FXH vs. FHLC

Last updated Aug 4, 2026

FXH (First Trust Health Care AlphaDEX Fund) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds - FXH tracks the StrataQuant Health Care Index while FHLC tracks the MSCI USA IMI Health Care Index. Both are passively managed. Over the past 10 years, FXH returned 7.76%/yr vs 9.77%/yr for FHLC. Their correlation of 0.92 means they have usually moved in the same direction. FXH charges 0.61%/yr vs 0.08%/yr for FHLC.

Performance

FXH vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Health Care AlphaDEX Fund (FXH) 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, FXH achieves a 12.75% return, which is significantly higher than FHLC's 6.71% return. Over the past 10 years, FXH has underperformed FHLC with an annualized return of 7.76%, while FHLC has yielded a comparatively higher 9.77% annualized return.

FXH

• 1D: 0.72%
• 1M: 1.42%
• 6M: 11.87%
• YTD: 12.75%
• 1Y: 30.98%
• 3Y*: 7.54%
• 5Y*: 1.03%
• 10Y*: 7.76%
• ALL TIME*: 10.27%

FHLC

• 1D: -0.04%
• 1M: -1.19%
• 6M: 6.28%
• YTD: 6.71%
• 1Y: 27.87%
• 3Y*: 9.42%
• 5Y*: 4.81%
• 10Y*: 9.77%
• ALL TIME*: 10.71%

*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)
FHLC Fidelity MSCI Health Care Index ETF	$13.38M	$17.91M	$16.14M
FXH First Trust Health Care AlphaDEX Fund	$8.23M	$7.53M	$5.49M

FXH vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXH First Trust Health Care AlphaDEX Fund	12.75%	10.16%	0.96%	-4.53%	-12.24%	15.20%	28.00%	22.26%	-1.33%	21.82%
FHLC Fidelity MSCI Health Care Index ETF	6.71%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between FXH and FHLC is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.92

The correlation between FXH and FHLC has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

FXH vs. FHLC - Sectors Allocation Comparison

Sectors	FXH	FHLC
Healthcare	97.3%	98.9%
Technology	1.4%	0.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Industrials	-	0.0%
Real Estate	-	-
Utilities	-	-

Return for Risk

FXH vs. FHLC — Risk / Return Rank

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

FXH

FXH Risk / Return Rank: 74
FXH Sharpe Ratio Rank: 79
FXH Sortino Ratio Rank: 83
FXH Omega Ratio Rank: 75
FXH Calmar Ratio Rank: 69
FXH Martin Ratio Rank: 63

FHLC

FHLC Risk / Return Rank: 74
FHLC Sharpe Ratio Rank: 79
FHLC Sortino Ratio Rank: 85
FHLC Omega Ratio Rank: 75
FHLC Calmar Ratio Rank: 75
FHLC Martin Ratio Rank: 55

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.

FXH vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Health Care AlphaDEX Fund (FXH) 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.

	FXH	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.85	+0.07
Sortino ratio: Return per unit of downside risk	2.87	2.86	+0.01
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.55	2.70	-0.14
Martin ratio: Return relative to average drawdown	7.98	6.71	+1.27

FXH vs. FHLC - Sharpe Ratio Comparison

The current FXH Sharpe Ratio is 1.92, which is comparable to the FHLC Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FXH 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

FXH vs. FHLC - Drawdown Comparison

The maximum FXH drawdown since its inception was -43.70%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for FXH and FHLC.

Drawdown Indicators

	FXH	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-28.76%	-14.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.20%	-10.38%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	-16.87%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.49%	-17.73%	-11.76%
Max Drawdown (10Y) Largest decline over 10 years	-30.61%	-28.76%	-1.85%
Current Drawdown Current decline from peak	-0.24%	-2.81%	+2.57%
Average Drawdown Average peak-to-trough decline	-9.41%	-5.16%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	4.16%	-0.27%

Volatility

FXH vs. FHLC - Volatility Comparison

First Trust Health Care AlphaDEX Fund (FXH) and Fidelity MSCI Health Care Index ETF (FHLC) have volatilities of 4.86% and 4.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXH	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	4.94%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	11.69%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.25%	15.17%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	15.25%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.51%	16.90%	+1.61%

FXH vs. FHLC - Expense Ratio Comparison

FXH has a 0.61% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

FXH vs. FHLC - Dividend Comparison

FXH's dividend yield for the trailing twelve months is around 0.80%, less than FHLC's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.30%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
FXH First Trust Health Care AlphaDEX Fund	0.80%	0.75%	0.41%	0.24%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXH and FHLC in my portfolio?

FXH and FHLC have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXH or FHLC?

FHLC has higher volatility (4.94%) compared to FXH (4.86%). In terms of maximum drawdown, FXH dropped -43.70% vs FHLC's -28.76%.

Which ETF is better, FXH or FHLC?

On 10-year performance, FHLC leads with 9.77% vs 7.76% for FXH. On fees, FHLC is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXH or FHLC?

Over the 10-year period, FHLC has performed better with a 9.77% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXH or FHLC?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.61% for FXH.

Which ETF pays a higher dividend yield, FXH or FHLC?

FHLC has the higher dividend yield at 1.30%, compared with 0.80% for FXH.

What is the main difference between FXH and FHLC?

FXH tracks StrataQuant Health Care Index, while FHLC tracks MSCI USA IMI Health Care Index. They also come from different issuers: First Trust and Fidelity. Their fees differ too: 0.61% for FXH and 0.08% for FHLC.

Which has better risk-adjusted returns?

FXH currently has the higher Sharpe Ratio (1.92 vs 1.85), 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.