FSHCX vs. FEMKX

Last updated Aug 1, 2026

FSHCX (Fidelity Select Health Care Services Portfolio) and FEMKX (Fidelity Emerging Markets Fund) are both mutual funds - FSHCX is a Health & Biotech Equities fund managed by Fidelity, while FEMKX is a Emerging Markets Equities fund actively managed by Fidelity. Over the past 10 years, FSHCX returned 9.63%/yr vs 10.42%/yr for FEMKX. Their 0.33 correlation means their historical movements had little consistent relationship. FSHCX charges 0.71%/yr vs 0.86%/yr for FEMKX.

Performance

FSHCX vs. FEMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Health Care Services Portfolio (FSHCX) and Fidelity Emerging Markets Fund (FEMKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSHCX achieves a 16.94% return, which is significantly higher than FEMKX's 13.92% return. Over the past 10 years, FSHCX has underperformed FEMKX with an annualized return of 9.63%, while FEMKX has yielded a comparatively higher 10.42% annualized return.

FSHCX

• 1D: 0.00%
• 1M: -2.29%
• 6M: 22.13%
• YTD: 16.94%
• 1Y: 42.00%
• 3Y*: 2.68%
• 5Y*: 2.72%
• 10Y*: 9.63%
• ALL TIME*: 11.40%

FEMKX

• 1D: 3.84%
• 1M: -4.46%
• 6M: 6.75%
• YTD: 13.92%
• 1Y: 33.30%
• 3Y*: 16.57%
• 5Y*: 6.05%
• 10Y*: 10.42%
• ALL TIME*: 6.18%

*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)
FEMKX Fidelity Emerging Markets Fund	$0.00	$0.00	$0.00
FSHCX Fidelity Select Health Care Services Portfolio	$0.00	$0.00	$0.00

FSHCX vs. FEMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSHCX Fidelity Select Health Care Services Portfolio	16.94%	3.85%	-13.21%	1.52%	0.86%	20.22%	18.58%	19.91%	10.17%	24.46%
FEMKX Fidelity Emerging Markets Fund	13.92%	31.02%	7.12%	15.16%	-27.48%	1.25%	32.56%	33.67%	-18.03%	46.92%

Correlation

The correlation between FSHCX and FEMKX is 0.13, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.13
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.22
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Oct 31, 1990	0.33

Over the past year, the correlation between FSHCX and FEMKX has dropped to 0.13 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

FSHCX vs. FEMKX — Risk / Return Rank

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

FSHCX

FSHCX Risk / Return Rank: 68
FSHCX Sharpe Ratio Rank: 77
FSHCX Sortino Ratio Rank: 69
FSHCX Omega Ratio Rank: 76
FSHCX Calmar Ratio Rank: 65
FSHCX Martin Ratio Rank: 52

FEMKX

FEMKX Risk / Return Rank: 52
FEMKX Sharpe Ratio Rank: 48
FEMKX Sortino Ratio Rank: 43
FEMKX Omega Ratio Rank: 52
FEMKX Calmar Ratio Rank: 64
FEMKX Martin Ratio Rank: 50

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.

FSHCX vs. FEMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Health Care Services Portfolio (FSHCX) and Fidelity Emerging Markets Fund (FEMKX). 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.

	FSHCX	FEMKX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.28	+0.47
Sortino ratio: Return per unit of downside risk	2.29	1.75	+0.55
Omega ratio: Gain probability vs. loss probability	1.33	1.25	+0.08
Calmar ratio: Return relative to maximum drawdown	2.09	2.06	+0.03
Martin ratio: Return relative to average drawdown	6.95	6.75	+0.20

FSHCX vs. FEMKX - Sharpe Ratio Comparison

The current FSHCX Sharpe Ratio is 1.75, which is higher than the FEMKX Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of FSHCX and FEMKX, 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

FSHCX vs. FEMKX - Drawdown Comparison

The maximum FSHCX drawdown since its inception was -57.81%, smaller than the maximum FEMKX drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for FSHCX and FEMKX.

Drawdown Indicators

	FSHCX	FEMKX	Difference
Max Drawdown Largest peak-to-trough decline	-57.81%	-71.14%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-16.65%	-14.94%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-29.52%	-19.13%	-10.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.52%	-40.49%	+10.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.48%	-43.24%	+7.76%
Current Drawdown Current decline from peak	-2.75%	-11.68%	+8.93%
Average Drawdown Average peak-to-trough decline	-11.34%	-25.86%	+14.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	4.56%	+0.48%

Volatility

FSHCX vs. FEMKX - Volatility Comparison

The current volatility for Fidelity Select Health Care Services Portfolio (FSHCX) is 6.23%, while Fidelity Emerging Markets Fund (FEMKX) has a volatility of 9.59%. This indicates that FSHCX experiences smaller price fluctuations and is considered to be less risky than FEMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHCX	FEMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	9.59%	-3.36%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	21.93%	-8.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.96%	24.08%	-4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	19.96%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	19.18%	+2.36%

FSHCX vs. FEMKX - Expense Ratio Comparison

FSHCX has a 0.71% expense ratio, which is lower than FEMKX's 0.86% expense ratio.

Dividends

FSHCX vs. FEMKX - Dividend Comparison

FSHCX's dividend yield for the trailing twelve months is around 0.65%, more than FEMKX's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMKX Fidelity Emerging Markets Fund	0.04%	0.05%	0.65%	1.11%	0.77%	6.00%	1.39%	1.71%	0.83%	0.08%	0.67%	0.51%
FSHCX Fidelity Select Health Care Services Portfolio	0.65%	0.75%	16.63%	0.57%	5.32%	7.09%	0.76%	0.27%	12.92%	13.41%	4.62%	4.06%

Frequently Asked Questions

Can I hold both FSHCX and FEMKX in my portfolio?

FSHCX and FEMKX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSHCX or FEMKX?

FEMKX has higher volatility (9.59%) compared to FSHCX (6.23%). In terms of maximum drawdown, FSHCX dropped -57.81% vs FEMKX's -71.14%.

Which has better risk-adjusted returns?

FSHCX currently has the higher Sharpe Ratio (1.75 vs 1.28), 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.