HSSAX vs. FIKBX

Last updated Jun 23, 2026

HSSAX (Emerald Finance and Banking Innovation Fund) and FIKBX (Fidelity Advisor Financial Services Fund Class Z) are both Financials Equities funds. Over the past 5 years, HSSAX returned -5.48%/yr vs 12.65%/yr for FIKBX. Their correlation of 0.80 suggests significant overlap in exposure. HSSAX charges 1.71%/yr vs 0.64%/yr for FIKBX.

Performance

HSSAX vs. FIKBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Emerald Finance and Banking Innovation Fund (HSSAX) and Fidelity Advisor Financial Services Fund Class Z (FIKBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSSAX achieves a 0.76% return, which is significantly lower than FIKBX's 2.25% return.

HSSAX

• 1D: 1.62%
• 1M: 6.09%
• YTD: 0.76%
• 6M: -3.16%
• 1Y: 13.89%
• 3Y*: 17.92%
• 5Y*: -5.48%
• 10Y*: 4.46%

FIKBX

• 1D: -0.37%
• 1M: 3.63%
• YTD: 2.25%
• 6M: 0.63%
• 1Y: 14.49%
• 3Y*: 22.66%
• 5Y*: 12.65%
• 10Y*: —

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

HSSAX vs. FIKBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HSSAX Emerald Finance and Banking Innovation Fund	0.76%	12.11%	16.47%	15.58%	-55.87%	38.83%	11.94%	20.55%	-18.97%
FIKBX Fidelity Advisor Financial Services Fund Class Z	2.25%	15.36%	32.80%	14.47%	-8.58%	33.43%	0.18%	34.31%	-11.43%

Correlation

The correlation between HSSAX and FIKBX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.80

The correlation between HSSAX and FIKBX has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

HSSAX vs. FIKBX — Risk / Return Rank

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

HSSAX

HSSAX Risk / Return Rank: 8
HSSAX Sharpe Ratio Rank: 8
HSSAX Sortino Ratio Rank: 8
HSSAX Omega Ratio Rank: 8
HSSAX Calmar Ratio Rank: 8
HSSAX Martin Ratio Rank: 7

FIKBX

FIKBX Risk / Return Rank: 12
FIKBX Sharpe Ratio Rank: 13
FIKBX Sortino Ratio Rank: 12
FIKBX Omega Ratio Rank: 12
FIKBX Calmar Ratio Rank: 13
FIKBX Martin Ratio Rank: 12

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.

HSSAX vs. FIKBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Emerald Finance and Banking Innovation Fund (HSSAX) and Fidelity Advisor Financial Services Fund Class Z (FIKBX). 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.

	HSSAX	FIKBX	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.93	-0.32
Sortino ratio: Return per unit of downside risk	0.99	1.34	-0.35
Omega ratio: Gain probability vs. loss probability	1.12	1.17	-0.05
Calmar ratio: Return relative to maximum drawdown	0.76	1.15	-0.39
Martin ratio: Return relative to average drawdown	1.63	3.27	-1.64

HSSAX vs. FIKBX - Sharpe Ratio Comparison

The current HSSAX Sharpe Ratio is 0.61, which is lower than the FIKBX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of HSSAX and FIKBX, 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

HSSAX vs. FIKBX - Drawdown Comparison

The maximum HSSAX drawdown since its inception was -73.01%, which is greater than FIKBX's maximum drawdown of -45.95%. Use the drawdown chart below to compare losses from any high point for HSSAX and FIKBX.

Drawdown Indicators

	HSSAX	FIKBX	Difference
Max Drawdown Largest peak-to-trough decline	-73.01%	-45.95%	-27.06%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-12.96%	-6.65%
Max Drawdown (3Y) Largest decline over 3 years	-22.17%	-19.38%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-73.01%	-24.82%	-48.19%
Max Drawdown (10Y) Largest decline over 10 years	-73.01%	—	—
Current Drawdown Current decline from peak	-47.69%	-1.16%	-46.53%
Average Drawdown Average peak-to-trough decline	-19.01%	-8.06%	-10.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.11%	4.54%	+4.57%

Volatility

HSSAX vs. FIKBX - Volatility Comparison

Emerald Finance and Banking Innovation Fund (HSSAX) has a higher volatility of 6.97% compared to Fidelity Advisor Financial Services Fund Class Z (FIKBX) at 4.49%. This indicates that HSSAX's price experiences larger fluctuations and is considered to be riskier than FIKBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSSAX	FIKBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	4.49%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	12.18%	+5.47%
Volatility (1Y) Calculated over the trailing 1-year period	24.53%	16.04%	+8.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.30%	20.72%	+8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.25%	25.89%	+2.36%

HSSAX vs. FIKBX - Expense Ratio Comparison

HSSAX has a 1.71% expense ratio, which is higher than FIKBX's 0.64% expense ratio.

Dividends

HSSAX vs. FIKBX - Dividend Comparison

HSSAX has not paid dividends to shareholders, while FIKBX's dividend yield for the trailing twelve months is around 6.96%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIKBX Fidelity Advisor Financial Services Fund Class Z	6.96%	7.11%	5.04%	2.48%	6.20%	4.43%	2.78%	1.59%	4.47%	0.00%
HSSAX Emerald Finance and Banking Innovation Fund	0.00%	0.00%	1.98%	0.00%	0.00%	11.48%	0.00%	0.00%	26.56%	2.83%

Frequently Asked Questions

Can I hold both HSSAX and FIKBX in my portfolio?

HSSAX and FIKBX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HSSAX or FIKBX?

HSSAX has higher volatility (6.97%) compared to FIKBX (4.49%). In terms of maximum drawdown, HSSAX dropped -73.01% vs FIKBX's -45.95%.

Which has better risk-adjusted returns?

FIKBX currently has the higher Sharpe Ratio (0.93 vs 0.61), 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.