FELAX vs. SMH

Last updated Jun 23, 2026

FELAX (Fidelity Advisor Semiconductors Fund Class A) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds. FELAX is actively managed, while SMH is passively managed. Over the past 10 years, FELAX returned 37.50%/yr vs 38.85%/yr for SMH. With a 0.96 correlation, they move nearly in lockstep. FELAX charges 0.94%/yr vs 0.35%/yr for SMH.

Performance

FELAX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Semiconductors Fund Class A (FELAX) and VanEck Semiconductor ETF (SMH). 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 FELAX having a 86.83% return and SMH slightly lower at 85.74%. Both investments have delivered pretty close results over the past 10 years, with FELAX having a 37.50% annualized return and SMH not far ahead at 38.85%.

FELAX

• 1D: 5.52%
• 1M: 12.81%
• YTD: 86.83%
• 6M: 85.92%
• 1Y: 160.40%
• 3Y*: 61.30%
• 5Y*: 43.26%
• 10Y*: 37.50%

SMH

• 1D: 1.37%
• 1M: 16.07%
• YTD: 85.74%
• 6M: 85.96%
• 1Y: 157.81%
• 3Y*: 66.26%
• 5Y*: 40.65%
• 10Y*: 38.85%

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

FELAX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FELAX Fidelity Advisor Semiconductors Fund Class A	86.83%	44.88%	43.74%	75.08%	-35.07%	57.50%	43.57%	63.76%	-12.76%	34.12%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FELAX and SMH is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 27, 2000	0.96

The correlation between FELAX and SMH has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

FELAX vs. SMH - Sectors Allocation Comparison

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

Return for Risk

FELAX vs. SMH — Risk / Return Rank

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

FELAX

FELAX Risk / Return Rank: 96
FELAX Sharpe Ratio Rank: 99
FELAX Sortino Ratio Rank: 93
FELAX Omega Ratio Rank: 90
FELAX Calmar Ratio Rank: 99
FELAX Martin Ratio Rank: 99

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

FELAX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Semiconductors Fund Class A (FELAX) and VanEck Semiconductor ETF (SMH). 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.

	FELAX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	4.46	4.66	-0.20
Sortino ratio: Return per unit of downside risk	4.42	4.60	-0.19
Omega ratio: Gain probability vs. loss probability	1.61	1.66	-0.04
Calmar ratio: Return relative to maximum drawdown	10.88	10.63	+0.24
Martin ratio: Return relative to average drawdown	39.59	38.91	+0.68

FELAX vs. SMH - Sharpe Ratio Comparison

The current FELAX Sharpe Ratio is 4.46, which is comparable to the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of FELAX and SMH, 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

FELAX vs. SMH - Drawdown Comparison

The maximum FELAX drawdown since its inception was -71.33%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FELAX and SMH.

Drawdown Indicators

	FELAX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-71.33%	-84.96%	+13.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.66%	-14.93%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-36.43%	-35.74%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-46.15%	-45.30%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-46.15%	-45.30%	-0.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-21.85%	-41.01%	+19.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	4.07%	-0.05%

Volatility

FELAX vs. SMH - Volatility Comparison

Fidelity Advisor Semiconductors Fund Class A (FELAX) has a higher volatility of 18.37% compared to VanEck Semiconductor ETF (SMH) at 17.29%. This indicates that FELAX's price experiences larger fluctuations and is considered to be riskier than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FELAX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.37%	17.29%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	29.17%	28.18%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	35.76%	34.14%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.95%	35.68%	+3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.03%	32.95%	+2.08%

FELAX vs. SMH - Expense Ratio Comparison

FELAX has a 0.94% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FELAX vs. SMH - Dividend Comparison

FELAX's dividend yield for the trailing twelve months is around 3.73%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FELAX Fidelity Advisor Semiconductors Fund Class A	3.73%	6.96%	7.02%	3.40%	3.32%	4.34%	4.51%	1.00%	20.15%	9.67%	0.36%	10.71%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both FELAX and SMH in my portfolio?

With a correlation of 0.96, FELAX and SMH 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, FELAX or SMH?

FELAX has higher volatility (18.37%) compared to SMH (17.29%). In terms of maximum drawdown, FELAX dropped -71.33% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 vs 4.46), 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.