PSI vs. FSELX

Last updated Jun 23, 2026

PSI (Invesco Semiconductors ETF) and FSELX (Fidelity Select Semiconductors Portfolio) are both Semiconductors funds. Over the past 10 years, PSI returned 36.34%/yr vs 39.47%/yr for FSELX. Their correlation of 0.94 suggests significant overlap in exposure. PSI charges 0.56%/yr vs 0.68%/yr for FSELX.

Performance

PSI vs. FSELX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Semiconductors ETF (PSI) and Fidelity Select Semiconductors Portfolio (FSELX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSI achieves a 133.92% return, which is significantly higher than FSELX's 87.43% return. Over the past 10 years, PSI has underperformed FSELX with an annualized return of 36.34%, while FSELX has yielded a comparatively higher 39.47% annualized return.

PSI

• 1D: 3.50%
• 1M: 19.98%
• YTD: 133.92%
• 6M: 128.73%
• 1Y: 228.62%
• 3Y*: 63.00%
• 5Y*: 35.60%
• 10Y*: 36.34%

FSELX

• 1D: 5.45%
• 1M: 12.79%
• YTD: 87.43%
• 6M: 86.44%
• 1Y: 157.32%
• 3Y*: 66.55%
• 5Y*: 46.62%
• 10Y*: 39.47%

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

PSI vs. FSELX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSI Invesco Semiconductors ETF	133.92%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%
FSELX Fidelity Select Semiconductors Portfolio	87.43%	52.17%	49.68%	78.49%	-35.27%	59.16%	44.33%	64.50%	-12.01%	34.51%

Correlation

The correlation between PSI and FSELX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.94

The correlation between PSI and FSELX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

PSI vs. FSELX — Risk / Return Rank

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

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 95
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

FSELX

FSELX Risk / Return Rank: 96
FSELX Sharpe Ratio Rank: 99
FSELX Sortino Ratio Rank: 93
FSELX Omega Ratio Rank: 89
FSELX Calmar Ratio Rank: 99
FSELX Martin Ratio Rank: 99

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.

PSI vs. FSELX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Semiconductors ETF (PSI) and Fidelity Select Semiconductors Portfolio (FSELX). 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.

	PSI	FSELX	Difference
Sharpe ratio: Return per unit of total volatility	5.56	4.36	+1.20
Sortino ratio: Return per unit of downside risk	4.91	4.35	+0.56
Omega ratio: Gain probability vs. loss probability	1.68	1.60	+0.08
Calmar ratio: Return relative to maximum drawdown	14.87	10.88	+3.99
Martin ratio: Return relative to average drawdown	51.96	39.06	+12.90

PSI vs. FSELX - Sharpe Ratio Comparison

The current PSI Sharpe Ratio is 5.56, which is comparable to the FSELX Sharpe Ratio of 4.36. The chart below compares the historical Sharpe Ratios of PSI and FSELX, 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

PSI vs. FSELX - Drawdown Comparison

The maximum PSI drawdown since its inception was -62.96%, smaller than the maximum FSELX drawdown of -82.54%. Use the drawdown chart below to compare losses from any high point for PSI and FSELX.

Drawdown Indicators

	PSI	FSELX	Difference
Max Drawdown Largest peak-to-trough decline	-62.96%	-82.54%	+19.58%
Max Drawdown (1Y) Largest decline over 1 year	-15.48%	-14.38%	-1.10%
Max Drawdown (3Y) Largest decline over 3 years	-41.07%	-36.31%	-4.76%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-46.37%	+1.52%
Max Drawdown (10Y) Largest decline over 10 years	-44.85%	-46.37%	+1.52%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.91%	-28.67%	+12.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.42%	4.00%	+0.42%

Volatility

PSI vs. FSELX - Volatility Comparison

Invesco Semiconductors ETF (PSI) has a higher volatility of 19.98% compared to Fidelity Select Semiconductors Portfolio (FSELX) at 18.25%. This indicates that PSI's price experiences larger fluctuations and is considered to be riskier than FSELX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSI	FSELX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.98%	18.25%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	34.13%	29.19%	+4.94%
Volatility (1Y) Calculated over the trailing 1-year period	41.49%	35.91%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.68%	39.55%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.56%	35.40%	+0.16%

PSI vs. FSELX - Expense Ratio Comparison

PSI has a 0.56% expense ratio, which is lower than FSELX's 0.68% expense ratio.

Dividends

PSI vs. FSELX - Dividend Comparison

PSI's dividend yield for the trailing twelve months is around 0.05%, less than FSELX's 8.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSELX Fidelity Select Semiconductors Portfolio	8.74%	11.11%	7.97%	7.20%	6.69%	6.99%	8.13%	3.36%	26.80%	14.44%	3.82%	15.22%
PSI Invesco Semiconductors ETF	0.05%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both PSI and FSELX in my portfolio?

With a correlation of 0.91, PSI and FSELX 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, PSI or FSELX?

PSI has higher volatility (19.98%) compared to FSELX (18.25%). In terms of maximum drawdown, PSI dropped -62.96% vs FSELX's -82.54%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (5.56 vs 4.36), 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.