VHCIX vs. FBIOX

Last updated Aug 4, 2026

VHCIX (Vanguard Health Care Index Fund Admiral Shares) and FBIOX (Fidelity Select Biotechnology Portfolio) are both Health & Biotech Equities funds. VHCIX is passively managed, while FBIOX is actively managed. Over the past 10 years, VHCIX returned 9.89%/yr vs 10.50%/yr for FBIOX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. VHCIX charges 0.09%/yr vs 0.62%/yr for FBIOX.

Performance

VHCIX vs. FBIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Health Care Index Fund Admiral Shares (VHCIX) and Fidelity Select Biotechnology Portfolio (FBIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VHCIX achieves a 6.65% return, which is significantly lower than FBIOX's 16.42% return. Over the past 10 years, VHCIX has underperformed FBIOX with an annualized return of 9.89%, while FBIOX has yielded a comparatively higher 10.50% annualized return.

VHCIX

• 1D: -0.76%
• 1M: -1.27%
• 6M: 6.15%
• YTD: 6.65%
• 1Y: 27.81%
• 3Y*: 9.07%
• 5Y*: 5.07%
• 10Y*: 9.89%
• ALL TIME*: 9.83%

FBIOX

• 1D: -2.67%
• 1M: -4.94%
• 6M: 13.17%
• YTD: 16.42%
• 1Y: 52.29%
• 3Y*: 22.07%
• 5Y*: 7.84%
• 10Y*: 10.50%
• ALL TIME*: 12.83%

*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)
FBIOX Fidelity Select Biotechnology Portfolio	$0.00	$0.00	$0.00
VHCIX Vanguard Health Care Index Fund Admiral Shares	$0.00	$0.00	$0.00

VHCIX vs. FBIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHCIX Vanguard Health Care Index Fund Admiral Shares	6.65%	15.43%	2.64%	2.48%	-5.50%	20.56%	18.22%	21.97%	5.55%	23.35%
FBIOX Fidelity Select Biotechnology Portfolio	16.42%	36.38%	7.26%	10.09%	-15.87%	-12.26%	38.62%	36.12%	-10.92%	27.87%

Correlation

The correlation between VHCIX and FBIOX is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.73
Correlation (All Time) Calculated using the full available price history since Feb 2, 2004	0.78

The correlation between VHCIX and FBIOX shifts across timeframes, from 0.67 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

VHCIX vs. FBIOX - Sectors Allocation Comparison

Sectors	VHCIX	FBIOX
Healthcare	99.2%	100.0%
Technology	0.4%	-
Financial Services	0.0%	-
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

VHCIX vs. FBIOX — Risk / Return Rank

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

VHCIX

VHCIX Risk / Return Rank: 71
VHCIX Sharpe Ratio Rank: 77
VHCIX Sortino Ratio Rank: 81
VHCIX Omega Ratio Rank: 71
VHCIX Calmar Ratio Rank: 80
VHCIX Martin Ratio Rank: 44

FBIOX

FBIOX Risk / Return Rank: 92
FBIOX Sharpe Ratio Rank: 94
FBIOX Sortino Ratio Rank: 88
FBIOX Omega Ratio Rank: 82
FBIOX Calmar Ratio Rank: 98
FBIOX Martin Ratio Rank: 97

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.

VHCIX vs. FBIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Health Care Index Fund Admiral Shares (VHCIX) and Fidelity Select Biotechnology Portfolio (FBIOX). 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.

	VHCIX	FBIOX	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.47	-0.60
Sortino ratio: Return per unit of downside risk	2.89	3.29	-0.39
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	2.75	7.04	-4.29
Martin ratio: Return relative to average drawdown	6.80	19.48	-12.68

VHCIX vs. FBIOX - Sharpe Ratio Comparison

The current VHCIX Sharpe Ratio is 1.87, which is comparable to the FBIOX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of VHCIX and FBIOX, 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

VHCIX vs. FBIOX - Drawdown Comparison

The maximum VHCIX drawdown since its inception was -39.12%, smaller than the maximum FBIOX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for VHCIX and FBIOX.

Drawdown Indicators

	VHCIX	FBIOX	Difference
Max Drawdown Largest peak-to-trough decline	-39.12%	-71.98%	+32.86%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-7.62%	-2.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-27.83%	+10.94%
Max Drawdown (5Y) Largest decline over 5 years	-17.77%	-44.87%	+27.10%
Max Drawdown (10Y) Largest decline over 10 years	-28.58%	-48.66%	+20.08%
Current Drawdown Current decline from peak	-2.66%	-6.15%	+3.49%
Average Drawdown Average peak-to-trough decline	-5.94%	-23.55%	+17.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.75%	+1.44%

Volatility

VHCIX vs. FBIOX - Volatility Comparison

The current volatility for Vanguard Health Care Index Fund Admiral Shares (VHCIX) is 5.61%, while Fidelity Select Biotechnology Portfolio (FBIOX) has a volatility of 6.93%. This indicates that VHCIX experiences smaller price fluctuations and is considered to be less risky than FBIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VHCIX	FBIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	6.93%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	17.13%	-5.39%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	21.68%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	25.13%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	26.17%	-9.16%

VHCIX vs. FBIOX - Expense Ratio Comparison

VHCIX has a 0.09% expense ratio, which is lower than FBIOX's 0.62% expense ratio.

Dividends

VHCIX vs. FBIOX - Dividend Comparison

VHCIX's dividend yield for the trailing twelve months is around 1.55%, less than FBIOX's 5.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBIOX Fidelity Select Biotechnology Portfolio	5.78%	2.47%	1.21%	0.45%	0.00%	14.48%	19.46%	8.89%	11.18%	1.41%	3.42%	6.71%
VHCIX Vanguard Health Care Index Fund Admiral Shares	1.55%	1.61%	1.53%	1.36%	1.33%	1.19%	1.21%	1.89%	1.38%	1.31%	1.45%	1.22%

Frequently Asked Questions

Can I hold both VHCIX and FBIOX in my portfolio?

VHCIX and FBIOX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VHCIX or FBIOX?

FBIOX has higher volatility (6.93%) compared to VHCIX (5.61%). In terms of maximum drawdown, VHCIX dropped -39.12% vs FBIOX's -71.98%.

Which has better risk-adjusted returns?

FBIOX currently has the higher Sharpe Ratio (2.47 vs 1.87), 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.