GSBD vs. FHLC

Last updated Jul 17, 2026

GSBD (Goldman Sachs BDC, Inc.) is a stock, while FHLC (Fidelity MSCI Health Care Index ETF) is Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index. Over the past 10 years, GSBD returned 3.26%/yr vs 9.97%/yr for FHLC. At a 0.27 correlation, their price movements are largely independent.

Performance

GSBD vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs BDC, Inc. (GSBD) 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, GSBD achieves a 5.00% return, which is significantly lower than FHLC's 6.56% return. Over the past 10 years, GSBD has underperformed FHLC with an annualized return of 3.26%, while FHLC has yielded a comparatively higher 9.97% annualized return.

GSBD

• 1D: 1.34%
• 1M: 0.63%
• 6M: 3.33%
• YTD: 5.00%
• 1Y: -11.27%
• 3Y*: -0.54%
• 5Y*: -1.80%
• 10Y*: 3.26%

FHLC

• 1D: 1.80%
• 1M: 6.95%
• 6M: 5.10%
• YTD: 6.56%
• 1Y: 25.09%
• 3Y*: 9.47%
• 5Y*: 5.58%
• 10Y*: 9.97%

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

GSBD vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSBD Goldman Sachs BDC, Inc.	5.00%	-8.81%	-6.24%	20.97%	-20.13%	10.85%	0.71%	26.36%	-9.44%	1.96%
FHLC Fidelity MSCI Health Care Index ETF	6.56%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between GSBD and FHLC is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 18, 2015	0.27

The correlation between GSBD and FHLC shifts across timeframes, from 0.13 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GSBD vs. FHLC — Risk / Return Rank

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

GSBD

GSBD Risk / Return Rank: 22
GSBD Sharpe Ratio Rank: 21
GSBD Sortino Ratio Rank: 20
GSBD Omega Ratio Rank: 21
GSBD Calmar Ratio Rank: 21
GSBD Martin Ratio Rank: 26

FHLC

FHLC Risk / Return Rank: 59
FHLC Sharpe Ratio Rank: 62
FHLC Sortino Ratio Rank: 70
FHLC Omega Ratio Rank: 57
FHLC Calmar Ratio Rank: 60
FHLC Martin Ratio Rank: 46

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.

GSBD vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs BDC, Inc. (GSBD) 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.

	GSBD	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.64	-2.16
Sortino ratio: Return per unit of downside risk	-0.59	2.55	-3.14
Omega ratio: Gain probability vs. loss probability	0.93	1.29	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.62	2.43	-3.04
Martin ratio: Return relative to average drawdown	-0.89	6.00	-6.89

GSBD vs. FHLC - Sharpe Ratio Comparison

The current GSBD Sharpe Ratio is -0.51, which is lower than the FHLC Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of GSBD 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

GSBD vs. FHLC - Drawdown Comparison

The maximum GSBD drawdown since its inception was -62.67%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for GSBD and FHLC.

Drawdown Indicators

	GSBD	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-62.67%	-28.76%	-33.91%
Max Drawdown (1Y) Largest decline over 1 year	-18.34%	-10.38%	-7.96%
Max Drawdown (3Y) Largest decline over 3 years	-29.59%	-16.87%	-12.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-17.73%	-11.86%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-28.76%	-33.91%
Current Drawdown Current decline from peak	-20.47%	-1.92%	-18.55%
Average Drawdown Average peak-to-trough decline	-11.79%	-5.17%	-6.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.73%	4.19%	+8.54%

Volatility

GSBD vs. FHLC - Volatility Comparison

Goldman Sachs BDC, Inc. (GSBD) has a higher volatility of 9.07% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 5.85%. This indicates that GSBD'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

	GSBD	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	5.85%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	18.19%	11.52%	+6.67%
Volatility (1Y) Calculated over the trailing 1-year period	22.02%	15.37%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	15.21%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.13%	16.86%	+14.27%

Dividends

GSBD vs. FHLC - Dividend Comparison

GSBD's dividend yield for the trailing twelve months is around 17.00%, more 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%
GSBD Goldman Sachs BDC, Inc.	17.00%	20.26%	14.88%	12.29%	13.12%	10.18%	9.41%	8.46%	9.79%	8.12%	7.65%	9.47%

Frequently Asked Questions

Can I hold both GSBD and FHLC in my portfolio?

GSBD and FHLC have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSBD or FHLC?

GSBD has higher volatility (9.07%) compared to FHLC (5.85%). In terms of maximum drawdown, GSBD dropped -62.67% vs FHLC's -28.76%.

Which has better risk-adjusted returns?

FHLC currently has the higher Sharpe Ratio (1.64 vs -0.51), 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.