FMED vs. FHLC

Last updated Jun 3, 2026

FMED (Fidelity Disruptive Medicine ETF) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds from Fidelity. FMED is actively managed, while FHLC is passively managed. Over the past year, FMED returned 4.49% vs 13.84% for FHLC. A 0.75 correlation means they provide meaningful diversification when combined. FMED charges 0.50%/yr vs 0.08%/yr for FHLC.

Performance

FMED vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Medicine ETF (FMED) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMED achieves a -9.30% return, which is significantly lower than FHLC's -4.68% return.

FMED

• 1D: -1.51%
• 1M: -0.65%
• YTD: -9.30%
• 6M: -12.64%
• 1Y: 4.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FHLC

• 1D: -1.25%
• 1M: 0.66%
• YTD: -4.68%
• 6M: -4.34%
• 1Y: 13.84%
• 3Y*: 5.85%
• 5Y*: 4.42%
• 10Y*: 9.05%

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

FMED vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMED Fidelity Disruptive Medicine ETF	-9.30%	9.69%	2.29%	-4.20%
FHLC Fidelity MSCI Health Care Index ETF	-4.68%	15.42%	2.48%	4.69%

Correlation

The correlation between FMED and FHLC is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 13, 2023	0.75

The correlation between FMED and FHLC has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

FMED vs. FHLC - Sectors Allocation Comparison

Sectors	FMED	FHLC
Healthcare	98.0%	99.6%
Technology	1.0%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Industrials	-	0.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

FMED vs. FHLC — Risk / Return Rank

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

FMED

FMED Risk / Return Rank: 12
FMED Sharpe Ratio Rank: 12
FMED Sortino Ratio Rank: 12
FMED Omega Ratio Rank: 12
FMED Calmar Ratio Rank: 11
FMED Martin Ratio Rank: 11

FHLC

FHLC Risk / Return Rank: 27
FHLC Sharpe Ratio Rank: 27
FHLC Sortino Ratio Rank: 28
FHLC Omega Ratio Rank: 26
FHLC Calmar Ratio Rank: 27
FHLC Martin Ratio Rank: 25

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.

FMED vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Medicine ETF (FMED) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	FMED	FHLC	Difference
Sharpe ratio Return per unit of total volatility	0.24	0.97	-0.73
Sortino ratio Return per unit of downside risk	0.49	1.52	-1.03
Omega ratio Gain probability vs. loss probability	1.05	1.17	-0.12
Calmar ratio Return relative to maximum drawdown	0.27	1.35	-1.09
Martin ratio Return relative to average drawdown	0.62	3.44	-2.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMED vs. FHLC - Sharpe Ratio Comparison

The current FMED Sharpe Ratio is 0.24, which is lower than the FHLC Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of FMED and FHLC, 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

	FMED	FHLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	0.97	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.60	-0.65

Drawdowns

FMED vs. FHLC - Drawdown Comparison

The maximum FMED drawdown since its inception was -21.84%, smaller than the maximum FHLC drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for FMED and FHLC.

Drawdown Indicators

	FMED	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-21.84%	-28.76%	+6.92%
Max Drawdown (1Y) Largest decline over 1 year	-18.33%	-10.38%	-7.95%
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	-14.91%	-7.71%	-7.20%
Average Drawdown Average peak-to-trough decline	-7.03%	-5.19%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.90%	4.09%	+3.81%

Volatility

FMED vs. FHLC - Volatility Comparison

Fidelity Disruptive Medicine ETF (FMED) has a higher volatility of 5.65% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 3.97%. This indicates that FMED's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMED	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	3.97%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	10.17%	+4.04%
Volatility (1Y) Calculated over the trailing 1-year period	18.59%	14.31%	+4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	14.96%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	16.82%	+1.57%

FMED vs. FHLC - Expense Ratio Comparison

FMED has a 0.50% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

FMED vs. FHLC - Dividend Comparison

FMED has not paid dividends to shareholders, while FHLC's dividend yield for the trailing twelve months is around 1.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.44%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
FMED Fidelity Disruptive Medicine ETF	0.00%	0.00%	0.46%	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 FMED and FHLC in my portfolio?

FMED and FHLC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMED or FHLC?

FMED has higher volatility (5.65%) compared to FHLC (3.97%). In terms of maximum drawdown, FMED dropped -21.84% vs FHLC's -28.76%.

Which ETF is better, FMED or FHLC?

On 1-year performance, FHLC leads with 13.84% vs 4.49% for FMED. On fees, FHLC is cheaper at 0.08% per year. On volatility, FHLC has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMED or FHLC?

Over the 1-year period, FHLC has performed better with a 13.84% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMED or FHLC?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.50% for FMED.

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

FHLC has the higher dividend yield at 1.44%, compared with 0.00% for FMED.

What is the main difference between FMED and FHLC?

Their fees differ too: 0.50% for FMED and 0.08% for FHLC.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (0.97 vs 0.24), 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.