FSMVX vs. FBIOX

Last updated Aug 1, 2026

FSMVX (Fidelity Mid Cap Value Fund) and FBIOX (Fidelity Select Biotechnology Portfolio) are both mutual funds - FSMVX is a Mid Cap Value Equities fund managed by Fidelity, while FBIOX is a Health & Biotech Equities fund actively managed by Fidelity. Over the past 10 years, FSMVX returned 11.79%/yr vs 10.77%/yr for FBIOX. Their 0.59 correlation means they have sometimes moved together and sometimes differently. FSMVX charges 0.57%/yr vs 0.62%/yr for FBIOX.

Performance

FSMVX vs. FBIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Select Biotechnology Portfolio (FBIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSMVX achieves a 26.48% return, which is significantly higher than FBIOX's 19.61% return. Over the past 10 years, FSMVX has outperformed FBIOX with an annualized return of 11.79%, while FBIOX has yielded a comparatively lower 10.77% annualized return.

FSMVX

• 1D: 0.34%
• 1M: 1.53%
• 6M: 19.60%
• YTD: 26.48%
• 1Y: 41.81%
• 3Y*: 20.32%
• 5Y*: 14.10%
• 10Y*: 11.79%
• ALL TIME*: 10.33%

FBIOX

• 1D: 0.87%
• 1M: -2.34%
• 6M: 17.88%
• YTD: 19.61%
• 1Y: 56.46%
• 3Y*: 22.74%
• 5Y*: 8.42%
• 10Y*: 10.77%
• ALL TIME*: 12.90%

*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)
FBIOX Fidelity Select Biotechnology Portfolio	$0.00	$0.00	$0.00
FSMVX Fidelity Mid Cap Value Fund	$0.00	$0.00	$0.00

FSMVX vs. FBIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSMVX Fidelity Mid Cap Value Fund	26.48%	13.06%	14.53%	22.59%	-10.64%	34.00%	0.95%	23.57%	-18.91%	17.06%
FBIOX Fidelity Select Biotechnology Portfolio	19.61%	36.38%	7.26%	10.09%	-15.87%	-12.26%	38.62%	36.12%	-10.92%	27.87%

Correlation

The correlation between FSMVX and FBIOX is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.54
Correlation (10Y) Provides a long-term view across more market conditions.	0.51
Correlation (All Time) Calculated using the full available price history since Nov 15, 2001	0.59

Over the past year, the correlation between FSMVX and FBIOX has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

FSMVX vs. FBIOX — Risk / Return Rank

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

FSMVX

FSMVX Risk / Return Rank: 90
FSMVX Sharpe Ratio Rank: 91
FSMVX Sortino Ratio Rank: 89
FSMVX Omega Ratio Rank: 84
FSMVX Calmar Ratio Rank: 93
FSMVX Martin Ratio Rank: 94

FBIOX

FBIOX Risk / Return Rank: 94
FBIOX Sharpe Ratio Rank: 97
FBIOX Sortino Ratio Rank: 92
FBIOX Omega Ratio Rank: 87
FBIOX Calmar Ratio Rank: 98
FBIOX Martin Ratio Rank: 98

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.

FSMVX vs. FBIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Mid Cap Value Fund (FSMVX) and Fidelity Select Biotechnology Portfolio (FBIOX). 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.

	FSMVX	FBIOX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.73	-0.41
Sortino ratio: Return per unit of downside risk	3.31	3.58	-0.28
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.71	7.69	-3.98
Martin ratio: Return relative to average drawdown	14.73	21.50	-6.77

FSMVX vs. FBIOX - Sharpe Ratio Comparison

The current FSMVX Sharpe Ratio is 2.32, which is comparable to the FBIOX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of FSMVX and FBIOX, 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

FSMVX vs. FBIOX - Drawdown Comparison

The maximum FSMVX drawdown since its inception was -62.96%, smaller than the maximum FBIOX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for FSMVX and FBIOX.

Drawdown Indicators

	FSMVX	FBIOX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-71.98%	+9.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-7.62%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-27.83%	+4.13%
Max Drawdown (5Y) Largest decline over 5 years	-23.70%	-44.87%	+21.17%
Max Drawdown (10Y) Largest decline over 10 years	-45.11%	-48.66%	+3.55%
Current Drawdown Current decline from peak	-0.95%	-3.58%	+2.63%
Average Drawdown Average peak-to-trough decline	-8.89%	-23.55%	+14.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.72%	-0.12%

Volatility

FSMVX vs. FBIOX - Volatility Comparison

The current volatility for Fidelity Mid Cap Value Fund (FSMVX) is 3.34%, while Fidelity Select Biotechnology Portfolio (FBIOX) has a volatility of 6.44%. This indicates that FSMVX experiences smaller price fluctuations and is considered to be less risky than FBIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSMVX	FBIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	6.44%	-3.10%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	16.90%	-4.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	21.49%	-4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	25.11%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.08%	26.16%	-5.08%

FSMVX vs. FBIOX - Expense Ratio Comparison

FSMVX has a 0.57% expense ratio, which is lower than FBIOX's 0.62% expense ratio.

Dividends

FSMVX vs. FBIOX - Dividend Comparison

FSMVX's dividend yield for the trailing twelve months is around 6.22%, more than FBIOX's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBIOX Fidelity Select Biotechnology Portfolio	5.62%	2.47%	1.21%	0.45%	0.00%	14.48%	19.46%	8.89%	11.18%	1.41%	3.42%	6.71%
FSMVX Fidelity Mid Cap Value Fund	6.22%	8.28%	10.41%	1.17%	13.12%	1.30%	1.99%	1.87%	14.79%	8.92%	1.34%	5.15%

Frequently Asked Questions

Can I hold both FSMVX and FBIOX in my portfolio?

FSMVX and FBIOX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSMVX or FBIOX?

FBIOX has higher volatility (6.44%) compared to FSMVX (3.34%). In terms of maximum drawdown, FSMVX dropped -62.96% vs FBIOX's -71.98%.

Which has better risk-adjusted returns?

FBIOX currently has the higher Sharpe Ratio (2.73 vs 2.32), 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.