FSELX vs. VENAX

Last updated Aug 5, 2026

FSELX (Fidelity Select Semiconductors Portfolio) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both mutual funds - FSELX is a Semiconductors fund managed by Fidelity, while VENAX is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index. Over the past 10 years, FSELX returned 35.21%/yr vs 9.56%/yr for VENAX. Their 0.44 correlation means their historical movements had little consistent relationship. FSELX charges 0.68%/yr vs 0.09%/yr for VENAX.

Performance

FSELX vs. VENAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Semiconductors Portfolio (FSELX) and Vanguard Energy Index Fund Admiral Shares (VENAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSELX achieves a 51.40% return, which is significantly higher than VENAX's 33.33% return. Over the past 10 years, FSELX has outperformed VENAX with an annualized return of 35.21%, while VENAX has yielded a comparatively lower 9.56% annualized return.

FSELX

• 1D: 1.18%
• 1M: -6.96%
• 6M: 37.68%
• YTD: 51.40%
• 1Y: 83.96%
• 3Y*: 54.32%
• 5Y*: 38.10%
• 10Y*: 35.21%
• ALL TIME*: 16.78%

VENAX

• 1D: -1.28%
• 1M: 10.17%
• 6M: 15.44%
• YTD: 33.33%
• 1Y: 42.28%
• 3Y*: 14.32%
• 5Y*: 23.79%
• 10Y*: 9.56%
• ALL TIME*: 8.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSELX Fidelity Select Semiconductors Portfolio	$0.00	$0.00	$0.00
VENAX Vanguard Energy Index Fund Admiral Shares	$0.00	$0.00	$0.00

FSELX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSELX Fidelity Select Semiconductors Portfolio	51.40%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%
VENAX Vanguard Energy Index Fund Admiral Shares	33.33%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between FSELX and VENAX is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.20
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	0.44

The correlation between FSELX and VENAX shifts across timeframes, from -0.06 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSELX vs. VENAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSELX

FSELX Risk / Return Rank: 82
FSELX Sharpe Ratio Rank: 87
FSELX Sortino Ratio Rank: 72
FSELX Omega Ratio Rank: 72
FSELX Calmar Ratio Rank: 87
FSELX Martin Ratio Rank: 91

VENAX

VENAX Risk / Return Rank: 71
VENAX Sharpe Ratio Rank: 83
VENAX Sortino Ratio Rank: 73
VENAX Omega Ratio Rank: 69
VENAX Calmar Ratio Rank: 80
VENAX Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSELX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Semiconductors Portfolio (FSELX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.02	+0.13
Sortino ratio: Return per unit of downside risk	2.55	2.60	-0.05
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.26	2.81	+0.46
Martin ratio: Return relative to average drawdown	13.22	7.56	+5.67

FSELX vs. VENAX - Sharpe Ratio Comparison

The current FSELX Sharpe Ratio is 2.15, which is comparable to the VENAX Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of FSELX and VENAX, 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. VENAX - Drawdown Comparison

The maximum FSELX drawdown since its inception was -82.54%, which is greater than VENAX's maximum drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for FSELX and VENAX.

Drawdown Indicators

	FSELX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-82.54%	-74.42%	-8.12%
Max Drawdown (1Y) Largest decline over 1 year	-26.87%	-15.05%	-11.82%
Max Drawdown (3Y) Largest decline over 3 years	-36.31%	-21.44%	-14.87%
Max Drawdown (5Y) Largest decline over 5 years	-46.37%	-26.59%	-19.78%
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	-69.58%	+23.21%
Current Drawdown Current decline from peak	-19.94%	-5.67%	-14.27%
Average Drawdown Average peak-to-trough decline	-28.63%	-19.90%	-8.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.62%	5.58%	+1.04%

Volatility

FSELX vs. VENAX - Volatility Comparison

Fidelity Select Semiconductors Portfolio (FSELX) has a higher volatility of 15.59% compared to Vanguard Energy Index Fund Admiral Shares (VENAX) at 6.30%. This indicates that FSELX's price experiences larger fluctuations and is considered to be riskier than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSELX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.59%	6.30%	+9.29%
Volatility (6M) Calculated over the trailing 6-month period	34.29%	16.71%	+17.58%
Volatility (1Y) Calculated over the trailing 1-year period	40.78%	20.94%	+19.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.42%	26.17%	+14.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.85%	30.21%	+5.64%

FSELX vs. VENAX - Expense Ratio Comparison

FSELX has a 0.68% expense ratio, which is higher than VENAX's 0.09% expense ratio.

Dividends

FSELX vs. VENAX - Dividend Comparison

FSELX's dividend yield for the trailing twelve months is around 10.82%, more than VENAX's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	10.82%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
VENAX Vanguard Energy Index Fund Admiral Shares	2.43%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both FSELX and VENAX in my portfolio?

FSELX and VENAX have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSELX or VENAX?

FSELX has higher volatility (15.59%) compared to VENAX (6.30%). In terms of maximum drawdown, FSELX dropped -82.54% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

FSELX currently has the higher Sharpe Ratio (2.15 vs 2.02), 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.