FSPCX vs. FNCL

Last updated Jun 23, 2026

FSPCX (Fidelity Select Insurance Portfolio) and FNCL (Fidelity MSCI Financials Index ETF) are both Financials Equities funds from Fidelity. Over the past 10 years, FSPCX returned 12.21%/yr vs 13.39%/yr for FNCL. Their correlation of 0.84 suggests significant overlap in exposure. FSPCX charges 0.78%/yr vs 0.08%/yr for FNCL.

Performance

FSPCX vs. FNCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Insurance Portfolio (FSPCX) and Fidelity MSCI Financials Index ETF (FNCL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSPCX achieves a -1.39% return, which is significantly lower than FNCL's -0.77% return. Over the past 10 years, FSPCX has underperformed FNCL with an annualized return of 12.21%, while FNCL has yielded a comparatively higher 13.39% annualized return.

FSPCX

• 1D: -0.81%
• 1M: 0.09%
• YTD: -1.39%
• 6M: -2.10%
• 1Y: -1.08%
• 3Y*: 13.74%
• 5Y*: 13.04%
• 10Y*: 12.21%

FNCL

• 1D: 0.47%
• 1M: 3.73%
• YTD: -0.77%
• 6M: -2.03%
• 1Y: 9.85%
• 3Y*: 20.78%
• 5Y*: 10.23%
• 10Y*: 13.39%

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

FSPCX vs. FNCL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPCX Fidelity Select Insurance Portfolio	-1.39%	3.45%	28.44%	12.98%	7.75%	29.26%	0.00%	30.06%	-11.99%	15.50%
FNCL Fidelity MSCI Financials Index ETF	-0.77%	14.94%	30.44%	14.10%	-12.28%	34.92%	-2.19%	31.59%	-13.44%	19.99%

Correlation

The correlation between FSPCX and FNCL is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.84

Over the past year, the correlation between FSPCX and FNCL has dropped to 0.60 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

Return for Risk

FSPCX vs. FNCL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FSPCX

FSPCX Risk / Return Rank: 3
FSPCX Sharpe Ratio Rank: 3
FSPCX Sortino Ratio Rank: 3
FSPCX Omega Ratio Rank: 3
FSPCX Calmar Ratio Rank: 2
FSPCX Martin Ratio Rank: 3

FNCL

FNCL Risk / Return Rank: 18
FNCL Sharpe Ratio Rank: 19
FNCL Sortino Ratio Rank: 18
FNCL Omega Ratio Rank: 18
FNCL Calmar Ratio Rank: 17
FNCL Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FSPCX vs. FNCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Insurance Portfolio (FSPCX) and Fidelity MSCI Financials Index ETF (FNCL). 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.

	FSPCX	FNCL	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	0.66	-0.69
Sortino ratio: Return per unit of downside risk	0.06	0.99	-0.93
Omega ratio: Gain probability vs. loss probability	1.01	1.12	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.05	0.67	-0.72
Martin ratio: Return relative to average drawdown	-0.10	1.74	-1.84

FSPCX vs. FNCL - Sharpe Ratio Comparison

The current FSPCX Sharpe Ratio is -0.03, which is lower than the FNCL Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of FSPCX and FNCL, 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

FSPCX vs. FNCL - Drawdown Comparison

The maximum FSPCX drawdown since its inception was -69.48%, which is greater than FNCL's maximum drawdown of -44.38%. Use the drawdown chart below to compare losses from any high point for FSPCX and FNCL.

Drawdown Indicators

	FSPCX	FNCL	Difference
Max Drawdown Largest peak-to-trough decline	-69.48%	-44.38%	-25.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-14.78%	+4.80%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	-17.29%	+5.60%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	-25.68%	+9.03%
Max Drawdown (10Y) Largest decline over 10 years	-43.68%	-44.38%	+0.70%
Current Drawdown Current decline from peak	-6.07%	-3.79%	-2.28%
Average Drawdown Average peak-to-trough decline	-9.70%	-6.90%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.00%	5.68%	-0.68%

Volatility

FSPCX vs. FNCL - Volatility Comparison

Fidelity Select Insurance Portfolio (FSPCX) has a higher volatility of 5.06% compared to Fidelity MSCI Financials Index ETF (FNCL) at 4.21%. This indicates that FSPCX's price experiences larger fluctuations and is considered to be riskier than FNCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPCX	FNCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	4.21%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	11.35%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.46%	14.96%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	19.21%	-1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.12%	22.36%	-2.24%

FSPCX vs. FNCL - Expense Ratio Comparison

FSPCX has a 0.78% expense ratio, which is higher than FNCL's 0.08% expense ratio.

Dividends

FSPCX vs. FNCL - Dividend Comparison

FSPCX's dividend yield for the trailing twelve months is around 4.77%, more than FNCL's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNCL Fidelity MSCI Financials Index ETF	1.65%	1.45%	1.52%	1.91%	2.29%	1.75%	2.26%	2.17%	2.37%	1.60%	1.81%	2.17%
FSPCX Fidelity Select Insurance Portfolio	4.77%	3.35%	8.72%	8.48%	0.74%	8.40%	8.80%	6.90%	32.69%	12.52%	2.81%	3.11%

Frequently Asked Questions

Can I hold both FSPCX and FNCL in my portfolio?

FSPCX and FNCL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSPCX or FNCL?

FSPCX has higher volatility (5.06%) compared to FNCL (4.21%). In terms of maximum drawdown, FSPCX dropped -69.48% vs FNCL's -44.38%.

Which has better risk-adjusted returns?

FNCL currently has the higher Sharpe Ratio (0.66 vs -0.03), 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.