FHLC vs. GSG
FHLC (Fidelity MSCI Health Care Index ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, FHLC returned 9.95%/yr vs 7.40%/yr for GSG. At a 0.11 correlation, their price movements are largely independent. FHLC charges 0.08%/yr vs 0.75%/yr for GSG.
Performance
FHLC vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, FHLC achieves a 6.34% return, which is significantly lower than GSG's 32.35% return. Over the past 10 years, FHLC has outperformed GSG with an annualized return of 9.95%, while GSG has yielded a comparatively lower 7.40% annualized return.
FHLC
- 1D
- 0.06%
- 1M
- 6.31%
- 6M
- 4.63%
- YTD
- 6.34%
- 1Y
- 24.09%
- 3Y*
- 9.27%
- 5Y*
- 5.56%
- 10Y*
- 9.95%
GSG
- 1D
- 3.60%
- 1M
- -0.20%
- 6M
- 28.24%
- YTD
- 32.35%
- 1Y
- 34.57%
- 3Y*
- 14.41%
- 5Y*
- 13.83%
- 10Y*
- 7.40%
FHLC vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FHLC Fidelity MSCI Health Care Index ETF | 6.34% | 15.42% | 2.48% | 2.58% | -5.55% | 20.39% | 18.13% | 21.94% | 4.71% | 23.34% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 32.35% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between FHLC and GSG is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.11 |
The correlation between FHLC and GSG shifts across timeframes, from -0.26 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FHLC vs. GSG — Risk / Return Rank
FHLC
GSG
FHLC vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Health Care Index ETF (FHLC) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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.
| FHLC | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.85 | +0.48 |
| Martin ratioReturn relative to average drawdown | 5.77 | 6.29 | -0.52 |
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Drawdowns
FHLC vs. GSG - Drawdown Comparison
The maximum FHLC drawdown since its inception was -28.76%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for FHLC and GSG.
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Drawdown Indicators
| FHLC | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.76% | -89.62% | +60.86% |
Max Drawdown (1Y)Largest decline over 1 year | -10.38% | -18.81% | +8.43% |
Max Drawdown (3Y)Largest decline over 3 years | -16.87% | -18.81% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -17.73% | -29.12% | +11.39% |
Max Drawdown (10Y)Largest decline over 10 years | -28.76% | -57.64% | +28.88% |
Current DrawdownCurrent decline from peak | -2.12% | -60.04% | +57.92% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -63.69% | +58.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.19% | 5.51% | -1.32% |
Volatility
FHLC vs. GSG - Volatility Comparison
The current volatility for Fidelity MSCI Health Care Index ETF (FHLC) is 5.37%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.35%. This indicates that FHLC experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHLC | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 7.35% | -1.98% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 21.50% | -10.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.34% | 23.48% | -8.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.18% | 22.80% | -7.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.85% | 22.00% | -5.15% |
FHLC vs. GSG - Expense Ratio Comparison
FHLC has a 0.08% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
FHLC vs. GSG - Dividend Comparison
FHLC's dividend yield for the trailing twelve months is around 1.30%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FHLC and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.35%) compared to FHLC (5.37%). In terms of maximum drawdown, FHLC dropped -28.76% vs GSG's -89.62%.
On 10-year performance, FHLC leads with 9.95% vs 7.40% for GSG. On fees, FHLC is cheaper at 0.08% per year. On volatility, FHLC has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FHLC has performed better with a 9.95% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FHLC is cheaper with a 0.08% expense ratio, compared with 0.75% for GSG.
FHLC has the higher dividend yield at 1.30%, compared with 0.00% for GSG.
FHLC is categorized as Health & Biotech Equities, while GSG is Commodities. FHLC tracks MSCI USA IMI Health Care Index, while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FHLC and 0.75% for GSG.
FHLC currently has the higher Sharpe Ratio (1.58 vs 1.48), 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.
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