FHLC vs. IVV

Last updated Jun 14, 2026

FHLC (Fidelity MSCI Health Care Index ETF) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FHLC returned 9.76%/yr vs 15.47%/yr for IVV. A 0.72 correlation means they provide meaningful diversification when combined. FHLC charges 0.08%/yr vs 0.03%/yr for IVV.

Performance

FHLC vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Health Care Index ETF (FHLC) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHLC achieves a 0.03% return, which is significantly lower than IVV's 9.08% return. Over the past 10 years, FHLC has underperformed IVV with an annualized return of 9.76%, while IVV has yielded a comparatively higher 15.47% annualized return.

FHLC

• 1D: -0.13%
• 1M: 5.86%
• YTD: 0.03%
• 6M: 0.58%
• 1Y: 16.58%
• 3Y*: 7.18%
• 5Y*: 4.76%
• 10Y*: 9.76%

IVV

• 1D: 0.55%
• 1M: 0.36%
• YTD: 9.08%
• 6M: 9.43%
• 1Y: 25.77%
• 3Y*: 20.95%
• 5Y*: 13.42%
• 10Y*: 15.47%

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

FHLC vs. IVV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FHLC Fidelity MSCI Health Care Index ETF	0.03%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%
IVV iShares Core S&P 500 ETF	9.08%	17.85%	24.93%	26.31%	-18.16%	28.76%	18.40%	31.07%	-4.49%	21.75%

Correlation

The correlation between FHLC and IVV is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.72

Over the past year, the correlation between FHLC and IVV has dropped to 0.39 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

FHLC vs. IVV - Sectors Allocation Comparison

Sectors	FHLC	IVV
Healthcare	99.6%	8.3%
Financial Services	0.0%	11.1%
Technology	0.0%	39.0%
Industrials	0.0%	7.8%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

FHLC vs. IVV — Risk / Return Rank

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

FHLC

FHLC Risk / Return Rank: 34
FHLC Sharpe Ratio Rank: 34
FHLC Sortino Ratio Rank: 37
FHLC Omega Ratio Rank: 32
FHLC Calmar Ratio Rank: 35
FHLC Martin Ratio Rank: 30

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 69
IVV Omega Ratio Rank: 71
IVV Calmar Ratio Rank: 63
IVV Martin Ratio Rank: 76

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.

FHLC vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Health Care Index ETF (FHLC) and iShares Core S&P 500 ETF (IVV). 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	IVV	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.00	-0.90
Sortino ratio: Return per unit of downside risk	1.72	2.70	-0.98
Omega ratio: Gain probability vs. loss probability	1.19	1.36	-0.17
Calmar ratio: Return relative to maximum drawdown	1.55	2.76	-1.21
Martin ratio: Return relative to average drawdown	3.86	12.43	-8.57

FHLC vs. IVV - Sharpe Ratio Comparison

The current FHLC Sharpe Ratio is 1.09, which is lower than the IVV Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of FHLC and IVV, 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

FHLC vs. IVV - Drawdown Comparison

The maximum FHLC drawdown since its inception was -28.76%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for FHLC and IVV.

Drawdown Indicators

	FHLC	IVV	Difference
Max Drawdown Largest peak-to-trough decline	-28.76%	-55.25%	+26.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-8.89%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-18.75%	+1.88%
Max Drawdown (5Y) Largest decline over 5 years	-17.73%	-24.53%	+6.80%
Max Drawdown (10Y) Largest decline over 10 years	-28.76%	-33.90%	+5.14%
Current Drawdown Current decline from peak	-3.15%	-2.35%	-0.80%
Average Drawdown Average peak-to-trough decline	-5.19%	-10.77%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	1.97%	+2.19%

Volatility

FHLC vs. IVV - Volatility Comparison

Fidelity MSCI Health Care Index ETF (FHLC) has a higher volatility of 4.87% compared to iShares Core S&P 500 ETF (IVV) at 4.37%. This indicates that FHLC's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHLC	IVV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	4.37%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	9.59%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	14.69%	12.28%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	16.95%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.84%	18.08%	-1.24%

FHLC vs. IVV - Expense Ratio Comparison

FHLC has a 0.08% expense ratio, which is higher than IVV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FHLC vs. IVV - Dividend Comparison

FHLC's dividend yield for the trailing twelve months is around 1.37%, more than IVV's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.37%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
IVV iShares Core S&P 500 ETF	1.08%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%

Frequently Asked Questions

Can I hold both FHLC and IVV in my portfolio?

FHLC and IVV have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHLC or IVV?

FHLC has higher volatility (4.87%) compared to IVV (4.37%). In terms of maximum drawdown, FHLC dropped -28.76% vs IVV's -55.25%.

Which ETF is better, FHLC or IVV?

On 10-year performance, IVV leads with 15.47% vs 9.76% for FHLC. On fees, IVV is cheaper at 0.03% per year. On volatility, IVV has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHLC or IVV?

Over the 10-year period, IVV has performed better with a 15.47% return vs 9.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHLC or IVV?

IVV is cheaper with a 0.03% expense ratio, compared with 0.08% for FHLC.

Which ETF pays a higher dividend yield, FHLC or IVV?

FHLC has the higher dividend yield at 1.37%, compared with 1.08% for IVV.

What is the main difference between FHLC and IVV?

FHLC is categorized as Health & Biotech Equities, while IVV is S&P 500. FHLC tracks MSCI USA IMI Health Care Index, while IVV tracks S&P 500 Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FHLC and 0.03% for IVV.

Which has better risk-adjusted returns?

IVV currently has the higher Sharpe Ratio (2.00 vs 1.09), 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.