FBIOX vs. FNCMX

Last updated Aug 4, 2026

FBIOX (Fidelity Select Biotechnology Portfolio) and FNCMX (Fidelity NASDAQ Composite Index Fund) are both mutual funds - FBIOX is a Health & Biotech Equities fund actively managed by Fidelity, while FNCMX is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index. FBIOX is actively managed, while FNCMX is passively managed. Over the past 10 years, FBIOX returned 10.50%/yr vs 18.21%/yr for FNCMX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FBIOX charges 0.62%/yr vs 0.29%/yr for FNCMX.

Performance

FBIOX vs. FNCMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Biotechnology Portfolio (FBIOX) and Fidelity NASDAQ Composite Index Fund (FNCMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBIOX achieves a 16.42% return, which is significantly higher than FNCMX's 9.51% return. Over the past 10 years, FBIOX has underperformed FNCMX with an annualized return of 10.50%, while FNCMX has yielded a comparatively higher 18.21% annualized return.

FBIOX

• 1D: -2.67%
• 1M: -4.94%
• 6M: 13.17%
• YTD: 16.42%
• 1Y: 52.29%
• 3Y*: 22.07%
• 5Y*: 7.84%
• 10Y*: 10.50%
• ALL TIME*: 12.83%

FNCMX

• 1D: 1.01%
• 1M: -1.78%
• 6M: 7.87%
• YTD: 9.51%
• 1Y: 23.59%
• 3Y*: 22.03%
• 5Y*: 12.51%
• 10Y*: 18.21%
• ALL TIME*: 11.98%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBIOX Fidelity Select Biotechnology Portfolio	$0.00	$0.00	$0.00
FNCMX Fidelity NASDAQ Composite Index Fund	$0.00	$0.00	$0.00

FBIOX vs. FNCMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBIOX Fidelity Select Biotechnology Portfolio	16.42%	36.38%	7.26%	10.09%	-15.87%	-12.26%	38.62%	36.12%	-10.92%	27.87%
FNCMX Fidelity NASDAQ Composite Index Fund	9.51%	21.11%	29.48%	45.13%	-32.40%	22.21%	44.57%	36.63%	-3.07%	28.35%

Correlation

The correlation between FBIOX and FNCMX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Jan 8, 2003	0.67

Over the past year, the correlation between FBIOX and FNCMX has dropped to 0.32 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

FBIOX vs. FNCMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBIOX

FBIOX Risk / Return Rank: 92
FBIOX Sharpe Ratio Rank: 94
FBIOX Sortino Ratio Rank: 88
FBIOX Omega Ratio Rank: 82
FBIOX Calmar Ratio Rank: 98
FBIOX Martin Ratio Rank: 97

FNCMX

FNCMX Risk / Return Rank: 33
FNCMX Sharpe Ratio Rank: 33
FNCMX Sortino Ratio Rank: 32
FNCMX Omega Ratio Rank: 31
FNCMX Calmar Ratio Rank: 35
FNCMX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBIOX vs. FNCMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Biotechnology Portfolio (FBIOX) and Fidelity NASDAQ Composite Index Fund (FNCMX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FBIOX	FNCMX	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.13	+1.34
Sortino ratio: Return per unit of downside risk	3.29	1.62	+1.66
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.19
Calmar ratio: Return relative to maximum drawdown	7.04	1.61	+5.43
Martin ratio: Return relative to average drawdown	19.48	5.37	+14.11

FBIOX vs. FNCMX - Sharpe Ratio Comparison

The current FBIOX Sharpe Ratio is 2.47, which is higher than the FNCMX Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FBIOX and FNCMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBIOX vs. FNCMX - Drawdown Comparison

The maximum FBIOX drawdown since its inception was -71.98%, which is greater than FNCMX's maximum drawdown of -55.08%. Use the drawdown chart below to compare losses from any high point for FBIOX and FNCMX.

Drawdown Indicators

	FBIOX	FNCMX	Difference
Max Drawdown Largest peak-to-trough decline	-71.98%	-55.08%	-16.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-13.01%	+5.39%
Max Drawdown (3Y) Largest decline over 3 years	-27.83%	-24.20%	-3.63%
Max Drawdown (5Y) Largest decline over 5 years	-44.87%	-35.64%	-9.23%
Max Drawdown (10Y) Largest decline over 10 years	-48.66%	-35.64%	-13.02%
Current Drawdown Current decline from peak	-6.15%	-6.26%	+0.11%
Average Drawdown Average peak-to-trough decline	-23.55%	-7.84%	-15.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.89%	-1.14%

Volatility

FBIOX vs. FNCMX - Volatility Comparison

Fidelity Select Biotechnology Portfolio (FBIOX) has a higher volatility of 6.93% compared to Fidelity NASDAQ Composite Index Fund (FNCMX) at 5.74%. This indicates that FBIOX's price experiences larger fluctuations and is considered to be riskier than FNCMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBIOX	FNCMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	5.74%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	17.13%	14.71%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	21.68%	18.45%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.13%	22.78%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.17%	22.15%	+4.02%

FBIOX vs. FNCMX - Expense Ratio Comparison

FBIOX has a 0.62% expense ratio, which is higher than FNCMX's 0.29% expense ratio.

Dividends

FBIOX vs. FNCMX - Dividend Comparison

FBIOX's dividend yield for the trailing twelve months is around 5.78%, more than FNCMX's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBIOX Fidelity Select Biotechnology Portfolio	5.78%	2.47%	1.21%	0.45%	0.00%	14.48%	19.46%	8.89%	11.18%	1.41%	3.42%	6.71%
FNCMX Fidelity NASDAQ Composite Index Fund	0.47%	0.51%	0.61%	0.67%	0.88%	0.47%	0.67%	4.41%	1.93%	0.03%	1.01%	1.50%

Frequently Asked Questions

Can I hold both FBIOX and FNCMX in my portfolio?

FBIOX and FNCMX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBIOX or FNCMX?

FBIOX has higher volatility (6.93%) compared to FNCMX (5.74%). In terms of maximum drawdown, FBIOX dropped -71.98% vs FNCMX's -55.08%.

Which has better risk-adjusted returns?

FBIOX currently has the higher Sharpe Ratio (2.47 vs 1.13), 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.