FSHCX vs. FHLC

Last updated Jun 23, 2026

FSHCX (Fidelity Select Health Care Services Portfolio) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds from Fidelity. Over the past 10 years, FSHCX returned 9.01%/yr vs 9.88%/yr for FHLC. A 0.75 correlation means they provide meaningful diversification when combined. FSHCX charges 0.71%/yr vs 0.08%/yr for FHLC.

Performance

FSHCX vs. FHLC - Performance Comparison

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

Returns By Period

In the year-to-date period, FSHCX achieves a 9.35% return, which is significantly higher than FHLC's -1.22% return. Over the past 10 years, FSHCX has underperformed FHLC with an annualized return of 9.01%, while FHLC has yielded a comparatively higher 9.88% annualized return.

FSHCX

• 1D: 0.01%
• 1M: 4.81%
• YTD: 9.35%
• 6M: 9.45%
• 1Y: 14.86%
• 3Y*: 2.26%
• 5Y*: 1.86%
• 10Y*: 9.01%

FHLC

• 1D: 0.90%
• 1M: 1.34%
• YTD: -1.22%
• 6M: -1.95%
• 1Y: 17.82%
• 3Y*: 6.59%
• 5Y*: 4.42%
• 10Y*: 9.88%

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

FSHCX vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSHCX Fidelity Select Health Care Services Portfolio	9.35%	3.85%	-13.21%	1.52%	0.86%	20.22%	18.58%	19.91%	10.17%	24.46%
FHLC Fidelity MSCI Health Care Index ETF	-1.22%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between FSHCX and FHLC is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.75

The correlation between FSHCX and FHLC shifts across timeframes, from 0.57 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSHCX vs. FHLC — Risk / Return Rank

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

FSHCX

FSHCX Risk / Return Rank: 9
FSHCX Sharpe Ratio Rank: 9
FSHCX Sortino Ratio Rank: 8
FSHCX Omega Ratio Rank: 10
FSHCX Calmar Ratio Rank: 9
FSHCX Martin Ratio Rank: 8

FHLC

FHLC Risk / Return Rank: 34
FHLC Sharpe Ratio Rank: 35
FHLC Sortino Ratio Rank: 38
FHLC Omega Ratio Rank: 33
FHLC Calmar Ratio Rank: 35
FHLC Martin Ratio Rank: 31

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.

FSHCX vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Health Care Services Portfolio (FSHCX) and Fidelity MSCI Health Care Index ETF (FHLC). 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	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	0.68	1.22	-0.54
Sortino ratio: Return per unit of downside risk	0.98	1.90	-0.92
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.82	1.72	-0.91
Martin ratio: Return relative to average drawdown	2.07	4.27	-2.20

FSHCX vs. FHLC - Sharpe Ratio Comparison

The current FSHCX Sharpe Ratio is 0.68, which is lower than the FHLC Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FSHCX and FHLC, 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. FHLC - Drawdown Comparison

The maximum FSHCX drawdown since its inception was -57.81%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for FSHCX and FHLC.

Drawdown Indicators

	FSHCX	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-57.81%	-28.76%	-29.05%
Max Drawdown (1Y) Largest decline over 1 year	-17.15%	-10.38%	-6.77%
Max Drawdown (3Y) Largest decline over 3 years	-29.52%	-16.87%	-12.65%
Max Drawdown (5Y) Largest decline over 5 years	-29.52%	-17.73%	-11.79%
Max Drawdown (10Y) Largest decline over 10 years	-35.48%	-28.76%	-6.72%
Current Drawdown Current decline from peak	-6.43%	-4.36%	-2.07%
Average Drawdown Average peak-to-trough decline	-11.37%	-5.19%	-6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	4.19%	+2.56%

Volatility

FSHCX vs. FHLC - Volatility Comparison

Fidelity Select Health Care Services Portfolio (FSHCX) has a higher volatility of 5.18% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.92%. This indicates that FSHCX's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSHCX	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	4.92%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	15.44%	10.46%	+4.98%
Volatility (1Y) Calculated over the trailing 1-year period	20.72%	14.70%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	15.02%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	16.85%	+4.65%

FSHCX vs. FHLC - Expense Ratio Comparison

FSHCX has a 0.71% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

FSHCX vs. FHLC - Dividend Comparison

FSHCX's dividend yield for the trailing twelve months is around 0.69%, less than FHLC's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.40%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
FSHCX Fidelity Select Health Care Services Portfolio	0.69%	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 FHLC in my portfolio?

FSHCX and FHLC have a correlation of 0.57, 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 FHLC?

FSHCX has higher volatility (5.18%) compared to FHLC (4.92%). In terms of maximum drawdown, FSHCX dropped -57.81% vs FHLC's -28.76%.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.22 vs 0.68), 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.