FSMEX vs. DODBX

Last updated Jun 4, 2026

FSMEX (Fidelity Select Medical Technology and Devices Portfolio) and DODBX (Dodge & Cox Balanced Fund) are both mutual funds - FSMEX is a Health & Biotech Equities fund managed by Fidelity, while DODBX is a Diversified Portfolio fund managed by Dodge & Cox. Over the past 10 years, FSMEX returned 9.47%/yr vs 9.39%/yr for DODBX. A 0.67 correlation means they provide meaningful diversification when combined. FSMEX charges 0.68%/yr vs 0.52%/yr for DODBX.

Performance

FSMEX vs. DODBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Medical Technology and Devices Portfolio (FSMEX) and Dodge & Cox Balanced Fund (DODBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMEX achieves a -17.61% return, which is significantly lower than DODBX's 2.03% return. Both investments have delivered pretty close results over the past 10 years, with FSMEX having a 9.47% annualized return and DODBX not far behind at 9.39%.

FSMEX

• 1D: -1.64%
• 1M: 2.05%
• YTD: -17.61%
• 6M: -18.69%
• 1Y: -11.90%
• 3Y*: 0.79%
• 5Y*: -0.96%
• 10Y*: 9.47%

DODBX

• 1D: -0.37%
• 1M: 0.07%
• YTD: 2.03%
• 6M: 3.32%
• 1Y: 10.23%
• 3Y*: 11.90%
• 5Y*: 6.33%
• 10Y*: 9.39%

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

FSMEX vs. DODBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMEX Fidelity Select Medical Technology and Devices Portfolio	-17.61%	8.13%	18.37%	0.62%	-24.84%	24.56%	30.18%	29.58%	15.98%	26.66%
DODBX Dodge & Cox Balanced Fund	2.03%	14.44%	8.76%	13.77%	-7.30%	19.21%	7.93%	19.64%	-4.66%	11.51%

Correlation

The correlation between FSMEX and DODBX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 29, 1998	0.67

The correlation between FSMEX and DODBX has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Return for Risk

FSMEX vs. DODBX — Risk / Return Rank

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

FSMEX

FSMEX Risk / Return Rank: 1
FSMEX Sharpe Ratio Rank: 1
FSMEX Sortino Ratio Rank: 1
FSMEX Omega Ratio Rank: 1
FSMEX Calmar Ratio Rank: 1
FSMEX Martin Ratio Rank: 1

DODBX

DODBX Risk / Return Rank: 25
DODBX Sharpe Ratio Rank: 26
DODBX Sortino Ratio Rank: 25
DODBX Omega Ratio Rank: 25
DODBX Calmar Ratio Rank: 24
DODBX Martin Ratio Rank: 26

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.

FSMEX vs. DODBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Medical Technology and Devices Portfolio (FSMEX) and Dodge & Cox Balanced Fund (DODBX). 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.

	FSMEX	DODBX	Difference
Sharpe ratio Return per unit of total volatility	-0.65	1.44	-2.09
Sortino ratio Return per unit of downside risk	-0.82	2.08	-2.90
Omega ratio Gain probability vs. loss probability	0.91	1.26	-0.35
Calmar ratio Return relative to maximum drawdown	-0.45	1.81	-2.25
Martin ratio Return relative to average drawdown	-1.08	6.43	-7.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSMEX vs. DODBX - Sharpe Ratio Comparison

The current FSMEX Sharpe Ratio is -0.65, which is lower than the DODBX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of FSMEX and DODBX, 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

	FSMEX	DODBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.65	1.44	-2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.59	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.71	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.73	-0.09

Drawdowns

FSMEX vs. DODBX - Drawdown Comparison

The maximum FSMEX drawdown since its inception was -40.34%, smaller than the maximum DODBX drawdown of -50.20%. Use the drawdown chart below to compare losses from any high point for FSMEX and DODBX.

Drawdown Indicators

	FSMEX	DODBX	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-50.20%	+9.86%
Max Drawdown (1Y) Largest decline over 1 year	-26.28%	-5.72%	-20.56%
Max Drawdown (3Y) Largest decline over 3 years	-26.28%	-8.45%	-17.83%
Max Drawdown (5Y) Largest decline over 5 years	-40.34%	-17.74%	-22.60%
Max Drawdown (10Y) Largest decline over 10 years	-40.34%	-31.29%	-9.05%
Current Drawdown Current decline from peak	-22.84%	-1.82%	-21.02%
Average Drawdown Average peak-to-trough decline	-7.75%	-4.68%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.81%	1.60%	+9.21%

Volatility

FSMEX vs. DODBX - Volatility Comparison

Fidelity Select Medical Technology and Devices Portfolio (FSMEX) has a higher volatility of 7.26% compared to Dodge & Cox Balanced Fund (DODBX) at 1.83%. This indicates that FSMEX's price experiences larger fluctuations and is considered to be riskier than DODBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMEX	DODBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	1.83%	+5.43%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	5.36%	+9.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	7.16%	+10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.01%	10.78%	+10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	13.24%	+7.52%

FSMEX vs. DODBX - Expense Ratio Comparison

FSMEX has a 0.68% expense ratio, which is higher than DODBX's 0.52% expense ratio.

Dividends

FSMEX vs. DODBX - Dividend Comparison

FSMEX's dividend yield for the trailing twelve months is around 22.03%, more than DODBX's 7.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODBX Dodge & Cox Balanced Fund	7.08%	7.53%	8.21%	4.64%	8.67%	10.62%	6.92%	9.35%	9.57%	7.53%	5.59%	5.44%
FSMEX Fidelity Select Medical Technology and Devices Portfolio	22.03%	10.53%	17.04%	0.00%	1.80%	8.12%	6.65%	1.77%	7.47%	6.26%	5.84%	16.35%

Frequently Asked Questions

Can I hold both FSMEX and DODBX in my portfolio?

FSMEX and DODBX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMEX or DODBX?

FSMEX has higher volatility (7.26%) compared to DODBX (1.83%). In terms of maximum drawdown, FSMEX dropped -40.34% vs DODBX's -50.20%.

Which has better risk-adjusted returns?

DODBX currently has the higher Sharpe Ratio (1.44 vs -0.65), 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.