FBTIX vs. FNILX

Last updated Jun 24, 2026

FBTIX (Fidelity Advisor Biotechnology Fund I Class) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FBTIX is a Health & Biotech Equities fund managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FBTIX returned 10.95%/yr vs 13.32%/yr for FNILX. A 0.59 correlation means they provide meaningful diversification when combined. FBTIX charges 0.73%/yr vs 0.00%/yr for FNILX.

Performance

FBTIX vs. FNILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Biotechnology Fund I Class (FBTIX) and Fidelity ZERO Large Cap Index Fund (FNILX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBTIX achieves a 12.17% return, which is significantly higher than FNILX's 9.63% return.

FBTIX

• 1D: 5.14%
• 1M: 8.18%
• YTD: 12.17%
• 6M: 9.59%
• 1Y: 65.23%
• 3Y*: 22.28%
• 5Y*: 10.95%
• 10Y*: 13.68%

FNILX

• 1D: -0.37%
• 1M: 0.34%
• YTD: 9.63%
• 6M: 8.65%
• 1Y: 25.14%
• 3Y*: 21.66%
• 5Y*: 13.32%
• 10Y*: —

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

FBTIX vs. FNILX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FBTIX Fidelity Advisor Biotechnology Fund I Class	12.17%	39.91%	5.63%	11.02%	-7.74%	-2.86%	32.53%	26.11%	-16.21%
FNILX Fidelity ZERO Large Cap Index Fund	9.63%	17.81%	25.47%	27.45%	-19.37%	26.67%	21.13%	31.79%	-13.60%

Correlation

The correlation between FBTIX and FNILX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018	0.59

The correlation between FBTIX and FNILX shifts across timeframes, from 0.40 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FBTIX vs. FNILX — Risk / Return Rank

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

FBTIX

FBTIX Risk / Return Rank: 88
FBTIX Sharpe Ratio Rank: 91
FBTIX Sortino Ratio Rank: 84
FBTIX Omega Ratio Rank: 75
FBTIX Calmar Ratio Rank: 98
FBTIX Martin Ratio Rank: 95

FNILX

FNILX Risk / Return Rank: 62
FNILX Sharpe Ratio Rank: 60
FNILX Sortino Ratio Rank: 54
FNILX Omega Ratio Rank: 56
FNILX Calmar Ratio Rank: 64
FNILX Martin Ratio Rank: 73

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.

FBTIX vs. FNILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Biotechnology Fund I Class (FBTIX) and Fidelity ZERO Large Cap Index Fund (FNILX). 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.

	FBTIX	FNILX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	2.10	+0.68
Sortino ratio: Return per unit of downside risk	3.70	2.84	+0.86
Omega ratio: Gain probability vs. loss probability	1.44	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	7.26	2.94	+4.32
Martin ratio: Return relative to average drawdown	20.08	12.99	+7.09

FBTIX vs. FNILX - Sharpe Ratio Comparison

The current FBTIX Sharpe Ratio is 2.79, which is higher than the FNILX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FBTIX and FNILX, 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

FBTIX vs. FNILX - Drawdown Comparison

The maximum FBTIX drawdown since its inception was -63.45%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FBTIX and FNILX.

Drawdown Indicators

	FBTIX	FNILX	Difference
Max Drawdown Largest peak-to-trough decline	-63.45%	-33.76%	-29.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-9.01%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-32.80%	-19.08%	-13.72%
Max Drawdown (5Y) Largest decline over 5 years	-36.41%	-25.40%	-11.01%
Max Drawdown (10Y) Largest decline over 10 years	-38.64%	—	—
Current Drawdown Current decline from peak	0.00%	-1.73%	+1.73%
Average Drawdown Average peak-to-trough decline	-20.58%	-5.35%	-15.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.03%	+1.18%

Volatility

FBTIX vs. FNILX - Volatility Comparison

Fidelity Advisor Biotechnology Fund I Class (FBTIX) has a higher volatility of 9.22% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 4.82%. This indicates that FBTIX's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBTIX	FNILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	4.82%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	18.02%	9.90%	+8.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.21%	12.61%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.68%	17.34%	+6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	20.04%	+4.44%

FBTIX vs. FNILX - Expense Ratio Comparison

FBTIX has a 0.73% expense ratio, which is higher than FNILX's 0.00% expense ratio.

Dividends

FBTIX vs. FNILX - Dividend Comparison

FBTIX's dividend yield for the trailing twelve months is around 1.24%, more than FNILX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBTIX Fidelity Advisor Biotechnology Fund I Class	1.24%	1.39%	5.69%	1.36%	0.00%	18.74%	8.01%	6.44%	2.35%	0.00%	0.00%	5.23%
FNILX Fidelity ZERO Large Cap Index Fund	0.92%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FBTIX and FNILX in my portfolio?

FBTIX and FNILX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBTIX or FNILX?

FBTIX has higher volatility (9.22%) compared to FNILX (4.82%). In terms of maximum drawdown, FBTIX dropped -63.45% vs FNILX's -33.76%.

Which has better risk-adjusted returns?

FBTIX currently has the higher Sharpe Ratio (2.79 vs 2.10), 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.