FSLEX vs. FOCPX

Last updated Jun 4, 2026

FSLEX (Fidelity Environment and Alternative Energy Fund) and FOCPX (Fidelity OTC Portfolio) are both mutual funds - FSLEX is a Alternative Energy Equities fund managed by Fidelity, while FOCPX is a Large Cap Growth Equities fund actively managed by Fidelity. Over the past 10 years, FSLEX returned 14.52%/yr vs 22.63%/yr for FOCPX. A 0.71 correlation means they provide meaningful diversification when combined. FSLEX charges 0.79%/yr vs 0.73%/yr for FOCPX.

Performance

FSLEX vs. FOCPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Environment and Alternative Energy Fund (FSLEX) and Fidelity OTC Portfolio (FOCPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLEX achieves a 17.22% return, which is significantly lower than FOCPX's 27.59% return. Over the past 10 years, FSLEX has underperformed FOCPX with an annualized return of 14.52%, while FOCPX has yielded a comparatively higher 22.63% annualized return.

FSLEX

• 1D: 1.77%
• 1M: 5.01%
• YTD: 17.22%
• 6M: 16.76%
• 1Y: 35.24%
• 3Y*: 24.20%
• 5Y*: 12.61%
• 10Y*: 14.52%

FOCPX

• 1D: 0.78%
• 1M: 10.68%
• YTD: 27.59%
• 6M: 28.74%
• 1Y: 61.90%
• 3Y*: 34.85%
• 5Y*: 19.55%
• 10Y*: 22.63%

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

FSLEX vs. FOCPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLEX Fidelity Environment and Alternative Energy Fund	17.22%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	24.94%
FOCPX Fidelity OTC Portfolio	27.59%	22.21%	38.95%	42.64%	-32.08%	24.94%	46.75%	39.20%	-3.30%	38.61%

Correlation

The correlation between FSLEX and FOCPX is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 30, 1989	0.71

The correlation between FSLEX and FOCPX shifts across timeframes, from 0.71 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSLEX vs. FOCPX — Risk / Return Rank

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

FSLEX

FSLEX Risk / Return Rank: 60
FSLEX Sharpe Ratio Rank: 60
FSLEX Sortino Ratio Rank: 52
FSLEX Omega Ratio Rank: 49
FSLEX Calmar Ratio Rank: 72
FSLEX Martin Ratio Rank: 68

FOCPX

FOCPX Risk / Return Rank: 93
FOCPX Sharpe Ratio Rank: 96
FOCPX Sortino Ratio Rank: 90
FOCPX Omega Ratio Rank: 87
FOCPX Calmar Ratio Rank: 94
FOCPX Martin Ratio Rank: 96

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.

FSLEX vs. FOCPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environment and Alternative Energy Fund (FSLEX) and Fidelity OTC Portfolio (FOCPX). 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.

	FSLEX	FOCPX	Difference
Sharpe ratio: Return per unit of total volatility	2.29	3.55	-1.26
Sortino ratio: Return per unit of downside risk	3.02	4.40	-1.37
Omega ratio: Gain probability vs. loss probability	1.38	1.59	-0.21
Calmar ratio: Return relative to maximum drawdown	3.28	5.57	-2.29
Martin ratio: Return relative to average drawdown	13.13	24.59	-11.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSLEX vs. FOCPX - Sharpe Ratio Comparison

The current FSLEX Sharpe Ratio is 2.29, which is lower than the FOCPX Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of FSLEX and FOCPX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FSLEX	FOCPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	3.55	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.87	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	1.01	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.66	-0.31

Drawdowns

FSLEX vs. FOCPX - Drawdown Comparison

The maximum FSLEX drawdown since its inception was -50.21%, smaller than the maximum FOCPX drawdown of -70.25%. Use the drawdown chart below to compare losses from any high point for FSLEX and FOCPX.

Drawdown Indicators

	FSLEX	FOCPX	Difference
Max Drawdown Largest peak-to-trough decline	-50.21%	-70.25%	+20.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-11.29%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-24.04%	-24.82%	+0.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-37.05%	+4.38%
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	-37.05%	-2.72%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.93%	-17.01%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.55%	+0.29%

Volatility

FSLEX vs. FOCPX - Volatility Comparison

Fidelity Environment and Alternative Energy Fund (FSLEX) and Fidelity OTC Portfolio (FOCPX) have volatilities of 5.22% and 5.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLEX	FOCPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.41%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	13.89%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	17.71%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.67%	22.66%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	22.44%	-0.97%

FSLEX vs. FOCPX - Expense Ratio Comparison

FSLEX has a 0.79% expense ratio, which is higher than FOCPX's 0.73% expense ratio.

Dividends

FSLEX vs. FOCPX - Dividend Comparison

FSLEX's dividend yield for the trailing twelve months is around 1.54%, less than FOCPX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOCPX Fidelity OTC Portfolio	6.09%	7.78%	16.76%	0.05%	4.06%	11.53%	6.23%	7.58%	7.93%	4.86%	3.24%	5.41%
FSLEX Fidelity Environment and Alternative Energy Fund	1.54%	0.37%	0.41%	0.39%	0.69%	7.74%	6.41%	2.17%	6.39%	6.19%	1.29%	3.01%

Frequently Asked Questions

Can I hold both FSLEX and FOCPX in my portfolio?

FSLEX and FOCPX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLEX or FOCPX?

FOCPX has higher volatility (5.41%) compared to FSLEX (5.22%). In terms of maximum drawdown, FSLEX dropped -50.21% vs FOCPX's -70.25%.

Which has better risk-adjusted returns?

FOCPX currently has the higher Sharpe Ratio (3.55 vs 2.29), 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.