Fidelity Magellan ETF Trails S&P 500 Despite Strong Annual Gains Fidelity Magellan ETF posted a 9.23% net asset value rise for the six months ending January 2025, slightly lagging the S&P 500’s 10.12% gain. The fund’s 12-month return, however, reached 28.38%, surpassing the index. Recent underperformance stemmed from sector allocation choices, notably in consumer discretionary and health care stocks.5