BHMG.L vs. FSAGX

Last updated Jun 5, 2026

BHMG.L (BH Macro Limited) is a stock, while FSAGX (Fidelity Select Gold Portfolio) is Gold fund managed by Fidelity. Over the past 10 years, BHMG.L returned 8.44%/yr vs 12.76%/yr for FSAGX. At a 0.03 correlation, their price movements are largely independent.

Performance

BHMG.L vs. FSAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in BH Macro Limited (BHMG.L) and Fidelity Select Gold Portfolio (FSAGX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BHMG.L is traded in GBp, while FSAGX is traded in USD. To make them comparable, the FSAGX values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, BHMG.L achieves a 9.02% return, which is significantly higher than FSAGX's 3.77% return. Over the past 10 years, BHMG.L has underperformed FSAGX with an annualized return of 8.44%, while FSAGX has yielded a comparatively higher 12.76% annualized return.

BHMG.L

• 1D: 0.58%
• 1M: 2.11%
• YTD: 9.02%
• 6M: 8.48%
• 1Y: 9.30%
• 3Y*: 2.75%
• 5Y*: 5.30%
• 10Y*: 8.44%

FSAGX

• 1D: 1.66%
• 1M: -3.94%
• YTD: 3.77%
• 6M: 9.12%
• 1Y: 59.02%
• 3Y*: 36.30%
• 5Y*: 17.13%
• 10Y*: 12.76%

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

BHMG.L vs. FSAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHMG.L BH Macro Limited	9.02%	-1.72%	10.63%	-18.26%	20.05%	6.25%	34.87%	10.36%	18.25%	-6.28%
FSAGX Fidelity Select Gold Portfolio	3.77%	125.73%	16.98%	-5.35%	-3.17%	-9.59%	23.11%	30.34%	-7.84%	-0.77%

Correlation

The correlation between BHMG.L and FSAGX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.03

Return for Risk

BHMG.L vs. FSAGX — Risk / Return Rank

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

BHMG.L

BHMG.L Risk / Return Rank: 63
BHMG.L Sharpe Ratio Rank: 66
BHMG.L Sortino Ratio Rank: 59
BHMG.L Omega Ratio Rank: 58
BHMG.L Calmar Ratio Rank: 65
BHMG.L Martin Ratio Rank: 69

FSAGX

FSAGX Risk / Return Rank: 23
FSAGX Sharpe Ratio Rank: 24
FSAGX Sortino Ratio Rank: 19
FSAGX Omega Ratio Rank: 24
FSAGX Calmar Ratio Rank: 29
FSAGX Martin Ratio Rank: 20

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.

BHMG.L vs. FSAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BH Macro Limited (BHMG.L) and Fidelity Select Gold Portfolio (FSAGX). 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.

	BHMG.L	FSAGX	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.45	-0.66
Sortino ratio: Return per unit of downside risk	1.21	1.84	-0.63
Omega ratio: Gain probability vs. loss probability	1.16	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	1.17	2.01	-0.84
Martin ratio: Return relative to average drawdown	3.38	5.18	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BHMG.L vs. FSAGX - Sharpe Ratio Comparison

The current BHMG.L Sharpe Ratio is 0.79, which is lower than the FSAGX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of BHMG.L and FSAGX, 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

	BHMG.L	FSAGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.45	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.56	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.41	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.22	+0.32

Drawdowns

BHMG.L vs. FSAGX - Drawdown Comparison

The maximum BHMG.L drawdown since its inception was -35.94%, smaller than the maximum FSAGX drawdown of -76.02%. Use the drawdown chart below to compare losses from any high point for BHMG.L and FSAGX.

Drawdown Indicators

	BHMG.L	FSAGX	Difference
Max Drawdown Largest peak-to-trough decline	-35.94%	-76.02%	+40.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-29.51%	+21.96%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-29.51%	+10.50%
Max Drawdown (5Y) Largest decline over 5 years	-35.94%	-38.36%	+2.42%
Max Drawdown (10Y) Largest decline over 10 years	-35.94%	-44.25%	+8.31%
Current Drawdown Current decline from peak	-15.04%	-24.38%	+9.34%
Average Drawdown Average peak-to-trough decline	-10.90%	-35.45%	+24.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	11.43%	-8.81%

Volatility

BHMG.L vs. FSAGX - Volatility Comparison

The current volatility for BH Macro Limited (BHMG.L) is 3.57%, while Fidelity Select Gold Portfolio (FSAGX) has a volatility of 14.38%. This indicates that BHMG.L experiences smaller price fluctuations and is considered to be less risky than FSAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BHMG.L	FSAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	14.38%	-10.81%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	33.44%	-24.68%
Volatility (1Y) Calculated over the trailing 1-year period	11.26%	41.05%	-29.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	30.60%	-12.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	31.47%	-14.86%

Dividends

BHMG.L vs. FSAGX - Dividend Comparison

BHMG.L has not paid dividends to shareholders, while FSAGX's dividend yield for the trailing twelve months is around 4.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BHMG.L BH Macro Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSAGX Fidelity Select Gold Portfolio	4.96%	2.17%	3.62%	0.99%	0.36%	1.60%	4.40%	0.40%	0.00%	0.22%	3.57%

Frequently Asked Questions

Can I hold both BHMG.L and FSAGX in my portfolio?

BHMG.L and FSAGX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.