IYT vs. FSRFX

Last updated Jun 3, 2026

IYT (iShares Transportation Average ETF) and FSRFX (Fidelity Select Transportation Portfolio) are both Transportation Equities funds. IYT is passively managed, while FSRFX is actively managed. Over the past 10 years, IYT returned 10.51%/yr vs 12.92%/yr for FSRFX. With a 0.95 correlation, they move nearly in lockstep. IYT charges 0.42%/yr vs 0.69%/yr for FSRFX.

Performance

IYT vs. FSRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Transportation Average ETF (IYT) and Fidelity Select Transportation Portfolio (FSRFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYT achieves a 13.12% return, which is significantly lower than FSRFX's 17.13% return. Over the past 10 years, IYT has underperformed FSRFX with an annualized return of 10.51%, while FSRFX has yielded a comparatively higher 12.92% annualized return.

IYT

• 1D: -1.00%
• 1M: 3.94%
• YTD: 13.12%
• 6M: 15.04%
• 1Y: 30.40%
• 3Y*: 14.77%
• 5Y*: 5.55%
• 10Y*: 10.51%

FSRFX

• 1D: 0.98%
• 1M: 6.08%
• YTD: 17.13%
• 6M: 19.90%
• 1Y: 33.94%
• 3Y*: 16.32%
• 5Y*: 9.70%
• 10Y*: 12.92%

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

IYT vs. FSRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYT iShares Transportation Average ETF	13.12%	11.48%	4.10%	24.62%	-21.74%	26.41%	14.20%	20.11%	-12.87%	18.89%
FSRFX Fidelity Select Transportation Portfolio	17.13%	11.45%	6.33%	19.29%	-10.21%	27.79%	12.83%	18.43%	-11.02%	22.00%

Correlation

The correlation between IYT and FSRFX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 13, 2003	0.95

The correlation between IYT and FSRFX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

Return for Risk

IYT vs. FSRFX — Risk / Return Rank

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

IYT

IYT Risk / Return Rank: 44
IYT Sharpe Ratio Rank: 43
IYT Sortino Ratio Rank: 42
IYT Omega Ratio Rank: 40
IYT Calmar Ratio Rank: 49
IYT Martin Ratio Rank: 48

FSRFX

FSRFX Risk / Return Rank: 38
FSRFX Sharpe Ratio Rank: 32
FSRFX Sortino Ratio Rank: 31
FSRFX Omega Ratio Rank: 30
FSRFX Calmar Ratio Rank: 54
FSRFX Martin Ratio Rank: 42

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.

IYT vs. FSRFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Transportation Average ETF (IYT) and Fidelity Select Transportation Portfolio (FSRFX). 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.

	IYT	FSRFX	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.64	-0.13
Sortino ratio Return per unit of downside risk	2.15	2.34	-0.18
Omega ratio Gain probability vs. loss probability	1.26	1.29	-0.02
Calmar ratio Return relative to maximum drawdown	2.47	2.83	-0.36
Martin ratio Return relative to average drawdown	8.00	9.02	-1.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYT vs. FSRFX - Sharpe Ratio Comparison

The current IYT Sharpe Ratio is 1.51, which is comparable to the FSRFX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IYT and FSRFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IYT	FSRFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.64	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.47	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.59	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.59	-0.18

Drawdowns

IYT vs. FSRFX - Drawdown Comparison

The maximum IYT drawdown since its inception was -60.39%, roughly equal to the maximum FSRFX drawdown of -60.34%. Use the drawdown chart below to compare losses from any high point for IYT and FSRFX.

Drawdown Indicators

	IYT	FSRFX	Difference
Max Drawdown Largest peak-to-trough decline	-60.39%	-60.34%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-11.69%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-26.35%	-25.23%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-29.15%	-25.23%	-3.92%
Max Drawdown (10Y) Largest decline over 10 years	-41.28%	-41.11%	-0.17%
Current Drawdown Current decline from peak	-1.00%	0.00%	-1.00%
Average Drawdown Average peak-to-trough decline	-9.32%	-8.54%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.73%	3.67%	+0.06%

Volatility

IYT vs. FSRFX - Volatility Comparison

iShares Transportation Average ETF (IYT) and Fidelity Select Transportation Portfolio (FSRFX) have volatilities of 7.34% and 7.66%, 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

	IYT	FSRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.34%	7.66%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	15.64%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	20.56%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.29%	20.79%	+1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.15%	21.90%	+1.25%

IYT vs. FSRFX - Expense Ratio Comparison

IYT has a 0.42% expense ratio, which is lower than FSRFX's 0.69% expense ratio.

Dividends

IYT vs. FSRFX - Dividend Comparison

IYT's dividend yield for the trailing twelve months is around 0.95%, less than FSRFX's 7.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSRFX Fidelity Select Transportation Portfolio	7.95%	4.18%	7.02%	2.68%	8.82%	12.00%	7.97%	3.98%	11.42%	5.16%	1.97%	7.51%
IYT iShares Transportation Average ETF	0.95%	1.00%	1.08%	1.26%	1.40%	0.77%	0.93%	1.29%	1.35%	0.92%	0.96%	1.28%

Frequently Asked Questions

Can I hold both IYT and FSRFX in my portfolio?

With a correlation of 0.99, IYT and FSRFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IYT or FSRFX?

FSRFX has higher volatility (7.66%) compared to IYT (7.34%). In terms of maximum drawdown, IYT dropped -60.39% vs FSRFX's -60.34%.

Which has better risk-adjusted returns?

FSRFX currently has the higher Sharpe Ratio (1.64 vs 1.51), 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.