FSPHX vs. FHLC

Last updated Jun 23, 2026

FSPHX (Fidelity® Select Health Care Portfolio) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds from Fidelity. FSPHX is actively managed, while FHLC is passively managed. Over the past 10 years, FSPHX returned 9.36%/yr vs 9.88%/yr for FHLC. Their correlation of 0.91 suggests significant overlap in exposure. FSPHX charges 0.69%/yr vs 0.08%/yr for FHLC.

Performance

FSPHX vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity® Select Health Care Portfolio (FSPHX) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSPHX achieves a -0.38% return, which is significantly higher than FHLC's -1.22% return. Over the past 10 years, FSPHX has underperformed FHLC with an annualized return of 9.36%, while FHLC has yielded a comparatively higher 9.88% annualized return.

FSPHX

• 1D: 0.24%
• 1M: 3.24%
• YTD: -0.38%
• 6M: -8.58%
• 1Y: 12.97%
• 3Y*: 4.91%
• 5Y*: 1.54%
• 10Y*: 9.36%

FHLC

• 1D: 0.90%
• 1M: 1.34%
• YTD: -1.22%
• 6M: -1.95%
• 1Y: 17.82%
• 3Y*: 6.59%
• 5Y*: 4.42%
• 10Y*: 9.88%

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

FSPHX vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSPHX Fidelity® Select Health Care Portfolio	-0.38%	9.36%	4.91%	4.13%	-12.82%	11.58%	24.57%	31.48%	7.15%	23.83%
FHLC Fidelity MSCI Health Care Index ETF	-1.22%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between FSPHX and FHLC is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.91

The correlation between FSPHX and FHLC shifts across timeframes, from 0.81 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSPHX vs. FHLC — Risk / Return Rank

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

FSPHX

FSPHX Risk / Return Rank: 8
FSPHX Sharpe Ratio Rank: 9
FSPHX Sortino Ratio Rank: 9
FSPHX Omega Ratio Rank: 9
FSPHX Calmar Ratio Rank: 8
FSPHX Martin Ratio Rank: 6

FHLC

FHLC Risk / Return Rank: 34
FHLC Sharpe Ratio Rank: 35
FHLC Sortino Ratio Rank: 38
FHLC Omega Ratio Rank: 33
FHLC Calmar Ratio Rank: 35
FHLC Martin Ratio Rank: 31

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.

FSPHX vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity® Select Health Care Portfolio (FSPHX) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	FSPHX	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.22	-0.51
Sortino ratio: Return per unit of downside risk	1.07	1.90	-0.83
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.08
Calmar ratio: Return relative to maximum drawdown	0.70	1.72	-1.02
Martin ratio: Return relative to average drawdown	1.50	4.27	-2.76

FSPHX vs. FHLC - Sharpe Ratio Comparison

The current FSPHX Sharpe Ratio is 0.71, which is lower than the FHLC Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of FSPHX and FHLC, 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

FSPHX vs. FHLC - Drawdown Comparison

The maximum FSPHX drawdown since its inception was -44.45%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for FSPHX and FHLC.

Drawdown Indicators

	FSPHX	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-44.45%	-28.76%	-15.69%
Max Drawdown (1Y) Largest decline over 1 year	-18.32%	-10.38%	-7.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-16.87%	-1.45%
Max Drawdown (5Y) Largest decline over 5 years	-29.31%	-17.73%	-11.58%
Max Drawdown (10Y) Largest decline over 10 years	-29.31%	-28.76%	-0.55%
Current Drawdown Current decline from peak	-9.91%	-4.36%	-5.55%
Average Drawdown Average peak-to-trough decline	-9.83%	-5.19%	-4.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.56%	4.19%	+4.37%

Volatility

FSPHX vs. FHLC - Volatility Comparison

Fidelity® Select Health Care Portfolio (FSPHX) has a higher volatility of 6.03% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.92%. This indicates that FSPHX's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSPHX	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	4.92%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	14.93%	10.46%	+4.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.12%	14.70%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	15.02%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.05%	16.85%	+2.20%

FSPHX vs. FHLC - Expense Ratio Comparison

FSPHX has a 0.69% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

FSPHX vs. FHLC - Dividend Comparison

FSPHX's dividend yield for the trailing twelve months is around 12.23%, more than FHLC's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.40%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
FSPHX Fidelity® Select Health Care Portfolio	12.23%	4.16%	10.77%	0.00%	2.13%	9.06%	11.29%	1.35%	9.02%	2.27%	0.18%	11.63%

Frequently Asked Questions

Can I hold both FSPHX and FHLC in my portfolio?

FSPHX and FHLC have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSPHX or FHLC?

FSPHX has higher volatility (6.03%) compared to FHLC (4.92%). In terms of maximum drawdown, FSPHX dropped -44.45% vs FHLC's -28.76%.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.22 vs 0.71), 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.