FHLC vs. XLVI

Last updated Jun 4, 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. With a 0.95 correlation, they move nearly in lockstep. 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 -3.90% return, which is significantly lower than XLVI's -0.67% return.

FHLC

• 1D: 0.82%
• 1M: 1.50%
• YTD: -3.90%
• 6M: -4.11%
• 1Y: 14.43%
• 3Y*: 6.14%
• 5Y*: 4.50%
• 10Y*: 9.14%

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHLC vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
FHLC Fidelity MSCI Health Care Index ETF	-3.90%	17.37%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%

Correlation

The correlation between FHLC and XLVI is 0.95 - 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 (All Time) Calculated using the full available price history since Jul 31, 2025	0.95

FHLC vs. XLVI - Sectors Allocation Comparison

Sectors	FHLC	XLVI
Healthcare	99.6%	-
Financial Services	0.1%	100.6%
Technology	0.0%	-
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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHLC

FHLC Risk / Return Rank: 27
FHLC Sharpe Ratio Rank: 27
FHLC Sortino Ratio Rank: 29
FHLC Omega Ratio Rank: 26
FHLC Calmar Ratio Rank: 28
FHLC Martin Ratio Rank: 26

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. 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.

	FHLC	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	1.01	—	—
Sortino ratio: Return per unit of downside risk	1.58	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.40	—	—
Martin ratio: Return relative to average drawdown	3.52	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FHLC	XLVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.33	-0.72

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%	—	—
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	-6.96%	-4.02%	-2.94%
Average Drawdown Average peak-to-trough decline	-5.19%	-1.95%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.11%	—	—

Volatility

Volatility by Period

	FHLC	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.33%	10.94%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	10.94%	+4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	10.94%	+5.87%

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 1.43%, less than XLVI's 11.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.43%	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	11.53%	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 ETF is better, FHLC or XLVI?

On fees, FHLC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 11.53%, compared with 1.43% 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.