FSLEX vs. FSCO

Last updated Aug 1, 2026

FSLEX (Fidelity Environment and Alternative Energy Fund) is Alternative Energy Equities fund managed by Fidelity, while FSCO (FS Credit Opportunities Corp.) is a stock. Over the past 3 years, FSLEX returned 18.13%/yr vs 11.66%/yr for FSCO. Their 0.27 correlation means their historical movements had little consistent relationship.

Performance

FSLEX vs. FSCO - Performance Comparison

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

Returns By Period

In the year-to-date period, FSLEX achieves a 9.20% return, which is significantly higher than FSCO's -14.85% return.

FSLEX

• 1D: 3.69%
• 1M: -4.09%
• 6M: 5.67%
• YTD: 9.20%
• 1Y: 19.81%
• 3Y*: 18.13%
• 5Y*: 10.27%
• 10Y*: 13.39%
• ALL TIME*: 6.47%

FSCO

• 1D: -0.40%
• 1M: 1.20%
• 6M: -12.54%
• YTD: -14.85%
• 1Y: -24.26%
• 3Y*: 11.66%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.86%

*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)
FSCO FS Credit Opportunities Corp.	$4.16M	$4.36M	$5.06M
FSLEX Fidelity Environment and Alternative Energy Fund	$0.00	$0.00	$0.00

FSLEX vs. FSCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSLEX Fidelity Environment and Alternative Energy Fund	9.20%	20.38%	20.01%	26.29%	-5.33%
FSCO FS Credit Opportunities Corp.	-14.85%	3.68%	34.88%	36.98%	-3.98%

Correlation

The correlation between FSLEX and FSCO is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (All Time) Calculated using the full available price history since Nov 14, 2022	0.27

Return for Risk

FSLEX vs. FSCO — Risk / Return Rank

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

FSLEX

FSLEX Risk / Return Rank: 33
FSLEX Sharpe Ratio Rank: 30
FSLEX Sortino Ratio Rank: 29
FSLEX Omega Ratio Rank: 29
FSLEX Calmar Ratio Rank: 38
FSLEX Martin Ratio Rank: 38

FSCO

FSCO Risk / Return Rank: 12
FSCO Sharpe Ratio Rank: 7
FSCO Sortino Ratio Rank: 11
FSCO Omega Ratio Rank: 10
FSCO Calmar Ratio Rank: 18
FSCO Martin Ratio Rank: 15

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.

FSLEX vs. FSCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environment and Alternative Energy Fund (FSLEX) and FS Credit Opportunities Corp. (FSCO). 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.

	FSLEX	FSCO	Difference
Sharpe ratio: Return per unit of total volatility	0.96	-0.88	+1.84
Sortino ratio: Return per unit of downside risk	1.39	-1.12	+2.51
Omega ratio: Gain probability vs. loss probability	1.17	0.85	+0.32
Calmar ratio: Return relative to maximum drawdown	1.55	-0.69	+2.24
Martin ratio: Return relative to average drawdown	5.39	-1.20	+6.60

FSLEX vs. FSCO - Sharpe Ratio Comparison

The current FSLEX Sharpe Ratio is 0.96, which is higher than the FSCO Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of FSLEX and FSCO, 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

FSLEX vs. FSCO - Drawdown Comparison

The maximum FSLEX drawdown since its inception was -50.21%, which is greater than FSCO's maximum drawdown of -35.53%. Use the drawdown chart below to compare losses from any high point for FSLEX and FSCO.

Drawdown Indicators

	FSLEX	FSCO	Difference
Max Drawdown Largest peak-to-trough decline	-50.21%	-35.53%	-14.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-35.53%	+24.12%
Max Drawdown (3Y) Largest decline over 3 years	-24.04%	-35.53%	+11.49%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	—	—
Current Drawdown Current decline from peak	-6.94%	-25.65%	+18.71%
Average Drawdown Average peak-to-trough decline	-13.88%	-8.70%	-5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	20.18%	-16.90%

Volatility

FSLEX vs. FSCO - Volatility Comparison

Fidelity Environment and Alternative Energy Fund (FSLEX) has a higher volatility of 6.55% compared to FS Credit Opportunities Corp. (FSCO) at 3.72%. This indicates that FSLEX's price experiences larger fluctuations and is considered to be riskier than FSCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLEX	FSCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	3.72%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	22.49%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	27.60%	-9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	27.86%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	27.86%	-6.35%

Dividends

FSLEX vs. FSCO - Dividend Comparison

FSLEX's dividend yield for the trailing twelve months is around 1.66%, less than FSCO's 15.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSCO FS Credit Opportunities Corp.	15.48%	12.65%	10.47%	11.26%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSLEX Fidelity Environment and Alternative Energy Fund	1.66%	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 FSCO in my portfolio?

FSLEX and FSCO have a correlation of 0.26, 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 FSCO?

FSLEX has higher volatility (6.55%) compared to FSCO (3.72%). In terms of maximum drawdown, FSLEX dropped -50.21% vs FSCO's -35.53%.

Which has better risk-adjusted returns?

FSLEX currently has the higher Sharpe Ratio (0.96 vs -0.88), 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.