FSLEX vs. SWTSX

Last updated Jun 24, 2026

FSLEX (Fidelity Environment and Alternative Energy Fund) and SWTSX (Schwab Total Stock Market Index Fund) are both mutual funds - FSLEX is a Alternative Energy Equities fund managed by Fidelity, while SWTSX is a Large Cap Blend Equities fund tracking the Dow Jones U.S. Total Stock Market Index. Over the past 10 years, FSLEX returned 14.99%/yr vs 15.24%/yr for SWTSX. Their correlation of 0.86 suggests significant overlap in exposure. FSLEX charges 0.79%/yr vs 0.03%/yr for SWTSX.

Performance

FSLEX vs. SWTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Environment and Alternative Energy Fund (FSLEX) and Schwab Total Stock Market Index Fund (SWTSX). 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 higher than SWTSX's 10.37% return. Both investments have delivered pretty close results over the past 10 years, with FSLEX having a 14.99% annualized return and SWTSX not far ahead at 15.24%.

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%

SWTSX

• 1D: -0.33%
• 1M: 0.56%
• YTD: 10.37%
• 6M: 9.24%
• 1Y: 25.87%
• 3Y*: 21.18%
• 5Y*: 12.36%
• 10Y*: 15.24%

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

FSLEX vs. SWTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLEX Fidelity Environment and Alternative Energy Fund	16.90%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	24.94%
SWTSX Schwab Total Stock Market Index Fund	10.37%	17.04%	23.84%	26.05%	-19.54%	25.65%	20.71%	30.90%	-5.35%	21.08%

Correlation

The correlation between FSLEX and SWTSX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2000	0.86

The correlation between FSLEX and SWTSX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

Return for Risk

FSLEX vs. SWTSX — 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

SWTSX

SWTSX Risk / Return Rank: 64
SWTSX Sharpe Ratio Rank: 61
SWTSX Sortino Ratio Rank: 55
SWTSX Omega Ratio Rank: 56
SWTSX Calmar Ratio Rank: 70
SWTSX Martin Ratio Rank: 78

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. SWTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environment and Alternative Energy Fund (FSLEX) and Schwab Total Stock Market Index Fund (SWTSX). 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	SWTSX	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.11	-0.06
Sortino ratio: Return per unit of downside risk	2.70	2.86	-0.16
Omega ratio: Gain probability vs. loss probability	1.35	1.38	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	3.06	+0.03
Martin ratio: Return relative to average drawdown	12.11	13.62	-1.50

FSLEX vs. SWTSX - Sharpe Ratio Comparison

The current FSLEX Sharpe Ratio is 2.06, which is comparable to the SWTSX Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FSLEX and SWTSX, 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. SWTSX - Drawdown Comparison

The maximum FSLEX drawdown since its inception was -50.21%, smaller than the maximum SWTSX drawdown of -54.60%. Use the drawdown chart below to compare losses from any high point for FSLEX and SWTSX.

Drawdown Indicators

	FSLEX	SWTSX	Difference
Max Drawdown Largest peak-to-trough decline	-50.21%	-54.60%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-8.88%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.04%	-19.43%	-4.61%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-25.40%	-7.27%
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	-35.01%	-4.76%
Current Drawdown Current decline from peak	-0.38%	-1.47%	+1.09%
Average Drawdown Average peak-to-trough decline	-13.91%	-10.55%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	1.99%	+0.92%

Volatility

FSLEX vs. SWTSX - Volatility Comparison

Fidelity Environment and Alternative Energy Fund (FSLEX) has a higher volatility of 6.86% compared to Schwab Total Stock Market Index Fund (SWTSX) at 4.76%. This indicates that FSLEX's price experiences larger fluctuations and is considered to be riskier than SWTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLEX	SWTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.86%	4.76%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	10.06%	+3.64%
Volatility (1Y) Calculated over the trailing 1-year period	17.20%	12.89%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.80%	17.53%	+3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.54%	18.65%	+2.89%

FSLEX vs. SWTSX - Expense Ratio Comparison

FSLEX has a 0.79% expense ratio, which is higher than SWTSX's 0.03% expense ratio.

Dividends

FSLEX vs. SWTSX - Dividend Comparison

FSLEX's dividend yield for the trailing twelve months is around 1.55%, more than SWTSX's 1.00% 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%
SWTSX Schwab Total Stock Market Index Fund	1.00%	1.10%	1.24%	1.41%	1.62%	1.46%	1.63%	1.92%	2.58%	1.83%	2.32%	2.79%

Frequently Asked Questions

Can I hold both FSLEX and SWTSX in my portfolio?

FSLEX and SWTSX have a correlation of 0.87, 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 SWTSX?

FSLEX has higher volatility (6.86%) compared to SWTSX (4.76%). In terms of maximum drawdown, FSLEX dropped -50.21% vs SWTSX's -54.60%.

Which has better risk-adjusted returns?

SWTSX currently has the higher Sharpe Ratio (2.11 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.