FSLEX vs. GCEBX

Last updated Jun 24, 2026

FSLEX (Fidelity Environment and Alternative Energy Fund) and GCEBX (Goldman Sachs Clean Energy Income Fund Class A Shares) are both Alternative Energy Equities funds. Over the past 5 years, FSLEX returned 12.94%/yr vs 3.06%/yr for GCEBX. A 0.63 correlation means they provide meaningful diversification when combined. FSLEX charges 0.79%/yr vs 1.26%/yr for GCEBX.

Performance

FSLEX vs. GCEBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Environment and Alternative Energy Fund (FSLEX) and Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLEX achieves a 16.90% return, which is significantly lower than GCEBX's 23.15% return.

FSLEX

• 1D: 0.91%
• 1M: 3.06%
• YTD: 16.90%
• 6M: 14.49%
• 1Y: 32.52%
• 3Y*: 23.03%
• 5Y*: 12.94%
• 10Y*: 14.99%

GCEBX

• 1D: 1.77%
• 1M: -2.27%
• YTD: 23.15%
• 6M: 22.82%
• 1Y: 45.78%
• 3Y*: 10.70%
• 5Y*: 3.06%
• 10Y*: —

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

FSLEX vs. GCEBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FSLEX Fidelity Environment and Alternative Energy Fund	16.90%	20.38%	20.01%	26.29%	-26.05%	30.30%	42.40%
GCEBX Goldman Sachs Clean Energy Income Fund Class A Shares	23.15%	39.79%	-14.20%	-14.97%	-11.37%	-2.89%	46.85%

Correlation

The correlation between FSLEX and GCEBX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 26, 2020	0.63

The correlation between FSLEX and GCEBX shifts across timeframes, from 0.55 (3 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSLEX vs. GCEBX — Risk / Return Rank

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

FSLEX

FSLEX Risk / Return Rank: 58
FSLEX Sharpe Ratio Rank: 57
FSLEX Sortino Ratio Rank: 48
FSLEX Omega Ratio Rank: 48
FSLEX Calmar Ratio Rank: 71
FSLEX Martin Ratio Rank: 66

GCEBX

GCEBX Risk / Return Rank: 87
GCEBX Sharpe Ratio Rank: 89
GCEBX Sortino Ratio Rank: 80
GCEBX Omega Ratio Rank: 76
GCEBX Calmar Ratio Rank: 97
GCEBX Martin Ratio Rank: 93

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. GCEBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environment and Alternative Energy Fund (FSLEX) and Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX). 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	GCEBX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.71	-0.65
Sortino ratio: Return per unit of downside risk	2.70	3.48	-0.78
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	3.09	6.17	-3.08
Martin ratio: Return relative to average drawdown	12.11	18.09	-5.98

FSLEX vs. GCEBX - Sharpe Ratio Comparison

The current FSLEX Sharpe Ratio is 2.06, which is comparable to the GCEBX Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of FSLEX and GCEBX, 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. GCEBX - Drawdown Comparison

The maximum FSLEX drawdown since its inception was -50.21%, which is greater than GCEBX's maximum drawdown of -45.74%. Use the drawdown chart below to compare losses from any high point for FSLEX and GCEBX.

Drawdown Indicators

	FSLEX	GCEBX	Difference
Max Drawdown Largest peak-to-trough decline	-50.21%	-45.74%	-4.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-7.75%	-3.66%
Max Drawdown (3Y) Largest decline over 3 years	-24.04%	-27.96%	+3.92%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-41.51%	+8.84%
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	—	—
Current Drawdown Current decline from peak	-0.38%	-3.84%	+3.46%
Average Drawdown Average peak-to-trough decline	-13.91%	-22.53%	+8.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.63%	+0.28%

Volatility

FSLEX vs. GCEBX - Volatility Comparison

Fidelity Environment and Alternative Energy Fund (FSLEX) and Goldman Sachs Clean Energy Income Fund Class A Shares (GCEBX) have volatilities of 6.86% and 6.95%, 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	GCEBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	6.95%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	13.99%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	17.20%	17.66%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	19.37%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	19.30%	+2.24%

FSLEX vs. GCEBX - Expense Ratio Comparison

FSLEX has a 0.79% expense ratio, which is lower than GCEBX's 1.26% expense ratio.

Dividends

FSLEX vs. GCEBX - Dividend Comparison

FSLEX's dividend yield for the trailing twelve months is around 1.55%, more than GCEBX's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLEX Fidelity Environment and Alternative Energy Fund	1.55%	0.37%	0.41%	0.39%	0.69%	7.74%	6.41%	2.17%	6.39%	6.19%	1.29%	3.01%
GCEBX Goldman Sachs Clean Energy Income Fund Class A Shares	1.14%	1.41%	2.61%	2.98%	0.56%	6.08%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSLEX and GCEBX in my portfolio?

FSLEX and GCEBX have a correlation of 0.66, 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 GCEBX?

GCEBX has higher volatility (6.95%) compared to FSLEX (6.86%). In terms of maximum drawdown, FSLEX dropped -50.21% vs GCEBX's -45.74%.

Which has better risk-adjusted returns?

GCEBX currently has the higher Sharpe Ratio (2.71 vs 2.06), 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.