XBI vs. FBIOX

Last updated Jun 24, 2026

XBI (SPDR S&P Biotech ETF) and FBIOX (Fidelity Select Biotechnology Portfolio) are both Health & Biotech Equities funds. Over the past 10 years, XBI returned 11.14%/yr vs 11.69%/yr for FBIOX. Their correlation of 0.95 suggests significant overlap in exposure. XBI charges 0.35%/yr vs 0.69%/yr for FBIOX.

Performance

XBI vs. FBIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Biotech ETF (XBI) 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, XBI achieves a 20.70% return, which is significantly higher than FBIOX's 11.03% return. Both investments have delivered pretty close results over the past 10 years, with XBI having a 11.14% annualized return and FBIOX not far ahead at 11.69%.

XBI

• 1D: 0.80%
• 1M: 11.78%
• YTD: 20.70%
• 6M: 17.84%
• 1Y: 79.53%
• 3Y*: 20.24%
• 5Y*: 1.51%
• 10Y*: 11.14%

FBIOX

• 1D: 2.80%
• 1M: 6.82%
• YTD: 11.03%
• 6M: 8.61%
• 1Y: 58.91%
• 3Y*: 20.04%
• 5Y*: 6.76%
• 10Y*: 11.69%

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

XBI vs. FBIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBI SPDR S&P Biotech ETF	20.70%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%
FBIOX Fidelity Select Biotechnology Portfolio	11.03%	36.38%	7.26%	10.09%	-15.87%	-12.26%	38.62%	36.12%	-10.92%	27.87%

Correlation

The correlation between XBI and FBIOX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.95

The correlation between XBI and FBIOX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

XBI vs. FBIOX - Sectors Allocation Comparison

Sectors	XBI	FBIOX
Healthcare	99.7%	100.0%
Financial Services	0.3%	-
Basic Materials	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XBI vs. FBIOX — Risk / Return Rank

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

XBI

XBI Risk / Return Rank: 90
XBI Sharpe Ratio Rank: 91
XBI Sortino Ratio Rank: 89
XBI Omega Ratio Rank: 82
XBI Calmar Ratio Rank: 96
XBI Martin Ratio Rank: 94

FBIOX

FBIOX Risk / Return Rank: 88
FBIOX Sharpe Ratio Rank: 90
FBIOX Sortino Ratio Rank: 84
FBIOX Omega Ratio Rank: 73
FBIOX Calmar Ratio Rank: 98
FBIOX Martin Ratio Rank: 97

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.

XBI vs. FBIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Biotech ETF (XBI) 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.

	XBI	FBIOX	Difference
Sharpe ratio: Return per unit of total volatility	3.02	2.74	+0.28
Sortino ratio: Return per unit of downside risk	3.89	3.65	+0.24
Omega ratio: Gain probability vs. loss probability	1.47	1.44	+0.03
Calmar ratio: Return relative to maximum drawdown	8.22	7.66	+0.56
Martin ratio: Return relative to average drawdown	24.30	23.32	+0.97

XBI vs. FBIOX - Sharpe Ratio Comparison

The current XBI Sharpe Ratio is 3.02, which is comparable to the FBIOX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of XBI 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

XBI vs. FBIOX - Drawdown Comparison

The maximum XBI drawdown since its inception was -63.89%, smaller than the maximum FBIOX drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for XBI and FBIOX.

Drawdown Indicators

	XBI	FBIOX	Difference
Max Drawdown Largest peak-to-trough decline	-63.89%	-71.98%	+8.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.72%	-7.62%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-32.99%	-27.83%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-54.71%	-44.87%	-9.84%
Max Drawdown (10Y) Largest decline over 10 years	-63.89%	-48.66%	-15.23%
Current Drawdown Current decline from peak	-14.94%	0.00%	-14.94%
Average Drawdown Average peak-to-trough decline	-20.93%	-23.60%	+2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.50%	+0.78%

Volatility

XBI vs. FBIOX - Volatility Comparison

SPDR S&P Biotech ETF (XBI) has a higher volatility of 9.96% compared to Fidelity Select Biotechnology Portfolio (FBIOX) at 8.04%. This indicates that XBI's price experiences larger fluctuations and is considered to be riskier than FBIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBI	FBIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	8.04%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	21.31%	17.08%	+4.23%
Volatility (1Y) Calculated over the trailing 1-year period	26.47%	21.36%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.30%	25.03%	+7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.01%	26.26%	+5.75%

XBI vs. FBIOX - Expense Ratio Comparison

XBI has a 0.35% expense ratio, which is lower than FBIOX's 0.69% expense ratio.

Dividends

XBI vs. FBIOX - Dividend Comparison

XBI's dividend yield for the trailing twelve months is around 0.39%, less than FBIOX's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBIOX Fidelity Select Biotechnology Portfolio	6.06%	2.47%	1.21%	0.45%	0.00%	14.48%	19.46%	8.89%	11.18%	1.41%	3.42%	6.71%
XBI SPDR S&P Biotech ETF	0.39%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both XBI and FBIOX in my portfolio?

With a correlation of 0.93, XBI and FBIOX 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, XBI or FBIOX?

XBI has higher volatility (9.96%) compared to FBIOX (8.04%). In terms of maximum drawdown, XBI dropped -63.89% vs FBIOX's -71.98%.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (3.02 vs 2.74), 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.