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FSELX vs. VTES
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FSELX vs. VTES

Last updated Jun 13, 2026

FSELX (Fidelity Select Semiconductors Portfolio) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both funds - FSELX is a Semiconductors fund managed by Fidelity, while VTES is a Municipal Bonds fund tracking the S&P 0-7 Year National AMT-Free Municipal Bond Index. Over the past 3 years, FSELX returned 63.72%/yr vs 3.18%/yr for VTES. At a 0.06 correlation, their price movements are largely independent. FSELX charges 0.68%/yr vs 0.07%/yr for VTES.

Performance

FSELX vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Semiconductors Portfolio (FSELX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, FSELX achieves a 74.64% return, which is significantly higher than VTES's 0.67% 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%

VTES

1D
-0.03%
1M
0.42%
YTD
0.67%
6M
0.96%
1Y
3.39%
3Y*
3.18%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FSELX vs. VTES - Yearly Performance Comparison

2026 (YTD)202520242023
FSELX
Fidelity Select Semiconductors Portfolio		74.64%52.17%49.68%35.96%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		0.67%4.19%1.85%3.32%

Correlation

The correlation between FSELX and VTES is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.12

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

0.09

Correlation (All Time)
Calculated using the full available price history since Mar 9, 2023

0.06

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity Select Semiconductors Portfolio

Vanguard Short-Term Tax-Exempt Bond ETF

Often compared with FSELX:
FSELX vs. SMHFSELX vs. SOXXFSELX vs. FSPTXFSELX vs. FXAIXFSELX vs. VITAXFSELX vs. QQQFSELX vs. VOO
Often compared with VTES:
VTES vs. VTEBVTES vs. SUBVTES vs. VSDMVTES vs. VGSHVTES vs. JMSTVTES vs. MUBVTES vs. VUSB

Return for Risk

FSELX vs. VTES — 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
VTES
VTES Risk / Return Rank: 7575
Overall Rank
VTES Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
VTES Sortino Ratio Rank: 9292
Sortino Ratio Rank
VTES Omega Ratio Rank: 9494
Omega Ratio Rank
VTES Calmar Ratio Rank: 5252
Calmar Ratio Rank
VTES Martin Ratio Rank: 4646
Martin Ratio Rank
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. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Semiconductors Portfolio (FSELX) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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.

FSELXVTESDifference
Sharpe ratioReturn per unit of total volatility
4.03
2.70

+1.33

Sortino ratioReturn per unit of downside risk
4.13
3.88

+0.25

Omega ratioGain probability vs. loss probability

1.57

1.62

-0.05

Calmar ratioReturn relative to maximum drawdown

9.83

2.28

+7.55

Martin ratioReturn relative to average drawdown

35.64

6.62

+29.01

FSELX vs. VTES - Sharpe Ratio Comparison

The current FSELX Sharpe Ratio is 4.03, which is higher than the VTES Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of FSELX and VTES, 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. VTES - Drawdown Comparison

The maximum FSELX drawdown since its inception was -82.54%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for FSELX and VTES.

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Drawdown Indicators

FSELXVTESDifference

Max Drawdown

Largest peak-to-trough decline

-82.54%

-2.42%

-80.12%

Max Drawdown (1Y)

Largest decline over 1 year

-14.38%

-1.47%

-12.91%

Max Drawdown (3Y)

Largest decline over 3 years

-36.31%

-1.80%

-34.51%

Max Drawdown (5Y)

Largest decline over 5 years

-46.37%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-46.37%

—

—

Current Drawdown

Current decline from peak

-6.32%

-0.60%

-5.72%

Average Drawdown

Average peak-to-trough decline

-28.68%

-0.50%

-28.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

0.50%

+3.46%

Volatility

FSELX vs. VTES - Volatility Comparison

Fidelity Select Semiconductors Portfolio (FSELX) has a higher volatility of 17.37% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.35%. This indicates that FSELX's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FSELXVTESDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.37%

0.35%

+17.02%

Volatility (6M)

Calculated over the trailing 6-month period

28.71%

0.98%

+27.73%

Volatility (1Y)

Calculated over the trailing 1-year period

35.11%

1.24%

+33.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.38%

1.71%

+37.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

35.29%

1.71%

+33.58%

FSELX vs. VTES - Expense Ratio Comparison

FSELX has a 0.68% expense ratio, which is higher than VTES's 0.07% expense ratio.

Dividends

FSELX vs. VTES - Dividend Comparison

FSELX's dividend yield for the trailing twelve months is around 9.38%, more than VTES's 2.75% 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%
VTES
Vanguard Short-Term Tax-Exempt Bond ETF		2.75%2.77%2.99%2.03%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

FSELX and VTES have a correlation of 0.12, 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 VTES (0.35%). In terms of maximum drawdown, FSELX dropped -82.54% vs VTES's -2.42%.

FSELX currently has the higher Sharpe Ratio (4.03 vs 2.70), 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.

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