FHLC vs. XLVI

Last updated Aug 2, 2026

FHLC (Fidelity MSCI Health Care Index ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index, while XLVI is a Derivative Income fund actively managed by State Street. FHLC is passively managed, while XLVI is actively managed. Over the past year, FHLC returned 27.92% vs 23.20% for XLVI. Their correlation of 0.94 means they have usually moved in the same direction. FHLC charges 0.08%/yr vs 0.35%/yr for XLVI.

Performance

FHLC vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Health Care Index ETF (FHLC) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHLC achieves a 6.75% return, which is significantly lower than XLVI's 7.10% return.

FHLC

• 1D: -0.87%
• 1M: -1.15%
• 6M: 6.97%
• YTD: 6.75%
• 1Y: 27.92%
• 3Y*: 9.06%
• 5Y*: 5.04%
• 10Y*: 9.78%
• ALL TIME*: 10.72%

XLVI

• 1D: -0.18%
• 1M: 1.17%
• 6M: 6.83%
• YTD: 7.10%
• 1Y: 23.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.35%

*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)
FHLC Fidelity MSCI Health Care Index ETF	$13.10M	$18.62M	$15.92M
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$951.77K	$684.72K	$477.94K

FHLC vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
FHLC Fidelity MSCI Health Care Index ETF	6.75%	17.38%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	7.10%	12.41%

Correlation

The correlation between FHLC and XLVI is 0.95, 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.	0.95
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.94

The correlation between FHLC and XLVI has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FHLC vs. XLVI - Sectors Allocation Comparison

Sectors	FHLC	XLVI
Healthcare	98.9%	100.0%
Technology	0.4%	-
Financial Services	0.0%	100.6%
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FHLC vs. XLVI — Risk / Return Rank

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

FHLC

FHLC Risk / Return Rank: 77
FHLC Sharpe Ratio Rank: 82
FHLC Sortino Ratio Rank: 87
FHLC Omega Ratio Rank: 78
FHLC Calmar Ratio Rank: 78
FHLC Martin Ratio Rank: 58

XLVI

XLVI Risk / Return Rank: 84
XLVI Sharpe Ratio Rank: 90
XLVI Sortino Ratio Rank: 92
XLVI Omega Ratio Rank: 90
XLVI Calmar Ratio Rank: 81
XLVI Martin Ratio Rank: 68

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.

FHLC vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Health Care Index ETF (FHLC) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.25	-0.36
Sortino ratio: Return per unit of downside risk	2.91	3.37	-0.46
Omega ratio: Gain probability vs. loss probability	1.33	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.75	2.96	-0.21
Martin ratio: Return relative to average drawdown	6.86	8.37	-1.51

FHLC vs. XLVI - Sharpe Ratio Comparison

The current FHLC Sharpe Ratio is 1.89, which is comparable to the XLVI Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of FHLC and XLVI, 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. XLVI - Drawdown Comparison

The maximum FHLC drawdown since its inception was -28.76%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for FHLC and XLVI.

Drawdown Indicators

	FHLC	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-28.76%	-8.14%	-20.62%
Max Drawdown (1Y) Largest decline over 1 year	-10.38%	-8.14%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.73%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.76%	—	—
Current Drawdown Current decline from peak	-2.78%	-1.46%	-1.32%
Average Drawdown Average peak-to-trough decline	-5.16%	-1.78%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.87%	+1.29%

Volatility

FHLC vs. XLVI - Volatility Comparison

Fidelity MSCI Health Care Index ETF (FHLC) has a higher volatility of 5.57% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.38%. This indicates that FHLC's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHLC	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	3.38%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	8.73%	+2.96%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	11.07%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.25%	11.05%	+4.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	11.05%	+5.84%

FHLC vs. XLVI - Expense Ratio Comparison

FHLC has a 0.08% expense ratio, which is lower than XLVI's 0.35% expense ratio.

Dividends

FHLC vs. XLVI - Dividend Comparison

FHLC's dividend yield for the trailing twelve months is around 1.30%, less than XLVI's 11.80% yield.

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%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.80%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHLC and XLVI in my portfolio?

With a correlation of 0.95, FHLC and XLVI 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, FHLC or XLVI?

FHLC has higher volatility (5.57%) compared to XLVI (3.38%). In terms of maximum drawdown, FHLC dropped -28.76% vs XLVI's -8.14%.

Which ETF is better, FHLC or XLVI?

On 1-year performance, FHLC leads with 27.92% vs 23.20% for XLVI. On fees, FHLC is cheaper at 0.08% per year. On volatility, XLVI has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHLC or XLVI?

Over the 1-year period, FHLC has performed better with a 27.92% return vs 23.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHLC or XLVI?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.35% for XLVI.

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

XLVI has the higher dividend yield at 11.80%, compared with 1.30% for FHLC.

What is the main difference between FHLC and XLVI?

FHLC is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FHLC and 0.35% for XLVI.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.25 vs 1.89), 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.