FIKGX vs. SMH

Last updated Jun 3, 2026

FIKGX (Fidelity Advisor Semiconductors Fund Class Z) and SMH (VanEck Semiconductor ETF) are both funds - FIKGX is a Technology Equities fund managed by Fidelity, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 5 years, FIKGX returned 40.25%/yr vs 39.58%/yr for SMH. With a 0.98 correlation, they move nearly in lockstep. FIKGX charges 0.62%/yr vs 0.35%/yr for SMH.

Performance

FIKGX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Semiconductors Fund Class Z (FIKGX) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FIKGX having a 73.94% return and SMH slightly higher at 75.55%.

FIKGX

• 1D: 2.05%
• 1M: 18.64%
• YTD: 73.94%
• 6M: 75.14%
• 1Y: 161.68%
• 3Y*: 57.58%
• 5Y*: 40.25%
• 10Y*: —

SMH

• 1D: 4.01%
• 1M: 24.01%
• YTD: 75.55%
• 6M: 76.44%
• 1Y: 160.66%
• 3Y*: 63.68%
• 5Y*: 39.58%
• 10Y*: 37.55%

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

FIKGX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FIKGX Fidelity Advisor Semiconductors Fund Class Z	73.94%	45.43%	35.88%	75.75%	-34.81%	58.07%	44.21%	64.45%	-11.11%
SMH VanEck Semiconductor ETF	75.55%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-10.19%

Correlation

The correlation between FIKGX and SMH 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 (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 18, 2018	0.98

The correlation between FIKGX and SMH has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

FIKGX vs. SMH — Risk / Return Rank

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

FIKGX

FIKGX Risk / Return Rank: 97
FIKGX Sharpe Ratio Rank: 99
FIKGX Sortino Ratio Rank: 95
FIKGX Omega Ratio Rank: 92
FIKGX Calmar Ratio Rank: 99
FIKGX Martin Ratio Rank: 99

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

FIKGX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Semiconductors Fund Class Z (FIKGX) and VanEck Semiconductor ETF (SMH). 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.

	FIKGX	SMH	Difference
Sharpe ratio Return per unit of total volatility	5.22	5.29	-0.07
Sortino ratio Return per unit of downside risk	5.11	5.29	-0.18
Omega ratio Gain probability vs. loss probability	1.70	1.73	-0.04
Calmar ratio Return relative to maximum drawdown	10.89	11.02	-0.13
Martin ratio Return relative to average drawdown	42.52	42.34	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIKGX vs. SMH - Sharpe Ratio Comparison

The current FIKGX Sharpe Ratio is 5.22, which is comparable to the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of FIKGX and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIKGX	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.22	5.29	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	1.14	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.34	+0.72

Drawdowns

FIKGX vs. SMH - Drawdown Comparison

The maximum FIKGX drawdown since its inception was -45.98%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FIKGX and SMH.

Drawdown Indicators

	FIKGX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-45.98%	-84.96%	+38.98%
Max Drawdown (1Y) Largest decline over 1 year	-14.64%	-14.93%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-39.67%	-35.74%	-3.93%
Max Drawdown (5Y) Largest decline over 5 years	-45.98%	-45.30%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.30%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.81%	-41.09%	+31.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	3.89%	-0.14%

Volatility

FIKGX vs. SMH - Volatility Comparison

The current volatility for Fidelity Advisor Semiconductors Fund Class Z (FIKGX) is 10.64%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.59%. This indicates that FIKGX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIKGX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.64%	11.59%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	24.65%	24.29%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	32.03%	30.57%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.33%	35.02%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.33%	32.58%	+5.75%

FIKGX vs. SMH - Expense Ratio Comparison

FIKGX has a 0.62% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FIKGX vs. SMH - Dividend Comparison

FIKGX's dividend yield for the trailing twelve months is around 3.83%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIKGX Fidelity Advisor Semiconductors Fund Class Z	3.83%	6.67%	0.00%	3.14%	3.08%	4.19%	4.54%	1.08%	19.72%	0.00%	0.00%	0.00%
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%

Frequently Asked Questions

Can I hold both FIKGX and SMH in my portfolio?

With a correlation of 0.95, FIKGX and SMH 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, FIKGX or SMH?

SMH has higher volatility (11.59%) compared to FIKGX (10.64%). In terms of maximum drawdown, FIKGX dropped -45.98% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.29 vs 5.22), 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.