FHCIX vs. FHLC

Last updated Aug 4, 2026

FHCIX (Fidelity Advisor Health Care Fund Class I) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds from Fidelity. Over the past 10 years, FHCIX returned 9.42%/yr vs 9.77%/yr for FHLC. Their correlation of 0.91 means they have usually moved in the same direction. FHCIX charges 0.71%/yr vs 0.08%/yr for FHLC.

Performance

FHCIX vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Health Care Fund Class I (FHCIX) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHCIX achieves a 8.74% return, which is significantly higher than FHLC's 6.71% return. Both investments have delivered pretty close results over the past 10 years, with FHCIX having a 9.42% annualized return and FHLC not far ahead at 9.77%.

FHCIX

• 1D: -1.74%
• 1M: -2.97%
• 6M: 7.78%
• YTD: 8.74%
• 1Y: 30.44%
• 3Y*: 9.52%
• 5Y*: 3.69%
• 10Y*: 9.42%
• ALL TIME*: 11.32%

FHLC

• 1D: -0.04%
• 1M: -1.19%
• 6M: 6.28%
• YTD: 6.71%
• 1Y: 27.87%
• 3Y*: 9.42%
• 5Y*: 4.81%
• 10Y*: 9.77%
• ALL TIME*: 10.71%

*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)
FHCIX Fidelity Advisor Health Care Fund Class I	$0.00	$0.00	$0.00
FHLC Fidelity MSCI Health Care Index ETF	$13.38M	$17.91M	$16.14M

FHCIX vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHCIX Fidelity Advisor Health Care Fund Class I	8.74%	14.48%	4.22%	4.07%	-12.84%	11.53%	21.40%	28.22%	7.51%	24.38%
FHLC Fidelity MSCI Health Care Index ETF	6.71%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between FHCIX and FHLC is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.91

The correlation between FHCIX and FHLC shifts across timeframes, from 0.80 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FHCIX vs. FHLC — Risk / Return Rank

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

FHCIX

FHCIX Risk / Return Rank: 62
FHCIX Sharpe Ratio Rank: 72
FHCIX Sortino Ratio Rank: 75
FHCIX Omega Ratio Rank: 62
FHCIX Calmar Ratio Rank: 62
FHCIX Martin Ratio Rank: 37

FHLC

FHLC Risk / Return Rank: 74
FHLC Sharpe Ratio Rank: 79
FHLC Sortino Ratio Rank: 85
FHLC Omega Ratio Rank: 75
FHLC Calmar Ratio Rank: 75
FHLC Martin Ratio Rank: 55

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.

FHCIX vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Health Care Fund Class I (FHCIX) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	FHCIX	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.85	-0.09
Sortino ratio: Return per unit of downside risk	2.63	2.86	-0.22
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.25	2.70	-0.45
Martin ratio: Return relative to average drawdown	5.90	6.71	-0.81

FHCIX vs. FHLC - Sharpe Ratio Comparison

The current FHCIX Sharpe Ratio is 1.76, which is comparable to the FHLC Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FHCIX and FHLC, 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

FHCIX vs. FHLC - Drawdown Comparison

The maximum FHCIX drawdown since its inception was -44.75%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for FHCIX and FHLC.

Drawdown Indicators

	FHCIX	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-44.75%	-28.76%	-15.99%
Max Drawdown (1Y) Largest decline over 1 year	-13.37%	-10.38%	-2.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.38%	-16.87%	-0.51%
Max Drawdown (5Y) Largest decline over 5 years	-29.24%	-17.73%	-11.51%
Max Drawdown (10Y) Largest decline over 10 years	-29.24%	-28.76%	-0.48%
Current Drawdown Current decline from peak	-4.18%	-2.81%	-1.37%
Average Drawdown Average peak-to-trough decline	-9.16%	-5.16%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	4.16%	+0.92%

Volatility

FHCIX vs. FHLC - Volatility Comparison

Fidelity Advisor Health Care Fund Class I (FHCIX) has a higher volatility of 5.40% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.94%. This indicates that FHCIX's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHCIX	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.94%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	11.69%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	17.07%	15.17%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	15.25%	+2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.82%	16.90%	+1.92%

FHCIX vs. FHLC - Expense Ratio Comparison

FHCIX has a 0.71% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

FHCIX vs. FHLC - Dividend Comparison

FHCIX's dividend yield for the trailing twelve months is around 10.63%, more than FHLC's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHCIX Fidelity Advisor Health Care Fund Class I	10.63%	11.56%	10.92%	0.00%	0.00%	5.64%	5.72%	0.48%	4.65%	0.06%	0.00%	6.29%
FHLC Fidelity MSCI Health Care Index ETF	1.30%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%

Frequently Asked Questions

Can I hold both FHCIX and FHLC in my portfolio?

FHCIX and FHLC have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHCIX or FHLC?

FHCIX has higher volatility (5.40%) compared to FHLC (4.94%). In terms of maximum drawdown, FHCIX dropped -44.75% vs FHLC's -28.76%.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.85 vs 1.76), 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.