Corp of AmericaPKG	LGLV +0.52 points	0.15%	0.67%
Amcor PLCAMCR	LGLV +0.51 points	0.15%	0.66%
General Dynamics CorporationGD	LGLV +0.51 points	0.48%	0.99%
Kinder Morgan IncKMI	LGLV +0.50 points	0.25%	0.75%
Marsh & Mclennan Cos IncMRSH	LGLV +0.44 points	0.54%	0.98%
Paychex IncPAYX	LGLV +0.39 points	0.38%	0.77%
AbbVie IncABBV	FDLO +0.37 points	1.10%	0.73%
Republic Services IncRSG	LGLV +0.36 points	0.48%	0.84%
Williams Companies IncWMB	LGLV +0.35 points	0.28%	0.63%
Automatic Data Processing IncADP	LGLV +0.35 points	0.54%	0.89%
Mcdonalds CorpMCD	LGLV +0.34 points	0.41%	0.75%
Yum Brands IncYUM	LGLV +0.33 points	0.23%	0.56%
Mid America Apt Cmnty IncMAA	LGLV +0.32 points	0.11%	0.43%
Ametek Inc NewAME	LGLV +0.29 points	0.45%	0.74%
Fox Corp Class AFOXA	LGLV +0.27 points	0.23%	0.50%
Visa Inc Class AV	FDLO +0.27 points	1.37%	1.10%
O'reilly Automotive IncORLY	LGLV +0.26 points	0.26%	0.52%
Equity Lifestyle Pptys IncELS	LGLV +0.25 points	0.11%	0.36%
Costco Wholesale CorpCOST	FDLO +0.25 points	0.74%	0.49%
Procter & Gamble CoPG	LGLV +0.25 points	0.65%	0.90%
Mastercard Inc Class AMA	FDLO +0.23 points	1.14%	0.91%
Tjx Companies Inc NewTJX	LGLV +0.22 points	0.36%	0.58%
Gaming and Leisure Proprti IncGLPI	LGLV +0.22 points	0.11%	0.33%
Waste Management IncWM	LGLV +0.21 points	0.49%	0.70%
Johnson & JohnsonJNJ	FDLO +0.20 points	1.26%	1.06%
Lockheed Martin CorpLMT	FDLO +0.18 points	0.58%	0.40%
Home Depot IncHD	FDLO +0.19 points	0.61%	0.42%
Rtx CorpRTX	FDLO +0.18 points	0.70%	0.52%
Snap-On IncorporatedSNA	LGLV +0.18 points	0.34%	0.52%
Honeywell Intl IncHON	FDLO +0.18 points	0.44%	0.26%
Walmart IncWMT	FDLO +0.18 points	0.87%	0.69%
Autozone IncAZO	LGLV +0.18 points	0.24%	0.42%
Verizon Communications IncVZ	LGLV +0.16 points	0.43%	0.59%
Tractor Supply Co.TSCO	LGLV +0.15 points	0.19%	0.34%
Agree Realty CorpADC	LGLV +0.14 points	0.10%	0.24%
Cintas CorpCTAS	LGLV +0.13 points	0.50%	0.63%
Illinois Tool Works IncITW	LGLV +0.09 points	0.45%	0.54%
Northrop Grumman CorpNOC	FDLO +0.09 points	0.47%	0.38%
Fastenal CoFAST	LGLV +0.09 points	0.46%	0.55%
Abbott LaboratoriesABT	LGLV +0.07 points	0.57%	0.64%
L3HARRIS Technologies IncLHX	FDLO +0.06 points	0.43%	0.37%
Lowes Cos IncLOW	LGLV +0.05 points	0.32%	0.37%
Transdigm Group IncTDG	LGLV +0.04 points	0.43%	0.47%
Comcast Corp Class ACMCSA	LGLV +0.03 points	0.28%	0.31%
Union Pacific CorpUNP	FDLO +0.02 points	0.62%	0.60%
AT&T IncT	Same weight	0.37%	0.37%

All 131 FDLO holdings⁠All 172 LGLV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FDLO vs LGLV Cost

Overpaying FDLO vs LGLV

$617

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FDLO 0.15%
$3,137
LGLV 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

FDLO 0.15%
LGLV 0.12%
Overpaying

Year by year

Year	FDLO	LGLV	Overpaying
10	$274	$220	$54
20	$1,071	$859	$212
30	$3,137	$2,520	$617

Expense ratio

0.15%FDLO
0.12%LGLV, cheaper

LGLV0.12%FDLO0.15%

0.08%0.35%

Middle half of US Low Volatility Index funds
Median 0.20%

LGLV 2nd cheapest of 16 funds

FDLO 5th cheapest of 16 funds

FDLO vs LGLV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDLO 1.34%; LGLV 2.06%, better
Payout (12M): FDLO $1.00; LGLV $3.88
Last payment: FDLO $0.23; LGLV $0.99
Ex-dividend: FDLO Sep 18, 2026; LGLV Sep 21, 2026
Paid on: FDLO Sep 22, 2026; LGLV Sep 23, 2026
Frequency: FDLO Quarterly; LGLV Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FDLOQuarterly · 39 paymentsAll FDLO payments⁠

LGLVQuarterly · 39 paymentsAll LGLV payments⁠

FDLO vs LGLV Risk

Fall from peak · 5 years

FDLO
LGLV

Risk facts

VolatilityStd dev, 3 years: FDLO 10.2%, betterLGLV 11.8%
Return per unit of riskSharpe ratio, 3 years: FDLO 1.17, betterLGLV 0.86
Worst fallMax drawdown, 5 years: FDLO −19.2%LGLV −17.5%, better
Market sensitivityBeta, 5 years: FDLO 0.69LGLV 0.48; Market = 1

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