FSMEX vs. FMED
FSMEX (Fidelity Select Medical Technology and Devices Portfolio) and FMED (Fidelity Disruptive Medicine ETF) are both Health & Biotech Equities funds from Fidelity. Over the past 3 years, FSMEX returned 4.04%/yr vs 5.20%/yr for FMED. Their correlation of 0.82 suggests significant overlap in exposure. FSMEX charges 0.68%/yr vs 0.50%/yr for FMED.
Performance
FSMEX vs. FMED - Performance Comparison
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Returns By Period
In the year-to-date period, FSMEX achieves a -8.39% return, which is significantly lower than FMED's 7.45% return.
FSMEX
- 1D
- -0.19%
- 1M
- 9.72%
- 6M
- -10.60%
- YTD
- -8.39%
- 1Y
- -2.46%
- 3Y*
- 4.04%
- 5Y*
- -1.05%
- 10Y*
- 9.84%
FMED
- 1D
- -1.66%
- 1M
- 13.82%
- 6M
- 5.89%
- YTD
- 7.45%
- 1Y
- 22.12%
- 3Y*
- 5.20%
- 5Y*
- —
- 10Y*
- —
FSMEX vs. FMED - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FSMEX Fidelity Select Medical Technology and Devices Portfolio | -8.39% | 8.13% | 18.37% | -2.21% |
FMED Fidelity Disruptive Medicine ETF | 7.45% | 9.69% | 2.29% | -3.59% |
Correlation
The correlation between FSMEX and FMED is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2023 | 0.82 |
The correlation between FSMEX and FMED has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
FSMEX vs. FMED — Risk / Return Rank
FSMEX
FMED
FSMEX vs. FMED - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Medical Technology and Devices Portfolio (FSMEX) and Fidelity Disruptive Medicine ETF (FMED). 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.
| FSMEX | FMED | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.19 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 1.21 | -1.36 |
| Martin ratioReturn relative to average drawdown | -0.32 | 2.64 | -2.96 |
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Drawdowns
FSMEX vs. FMED - Drawdown Comparison
The maximum FSMEX drawdown since its inception was -40.34%, which is greater than FMED's maximum drawdown of -21.84%. Use the drawdown chart below to compare losses from any high point for FSMEX and FMED.
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Drawdown Indicators
| FSMEX | FMED | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.34% | -21.84% | -18.50% |
Max Drawdown (1Y)Largest decline over 1 year | -26.28% | -18.33% | -7.95% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -21.84% | -4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -40.34% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -40.34% | — | — |
Current DrawdownCurrent decline from peak | -14.21% | -3.45% | -10.76% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -7.01% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.12% | 8.39% | +3.73% |
Volatility
FSMEX vs. FMED - Volatility Comparison
Fidelity Select Medical Technology and Devices Portfolio (FSMEX) has a higher volatility of 7.12% compared to Fidelity Disruptive Medicine ETF (FMED) at 5.94%. This indicates that FSMEX's price experiences larger fluctuations and is considered to be riskier than FMED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMEX | FMED | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.12% | 5.94% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.13% | 15.75% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.69% | 19.86% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.27% | 18.70% | +2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.84% | 18.70% | +2.14% |
FSMEX vs. FMED - Expense Ratio Comparison
FSMEX has a 0.68% expense ratio, which is higher than FMED's 0.50% expense ratio.
Dividends
FSMEX vs. FMED - Dividend Comparison
FSMEX's dividend yield for the trailing twelve months is around 19.82%, while FMED has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMED Fidelity Disruptive Medicine ETF | 0.00% | 0.00% | 0.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FSMEX Fidelity Select Medical Technology and Devices Portfolio | 19.82% | 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
FSMEX and FMED have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMEX has higher volatility (7.12%) compared to FMED (5.94%). In terms of maximum drawdown, FSMEX dropped -40.34% vs FMED's -21.84%.
FMED currently has the higher Sharpe Ratio (1.12 vs -0.19), 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.
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