FSMEX vs. FXAIX
FSMEX (Fidelity Select Medical Technology and Devices Portfolio) and FXAIX (Fidelity 500 Index Fund) are both mutual funds - FSMEX is a Health & Biotech Equities fund actively managed by Fidelity, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FSMEX is actively managed, while FXAIX is passively managed. Over the past 10 years, FSMEX returned 9.72%/yr vs 15.00%/yr for FXAIX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. FSMEX charges 0.62%/yr vs 0.02%/yr for FXAIX.
Performance
FSMEX vs. FXAIX - Performance Comparison
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Returns By Period
In the year-to-date period, FSMEX achieves a -6.56% return, which is significantly lower than FXAIX's 9.35% return. Over the past 10 years, FSMEX has underperformed FXAIX with an annualized return of 9.72%, while FXAIX has yielded a comparatively higher 15.00% annualized return.
FSMEX
- 1D
- 0.55%
- 1M
- 1.24%
- 6M
- -3.83%
- YTD
- -6.56%
- 1Y
- 1.44%
- 3Y*
- 4.41%
- 5Y*
- -1.42%
- 10Y*
- 9.72%
- ALL TIME*
- 12.73%
FXAIX
- 1D
- 1.66%
- 1M
- -0.56%
- 6M
- 7.79%
- YTD
- 9.35%
- 1Y
- 20.63%
- 3Y*
- 19.03%
- 5Y*
- 12.68%
- 10Y*
- 15.00%
- ALL TIME*
- 13.89%
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. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSMEX Fidelity Select Medical Technology and Devices Portfolio | -6.56% | 8.13% | 18.37% | 0.62% | -24.84% | 24.56% | 30.18% | 29.58% | 15.98% | 26.66% |
FXAIX Fidelity 500 Index Fund | 9.35% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.43% | 21.82% |
Correlation
The correlation between FSMEX and FXAIX is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since May 4, 2011 | 0.75 |
Over the past year, the correlation between FSMEX and FXAIX has dropped to 0.42 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.
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Return for Risk
FSMEX vs. FXAIX — Risk / Return Rank
FSMEX
FXAIX
FSMEX vs. FXAIX - 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 500 Index Fund (FXAIX). 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 | FXAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.26 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.06 | -2.13 |
| Martin ratioReturn relative to average drawdown | -0.14 | 8.86 | -9.00 |
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Drawdowns
FSMEX vs. FXAIX - Drawdown Comparison
The maximum FSMEX drawdown since its inception was -40.34%, which is greater than FXAIX's maximum drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FSMEX and FXAIX.
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Drawdown Indicators
| FSMEX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.34% | -33.79% | -6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -26.28% | -8.89% | -17.39% |
Max Drawdown (3Y)Largest decline over 3 years | -26.28% | -18.76% | -7.52% |
Max Drawdown (5Y)Largest decline over 5 years | -40.34% | -24.50% | -15.84% |
Max Drawdown (10Y)Largest decline over 10 years | -40.34% | -33.79% | -6.55% |
Current DrawdownCurrent decline from peak | -12.50% | -2.11% | -10.39% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -3.77% | -4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 2.07% | +10.40% |
Volatility
FSMEX vs. FXAIX - Volatility Comparison
Fidelity Select Medical Technology and Devices Portfolio (FSMEX) has a higher volatility of 6.57% compared to Fidelity 500 Index Fund (FXAIX) at 3.44%. This indicates that FSMEX's price experiences larger fluctuations and is considered to be riskier than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMEX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 3.44% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 16.61% | 10.09% | +6.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.99% | 12.86% | +7.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.36% | 17.03% | +4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.89% | 18.07% | +2.82% |
FSMEX vs. FXAIX - Expense Ratio Comparison
FSMEX has a 0.62% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Dividends
FSMEX vs. FXAIX - Dividend Comparison
FSMEX's dividend yield for the trailing twelve months is around 19.43%, more than FXAIX's 1.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMEX Fidelity Select Medical Technology and Devices Portfolio | 19.43% | 10.53% | 17.04% | 0.00% | 1.80% | 8.12% | 6.65% | 1.77% | 7.47% | 6.26% | 5.84% | 16.35% |
FXAIX Fidelity 500 Index Fund | 1.07% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
Frequently Asked Questions
FSMEX and FXAIX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMEX has higher volatility (6.57%) compared to FXAIX (3.44%). In terms of maximum drawdown, FSMEX dropped -40.34% vs FXAIX's -33.79%.
FXAIX currently has the higher Sharpe Ratio (1.43 vs -0.09), 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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