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FSELX vs. SPAXX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSELX vs. SPAXX

Last updated Jun 13, 2026

FSELX (Fidelity Select Semiconductors Portfolio) and SPAXX (Fidelity Government Money Market Fund) are both mutual funds - FSELX is a Semiconductors fund managed by Fidelity, while SPAXX is a Money Market fund actively managed by Fidelity. Over the past 5 years, FSELX returned 44.40%/yr vs 1.45%/yr for SPAXX. At a correlation of -0.03, they often move in opposite directions. FSELX charges 0.68%/yr vs 0.42%/yr for SPAXX.

Performance

FSELX vs. SPAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Semiconductors Portfolio (FSELX) and Fidelity Government Money Market Fund (SPAXX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FSELX achieves a 74.64% return, which is significantly higher than SPAXX's 1.37% return.

FSELX

1D
6.51%
1M
5.34%
YTD
74.64%
6M
78.43%
1Y
145.49%
3Y*
63.72%
5Y*
44.40%
10Y*
38.57%

SPAXX

1D
0.00%
1M
0.28%
YTD
1.37%
6M
1.67%
1Y
3.66%
3Y*
2.42%
5Y*
1.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSELX vs. SPAXX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FSELX
Fidelity Select Semiconductors Portfolio		74.64%52.17%49.68%78.49%-35.27%42.44%
SPAXX
Fidelity Government Money Market Fund		1.37%3.96%1.54%0.41%0.00%0.00%

Correlation

The correlation between FSELX and SPAXX is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.08

Correlation (3Y)
Calculated over the trailing 3-year period

-0.05

Correlation (5Y)
Calculated over the trailing 5-year period

-0.03

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

-0.03

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Fidelity Select Semiconductors Portfolio

Fidelity Government Money Market Fund

Often compared with FSELX:
FSELX vs. SMHFSELX vs. SOXXFSELX vs. FSPTXFSELX vs. FXAIXFSELX vs. VITAXFSELX vs. QQQFSELX vs. VOO
Often compared with SPAXX:
SPAXX vs. SGOVSPAXX vs. VMFXXSPAXX vs. SNSXXSPAXX vs. SWVXXSPAXX vs. BILSPAXX vs. BNDSPAXX vs. TFLO

Return for Risk

FSELX vs. SPAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FSELX
FSELX Risk / Return Rank: 9595
Overall Rank
FSELX Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
FSELX Sortino Ratio Rank: 9292
Sortino Ratio Rank
FSELX Omega Ratio Rank: 8989
Omega Ratio Rank
FSELX Calmar Ratio Rank: 9999
Calmar Ratio Rank
FSELX Martin Ratio Rank: 9999
Martin Ratio Rank
SPAXX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SPAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Semiconductors Portfolio (FSELX) and Fidelity Government Money Market Fund (SPAXX). 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.

FSELXSPAXXDifference
Sharpe ratioReturn per unit of total volatility
4.03
3.65

+0.38

Sortino ratioReturn per unit of downside risk
4.13

—

—

Omega ratioGain probability vs. loss probability

1.57

—

—

Calmar ratioReturn relative to maximum drawdown

9.83

—

—

Martin ratioReturn relative to average drawdown

35.64

—

—

FSELX vs. SPAXX - Sharpe Ratio Comparison

The current FSELX Sharpe Ratio is 4.03, which is comparable to the SPAXX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of FSELX and SPAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FSELX vs. SPAXX - Drawdown Comparison

The maximum FSELX drawdown since its inception was -82.54%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FSELX and SPAXX.

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Drawdown Indicators

FSELXSPAXXDifference

Max Drawdown

Largest peak-to-trough decline

-82.54%

0.00%

-82.54%

Max Drawdown (1Y)

Largest decline over 1 year

-14.38%

0.00%

-14.38%

Max Drawdown (3Y)

Largest decline over 3 years

-36.31%

0.00%

-36.31%

Max Drawdown (5Y)

Largest decline over 5 years

-46.37%

0.00%

-46.37%

Max Drawdown (10Y)

Largest decline over 10 years

-46.37%

—

—

Current Drawdown

Current decline from peak

-6.32%

0.00%

-6.32%

Average Drawdown

Average peak-to-trough decline

-28.68%

0.00%

-28.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

0.00%

+3.96%

Volatility

FSELX vs. SPAXX - Volatility Comparison

Fidelity Select Semiconductors Portfolio (FSELX) has a higher volatility of 17.37% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that FSELX's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSELXSPAXXDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.37%

0.28%

+17.09%

Volatility (6M)

Calculated over the trailing 6-month period

28.71%

0.66%

+28.05%

Volatility (1Y)

Calculated over the trailing 1-year period

35.11%

1.03%

+34.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.38%

0.69%

+38.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.29%

0.69%

+34.60%

FSELX vs. SPAXX - Expense Ratio Comparison

FSELX has a 0.68% expense ratio, which is higher than SPAXX's 0.42% expense ratio.

Dividends

FSELX vs. SPAXX - Dividend Comparison

FSELX's dividend yield for the trailing twelve months is around 9.38%, more than SPAXX's 3.59% yield.

PositionTTM20252024202320222021202020192018201720162015
FSELX
Fidelity Select Semiconductors Portfolio		9.38%11.11%7.97%7.20%6.69%6.99%8.13%3.36%26.80%14.44%3.82%15.22%
SPAXX
Fidelity Government Money Market Fund		3.59%3.88%1.53%0.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FSELX and SPAXX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FSELX has higher volatility (17.37%) compared to SPAXX (0.28%). In terms of maximum drawdown, FSELX dropped -82.54% vs SPAXX's 0.00%.

FSELX currently has the higher Sharpe Ratio (4.03 vs 3.65), 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.

Portfolio Optimizer

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