FSMEX vs. SPY

Last updated Aug 1, 2026

FSMEX (Fidelity Select Medical Technology and Devices Portfolio) and SPY (State Street SPDR S&P 500 ETF) are both funds - FSMEX is a Health & Biotech Equities fund actively managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. FSMEX is actively managed, while SPY is passively managed. Over the past 10 years, FSMEX returned 9.72%/yr vs 15.07%/yr for SPY. Their 0.72 correlation means they have sometimes moved together and sometimes differently. FSMEX charges 0.62%/yr vs 0.09%/yr for SPY.

Performance

FSMEX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Medical Technology and Devices Portfolio (FSMEX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMEX achieves a -6.56% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, FSMEX has underperformed SPY with an annualized return of 9.72%, while SPY has yielded a comparatively higher 15.07% 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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSMEX Fidelity Select Medical Technology and Devices Portfolio	$0.00	$0.00	$0.00
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

FSMEX vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FSMEX and SPY is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Apr 28, 1998	0.72

Over the past year, the correlation between FSMEX and SPY has dropped to 0.41 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.

Return for Risk

FSMEX vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FSMEX

FSMEX Risk / Return Rank: 4
FSMEX Sharpe Ratio Rank: 4
FSMEX Sortino Ratio Rank: 4
FSMEX Omega Ratio Rank: 4
FSMEX Calmar Ratio Rank: 4
FSMEX Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FSMEX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Medical Technology and Devices Portfolio (FSMEX) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	1.52	-1.61
Sortino ratio: Return per unit of downside risk	0.02	2.11	-2.09
Omega ratio: Gain probability vs. loss probability	1.00	1.27	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.07	2.20	-2.27
Martin ratio: Return relative to average drawdown	-0.14	9.40	-9.54

FSMEX vs. SPY - Sharpe Ratio Comparison

The current FSMEX Sharpe Ratio is -0.09, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FSMEX and SPY, 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

FSMEX vs. SPY - Drawdown Comparison

The maximum FSMEX drawdown since its inception was -40.34%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FSMEX and SPY.

Drawdown Indicators

	FSMEX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-40.34%	-55.19%	+14.85%
Max Drawdown (1Y) Largest decline over 1 year	-26.28%	-8.88%	-17.40%
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%	-33.72%	-6.62%
Current Drawdown Current decline from peak	-12.50%	-1.40%	-11.10%
Average Drawdown Average peak-to-trough decline	-7.81%	-9.01%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.47%	2.08%	+10.39%

Volatility

FSMEX vs. SPY - Volatility Comparison

Fidelity Select Medical Technology and Devices Portfolio (FSMEX) has a higher volatility of 6.57% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that FSMEX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMEX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	3.58%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	10.14%	+6.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	12.89%	+7.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.36%	17.18%	+4.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	17.95%	+2.94%

FSMEX vs. SPY - Expense Ratio Comparison

FSMEX has a 0.62% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FSMEX vs. SPY - Dividend Comparison

FSMEX's dividend yield for the trailing twelve months is around 19.43%, more than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FSMEX and SPY in my portfolio?

FSMEX and SPY have a correlation of 0.41, 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 SPY?

FSMEX has higher volatility (6.57%) compared to SPY (3.58%). In terms of maximum drawdown, FSMEX dropped -40.34% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 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.