FBTAX vs. FBTTX

Last updated Jun 24, 2026

FBTAX (Fidelity Advisor Biotechnology Fund Class A) and FBTTX (Fidelity Advisor Biotechnology Fund Class M) are both Health & Biotech Equities funds from Fidelity. Over the past 10 years, FBTAX returned 13.38%/yr vs 13.06%/yr for FBTTX. With a 1.00 correlation, they move nearly in lockstep. FBTAX charges 1.00%/yr vs 1.28%/yr for FBTTX.

Performance

FBTAX vs. FBTTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Biotechnology Fund Class A (FBTAX) and Fidelity Advisor Biotechnology Fund Class M (FBTTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FBTAX having a 12.02% return and FBTTX slightly lower at 11.90%. Both investments have delivered pretty close results over the past 10 years, with FBTAX having a 13.38% annualized return and FBTTX not far behind at 13.06%.

FBTAX

• 1D: 5.11%
• 1M: 8.15%
• YTD: 12.02%
• 6M: 9.45%
• 1Y: 64.79%
• 3Y*: 21.95%
• 5Y*: 10.67%
• 10Y*: 13.38%

FBTTX

• 1D: 5.15%
• 1M: 8.14%
• YTD: 11.90%
• 6M: 9.32%
• 1Y: 64.42%
• 3Y*: 21.66%
• 5Y*: 10.39%
• 10Y*: 13.06%

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

FBTAX vs. FBTTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBTAX Fidelity Advisor Biotechnology Fund Class A	12.02%	39.54%	5.37%	10.70%	-7.95%	-3.10%	32.17%	25.74%	-3.86%	25.80%
FBTTX Fidelity Advisor Biotechnology Fund Class M	11.90%	39.21%	5.08%	10.43%	-8.22%	-3.35%	31.82%	25.39%	-4.19%	25.37%

Correlation

The correlation between FBTAX and FBTTX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Dec 27, 2000	1.00

The correlation between FBTAX and FBTTX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

FBTAX vs. FBTTX — Risk / Return Rank

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

FBTAX

FBTAX Risk / Return Rank: 88
FBTAX Sharpe Ratio Rank: 90
FBTAX Sortino Ratio Rank: 84
FBTAX Omega Ratio Rank: 74
FBTAX Calmar Ratio Rank: 98
FBTAX Martin Ratio Rank: 95

FBTTX

FBTTX Risk / Return Rank: 88
FBTTX Sharpe Ratio Rank: 90
FBTTX Sortino Ratio Rank: 84
FBTTX Omega Ratio Rank: 73
FBTTX Calmar Ratio Rank: 97
FBTTX Martin Ratio Rank: 94

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.

FBTAX vs. FBTTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Biotechnology Fund Class A (FBTAX) and Fidelity Advisor Biotechnology Fund Class M (FBTTX). 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.

	FBTAX	FBTTX	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.75	+0.02
Sortino ratio: Return per unit of downside risk	3.68	3.66	+0.02
Omega ratio: Gain probability vs. loss probability	1.44	1.44	0.00
Calmar ratio: Return relative to maximum drawdown	7.20	7.14	+0.07
Martin ratio: Return relative to average drawdown	19.85	19.59	+0.25

FBTAX vs. FBTTX - Sharpe Ratio Comparison

The current FBTAX Sharpe Ratio is 2.77, which is comparable to the FBTTX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of FBTAX and FBTTX, 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

FBTAX vs. FBTTX - Drawdown Comparison

The maximum FBTAX drawdown since its inception was -63.55%, roughly equal to the maximum FBTTX drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for FBTAX and FBTTX.

Drawdown Indicators

	FBTAX	FBTTX	Difference
Max Drawdown Largest peak-to-trough decline	-63.55%	-63.75%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-8.94%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-32.86%	-32.91%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.51%	-36.64%	+0.13%
Max Drawdown (10Y) Largest decline over 10 years	-38.82%	-39.04%	+0.22%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.18%	-21.79%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.25%	-0.02%

Volatility

FBTAX vs. FBTTX - Volatility Comparison

Fidelity Advisor Biotechnology Fund Class A (FBTAX) and Fidelity Advisor Biotechnology Fund Class M (FBTTX) have volatilities of 9.20% and 9.21%, 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

	FBTAX	FBTTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	9.21%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	18.01%	18.01%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	23.21%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.69%	23.68%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.49%	24.49%	0.00%

FBTAX vs. FBTTX - Expense Ratio Comparison

FBTAX has a 1.00% expense ratio, which is lower than FBTTX's 1.28% expense ratio.

Dividends

FBTAX vs. FBTTX - Dividend Comparison

FBTAX's dividend yield for the trailing twelve months is around 1.30%, less than FBTTX's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBTAX Fidelity Advisor Biotechnology Fund Class A	1.30%	1.45%	6.00%	1.15%	0.00%	20.12%	8.37%	6.77%	2.50%	0.00%	0.00%	5.36%
FBTTX Fidelity Advisor Biotechnology Fund Class M	1.37%	1.53%	6.41%	0.93%	0.00%	21.60%	8.79%	7.10%	2.64%	0.00%	0.00%	5.42%

Frequently Asked Questions

Can I hold both FBTAX and FBTTX in my portfolio?

With a correlation of 1.00, FBTAX and FBTTX 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, FBTAX or FBTTX?

FBTTX has higher volatility (9.21%) compared to FBTAX (9.20%). In terms of maximum drawdown, FBTAX dropped -63.55% vs FBTTX's -63.75%.

Which has better risk-adjusted returns?

FBTAX currently has the higher Sharpe Ratio (2.77 vs 2.75), 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.