^SOX vs. FSELX

Last updated Jun 10, 2026

^SOX (PHLX Semiconductor Index) is an index, while FSELX (Fidelity Select Semiconductors Portfolio) is Semiconductors fund managed by Fidelity. Over the past 10 years, ^SOX returned 33.59%/yr vs 38.40%/yr for FSELX. With a 0.96 correlation, they move nearly in lockstep.

Performance

^SOX vs. FSELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PHLX Semiconductor Index (^SOX) and Fidelity Select Semiconductors Portfolio (FSELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^SOX achieves a 78.70% return, which is significantly higher than FSELX's 73.45% return. Over the past 10 years, ^SOX has underperformed FSELX with an annualized return of 33.59%, while FSELX has yielded a comparatively higher 38.40% annualized return.

^SOX

• 1D: -1.93%
• 1M: 7.49%
• YTD: 78.70%
• 6M: 71.69%
• 1Y: 146.42%
• 3Y*: 53.13%
• 5Y*: 31.69%
• 10Y*: 33.59%

FSELX

• 1D: 4.41%
• 1M: 10.43%
• YTD: 73.45%
• 6M: 67.91%
• 1Y: 142.24%
• 3Y*: 64.93%
• 5Y*: 44.75%
• 10Y*: 38.40%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^SOX vs. FSELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^SOX PHLX Semiconductor Index	78.70%	42.23%	19.27%	64.90%	-35.83%	41.16%	51.14%	60.12%	-7.81%	38.23%
FSELX Fidelity Select Semiconductors Portfolio	73.45%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%

Correlation

The correlation between ^SOX and FSELX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since May 4, 1994	0.96

The correlation between ^SOX and FSELX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

^SOX vs. FSELX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^SOX

^SOX Risk / Return Rank: 97
^SOX Sharpe Ratio Rank: 97
^SOX Sortino Ratio Rank: 96
^SOX Omega Ratio Rank: 95
^SOX Calmar Ratio Rank: 99
^SOX Martin Ratio Rank: 99

FSELX

FSELX Risk / Return Rank: 96
FSELX Sharpe Ratio Rank: 99
FSELX Sortino Ratio Rank: 92
FSELX Omega Ratio Rank: 90
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^SOX vs. FSELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PHLX Semiconductor Index (^SOX) and Fidelity Select Semiconductors Portfolio (FSELX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^SOX	FSELX	Difference
Sharpe ratio: Return per unit of total volatility	4.09	4.27	-0.17
Sortino ratio: Return per unit of downside risk	4.10	4.28	-0.18
Omega ratio: Gain probability vs. loss probability	1.58	1.60	-0.01
Calmar ratio: Return relative to maximum drawdown	9.41	10.18	-0.76
Martin ratio: Return relative to average drawdown	34.91	38.16	-3.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^SOX vs. FSELX - Sharpe Ratio Comparison

The current ^SOX Sharpe Ratio is 4.09, which is comparable to the FSELX Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of ^SOX and FSELX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^SOX	FSELX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.09	4.27	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	1.15	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	1.09	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.54	-0.13

Drawdowns

^SOX vs. FSELX - Drawdown Comparison

The maximum ^SOX drawdown since its inception was -87.15%, which is greater than FSELX's maximum drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for ^SOX and FSELX.

Drawdown Indicators

	^SOX	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-82.54%	-4.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-14.38%	-1.27%
Max Drawdown (3Y) Largest decline over 3 years	-39.66%	-36.31%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-46.47%	-46.37%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-46.47%	-46.37%	-0.10%
Current Drawdown Current decline from peak	-9.05%	-6.96%	-2.09%
Average Drawdown Average peak-to-trough decline	-39.46%	-28.69%	-10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	3.83%	+0.38%

Volatility

^SOX vs. FSELX - Volatility Comparison

PHLX Semiconductor Index (^SOX) has a higher volatility of 17.47% compared to Fidelity Select Semiconductors Portfolio (FSELX) at 16.13%. This indicates that ^SOX's price experiences larger fluctuations and is considered to be riskier than FSELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^SOX	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.47%	16.13%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	29.69%	27.72%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	36.02%	34.35%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.82%	39.23%	-2.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.10%	35.22%	-1.12%

Frequently Asked Questions

Can I hold both ^SOX and FSELX in my portfolio?

With a correlation of 0.96, ^SOX and FSELX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^SOX or FSELX?

^SOX has higher volatility (17.47%) compared to FSELX (16.13%). In terms of maximum drawdown, ^SOX dropped -87.15% vs FSELX's -82.54%.

Which has better risk-adjusted returns?

FSELX currently has the higher Sharpe Ratio (4.27 vs 4.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.