FBIOX vs. IBB

Last updated Aug 2, 2026

FBIOX (Fidelity Select Biotechnology Portfolio) and IBB (iShares Nasdaq Biotechnology ETF) are both Health & Biotech Equities funds. FBIOX is actively managed, while IBB is passively managed. Over the past 10 years, FBIOX returned 10.77%/yr vs 6.89%/yr for IBB. Their correlation of 0.95 means they have usually moved in the same direction. FBIOX charges 0.62%/yr vs 0.47%/yr for IBB.

Performance

FBIOX vs. IBB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Biotechnology Portfolio (FBIOX) and iShares Nasdaq Biotechnology ETF (IBB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBIOX achieves a 19.61% return, which is significantly higher than IBB's 10.55% return. Over the past 10 years, FBIOX has outperformed IBB with an annualized return of 10.77%, while IBB has yielded a comparatively lower 6.89% annualized return.

FBIOX

• 1D: 0.87%
• 1M: -2.34%
• 6M: 17.88%
• YTD: 19.61%
• 1Y: 56.46%
• 3Y*: 22.74%
• 5Y*: 8.42%
• 10Y*: 10.77%
• ALL TIME*: 12.90%

IBB

• 1D: -1.87%
• 1M: -4.75%
• 6M: 8.20%
• YTD: 10.55%
• 1Y: 40.47%
• 3Y*: 13.65%
• 5Y*: 2.65%
• 10Y*: 6.89%
• ALL TIME*: 7.16%

*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
IBB iShares Nasdaq Biotechnology ETF	$252.83M	$308.82M	$278.87M

FBIOX vs. IBB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBIOX Fidelity Select Biotechnology Portfolio	19.61%	36.38%	7.26%	10.09%	-15.87%	-12.26%	38.62%	36.12%	-10.92%	27.87%
IBB iShares Nasdaq Biotechnology ETF	10.55%	27.98%	-2.41%	3.76%	-13.69%	0.95%	26.01%	25.42%	-9.53%	21.08%

Correlation

The correlation between FBIOX and IBB is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Feb 12, 2001	0.95

The correlation between FBIOX and IBB has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

FBIOX vs. IBB - Sectors Allocation Comparison

Sectors	FBIOX	IBB
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBIOX vs. IBB — Risk / Return Rank

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

FBIOX

FBIOX Risk / Return Rank: 94
FBIOX Sharpe Ratio Rank: 97
FBIOX Sortino Ratio Rank: 92
FBIOX Omega Ratio Rank: 87
FBIOX Calmar Ratio Rank: 98
FBIOX Martin Ratio Rank: 98

IBB

IBB Risk / Return Rank: 86
IBB Sharpe Ratio Rank: 86
IBB Sortino Ratio Rank: 85
IBB Omega Ratio Rank: 79
IBB Calmar Ratio Rank: 92
IBB Martin Ratio Rank: 86

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. IBB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Biotechnology Portfolio (FBIOX) and iShares Nasdaq Biotechnology ETF (IBB). 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	IBB	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.00	+0.72
Sortino ratio: Return per unit of downside risk	3.58	2.80	+0.78
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	7.69	4.25	+3.44
Martin ratio: Return relative to average drawdown	21.50	12.35	+9.15

FBIOX vs. IBB - Sharpe Ratio Comparison

The current FBIOX Sharpe Ratio is 2.73, which is higher than the IBB Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FBIOX and IBB, 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. IBB - Drawdown Comparison

The maximum FBIOX drawdown since its inception was -71.98%, which is greater than IBB's maximum drawdown of -62.85%. Use the drawdown chart below to compare losses from any high point for FBIOX and IBB.

Drawdown Indicators

	FBIOX	IBB	Difference
Max Drawdown Largest peak-to-trough decline	-71.98%	-62.85%	-9.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-9.63%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-27.83%	-24.85%	-2.98%
Max Drawdown (5Y) Largest decline over 5 years	-44.87%	-39.82%	-5.05%
Max Drawdown (10Y) Largest decline over 10 years	-48.66%	-39.82%	-8.84%
Current Drawdown Current decline from peak	-3.58%	-5.96%	+2.38%
Average Drawdown Average peak-to-trough decline	-23.55%	-21.06%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	3.31%	-0.59%

Volatility

FBIOX vs. IBB - Volatility Comparison

Fidelity Select Biotechnology Portfolio (FBIOX) and iShares Nasdaq Biotechnology ETF (IBB) have volatilities of 6.44% and 6.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBIOX	IBB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.44%	6.14%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	16.90%	15.87%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	21.49%	20.45%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.11%	22.12%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.16%	23.12%	+3.04%

FBIOX vs. IBB - Expense Ratio Comparison

FBIOX has a 0.62% expense ratio, which is higher than IBB's 0.47% expense ratio.

Dividends

FBIOX vs. IBB - Dividend Comparison

FBIOX's dividend yield for the trailing twelve months is around 5.62%, more than IBB's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBIOX Fidelity Select Biotechnology Portfolio	5.62%	2.47%	1.21%	0.45%	0.00%	14.48%	19.46%	8.89%	11.18%	1.41%	3.42%	6.71%
IBB iShares Nasdaq Biotechnology ETF	0.22%	0.23%	0.29%	0.26%	0.31%	0.21%	0.21%	0.33%	0.20%	0.30%	0.19%	0.03%

Frequently Asked Questions

Can I hold both FBIOX and IBB in my portfolio?

With a correlation of 0.91, FBIOX and IBB 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, FBIOX or IBB?

FBIOX has higher volatility (6.44%) compared to IBB (6.14%). In terms of maximum drawdown, FBIOX dropped -71.98% vs IBB's -62.85%.

Which has better risk-adjusted returns?

FBIOX currently has the higher Sharpe Ratio (2.73 vs 2.00), 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.