FSELX vs. SMH

Last updated Jun 26, 2026

FSELX (Fidelity Select Semiconductors Portfolio) and SMH (VanEck Semiconductor ETF) are both Semiconductors funds. Over the past 10 years, FSELX returned 38.96%/yr vs 38.61%/yr for SMH. With a 0.96 correlation, they move nearly in lockstep. FSELX charges 0.68%/yr vs 0.35%/yr for SMH.

Performance

FSELX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Semiconductors Portfolio (FSELX) 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 FSELX having a 74.97% return and SMH slightly higher at 76.85%. Both investments have delivered pretty close results over the past 10 years, with FSELX having a 38.96% annualized return and SMH not far behind at 38.61%.

FSELX

• 1D: -0.49%
• 1M: 1.29%
• YTD: 74.97%
• 6M: 71.71%
• 1Y: 128.25%
• 3Y*: 64.81%
• 5Y*: 43.75%
• 10Y*: 38.96%

SMH

• 1D: 2.90%
• 1M: 5.77%
• YTD: 76.85%
• 6M: 74.89%
• 1Y: 132.14%
• 3Y*: 63.82%
• 5Y*: 38.94%
• 10Y*: 38.61%

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

FSELX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSELX Fidelity Select Semiconductors Portfolio	74.97%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%
SMH VanEck Semiconductor ETF	76.85%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between FSELX 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 (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jun 5, 2000	0.96

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

Return for Risk

FSELX vs. SMH — Risk / Return Rank

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

FSELX

FSELX Risk / Return Rank: 94
FSELX Sharpe Ratio Rank: 98
FSELX Sortino Ratio Rank: 88
FSELX Omega Ratio Rank: 87
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 98

SMH

SMH Risk / Return Rank: 95
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 93
SMH Omega Ratio Rank: 93
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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.

FSELX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Semiconductors Portfolio (FSELX) 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.

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.

	FSELX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	3.61	3.82	-0.21
Sortino ratio: Return per unit of downside risk	3.76	3.94	-0.18
Omega ratio: Gain probability vs. loss probability	1.52	1.56	-0.04
Calmar ratio: Return relative to maximum drawdown	9.18	8.90	+0.28
Martin ratio: Return relative to average drawdown	32.54	32.08	+0.46

FSELX vs. SMH - Sharpe Ratio Comparison

The current FSELX Sharpe Ratio is 3.61, which is comparable to the SMH Sharpe Ratio of 3.82. The chart below compares the historical Sharpe Ratios of FSELX 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.

Drawdowns

FSELX vs. SMH - Drawdown Comparison

The maximum FSELX drawdown since its inception was -82.54%, roughly equal to the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for FSELX and SMH.

Drawdown Indicators

	FSELX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-82.54%	-84.96%	+2.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-14.93%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-36.31%	-35.74%	-0.57%
Max Drawdown (5Y) Largest decline over 5 years	-46.37%	-45.30%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	-45.30%	-1.07%
Current Drawdown Current decline from peak	-7.49%	-4.79%	-2.70%
Average Drawdown Average peak-to-trough decline	-28.66%	-41.00%	+12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	4.13%	-0.08%

Volatility

FSELX vs. SMH - Volatility Comparison

Fidelity Select Semiconductors Portfolio (FSELX) and VanEck Semiconductor ETF (SMH) have volatilities of 19.62% and 18.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSELX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.62%	18.79%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	29.76%	29.21%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	36.67%	34.82%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.69%	35.84%	+3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.43%	32.97%	+2.46%

FSELX vs. SMH - Expense Ratio Comparison

FSELX has a 0.68% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

FSELX vs. SMH - Dividend Comparison

FSELX's dividend yield for the trailing twelve months is around 9.36%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	9.36%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
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 FSELX and SMH in my portfolio?

With a correlation of 0.95, FSELX 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, FSELX or SMH?

FSELX has higher volatility (19.62%) compared to SMH (18.79%). In terms of maximum drawdown, FSELX dropped -82.54% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (3.82 vs 3.61), 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.