FSMEX vs. FNILX
FSMEX (Fidelity Select Medical Technology and Devices Portfolio) and FNILX (Fidelity ZERO Large Cap Index Fund) are both mutual funds - FSMEX is a Health & Biotech Equities fund actively managed by Fidelity, while FNILX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 5 years, FSMEX returned -1.64%/yr vs 12.52%/yr for FNILX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSMEX charges 0.62%/yr vs 0.00%/yr for FNILX.
Performance
FSMEX vs. FNILX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMEX achieves a -7.61% return, which is significantly lower than FNILX's 9.84% return.
FSMEX
- 1D
- -1.12%
- 1M
- 0.10%
- 6M
- -5.06%
- YTD
- -7.61%
- 1Y
- 0.30%
- 3Y*
- 4.26%
- 5Y*
- -1.64%
- 10Y*
- 9.67%
- ALL TIME*
- 12.69%
FNILX
- 1D
- 0.71%
- 1M
- 0.04%
- 6M
- 7.98%
- YTD
- 9.84%
- 1Y
- 20.95%
- 3Y*
- 19.57%
- 5Y*
- 12.52%
- 10Y*
- —
- ALL TIME*
- 14.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FSMEX vs. FNILX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMEX Fidelity Select Medical Technology and Devices Portfolio | -7.61% | 8.13% | 18.37% | 0.62% | -24.84% | 24.56% | 30.18% | 29.58% | -13.32% |
FNILX Fidelity ZERO Large Cap Index Fund | 9.84% | 17.81% | 25.47% | 27.45% | -19.37% | 26.67% | 21.13% | 31.79% | -13.60% |
Correlation
The correlation between FSMEX and FNILX is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2018 | 0.72 |
Over the past year, the correlation between FSMEX and FNILX has dropped to 0.40 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
FSMEX vs. FNILX — Risk / Return Rank
FSMEX
FNILX
FSMEX vs. FNILX - 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 ZERO Large Cap Index Fund (FNILX). 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 | FNILX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.26 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 2.11 | -2.12 |
| Martin ratioReturn relative to average drawdown | -0.02 | 8.87 | -8.89 |
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Drawdowns
FSMEX vs. FNILX - Drawdown Comparison
The maximum FSMEX drawdown since its inception was -40.34%, which is greater than FNILX's maximum drawdown of -33.76%. Use the drawdown chart below to compare losses from any high point for FSMEX and FNILX.
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Drawdown Indicators
| FSMEX | FNILX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.34% | -33.76% | -6.58% |
Max Drawdown (1Y)Largest decline over 1 year | -26.28% | -9.01% | -17.27% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -19.08% | -7.20% |
Max Drawdown (5Y)Largest decline over 5 years | -40.34% | -25.40% | -14.94% |
Max Drawdown (10Y)Largest decline over 10 years | -40.34% | — | — |
Current DrawdownCurrent decline from peak | -13.48% | -1.54% | -11.94% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -5.30% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.48% | 2.14% | +10.34% |
Volatility
FSMEX vs. FNILX - Volatility Comparison
Fidelity Select Medical Technology and Devices Portfolio (FSMEX) has a higher volatility of 6.43% compared to Fidelity ZERO Large Cap Index Fund (FNILX) at 3.53%. This indicates that FSMEX's price experiences larger fluctuations and is considered to be riskier than FNILX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMEX | FNILX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.43% | 3.53% | +2.90% |
Volatility (6M)Calculated over the trailing 6-month period | 16.56% | 10.19% | +6.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.02% | 12.98% | +7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.35% | 17.37% | +3.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.89% | 19.95% | +0.94% |
FSMEX vs. FNILX - Expense Ratio Comparison
FSMEX has a 0.62% expense ratio, which is higher than FNILX's 0.00% expense ratio.
Dividends
FSMEX vs. FNILX - Dividend Comparison
FSMEX's dividend yield for the trailing twelve months is around 19.65%, more than FNILX's 0.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNILX Fidelity ZERO Large Cap Index Fund | 0.92% | 1.01% | 1.09% | 1.34% | 1.53% | 0.95% | 1.20% | 1.17% | 0.53% | 0.00% | 0.00% | 0.00% |
FSMEX Fidelity Select Medical Technology and Devices Portfolio | 19.65% | 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 FNILX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMEX has higher volatility (6.43%) compared to FNILX (3.53%). In terms of maximum drawdown, FSMEX dropped -40.34% vs FNILX's -33.76%.
FNILX currently has the higher Sharpe Ratio (1.47 vs -0.01), 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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