XHE vs. FCDAX

Last updated Aug 2, 2026

XHE (SPDR S&P Health Care Equipment ETF) and FCDAX (Fidelity Advisor Stock Selector Small Cap Fund Class A) are both funds - XHE is a Health & Biotech Equities fund tracking the S&P Health Care Equipment Select Industry Index, while FCDAX is a Small Cap Blend Equities fund managed by Fidelity. Over the past 10 years, XHE returned 6.11%/yr vs 12.57%/yr for FCDAX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. XHE charges 0.35%/yr vs 1.19%/yr for FCDAX.

Performance

XHE vs. FCDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Equipment ETF (XHE) and Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHE achieves a 1.48% return, which is significantly lower than FCDAX's 19.62% return. Over the past 10 years, XHE has underperformed FCDAX with an annualized return of 6.11%, while FCDAX has yielded a comparatively higher 12.57% annualized return.

XHE

• 1D: -0.87%
• 1M: 1.91%
• 6M: 3.43%
• YTD: 1.48%
• 1Y: 17.15%
• 3Y*: -2.66%
• 5Y*: -7.12%
• 10Y*: 6.11%
• ALL TIME*: 9.40%

FCDAX

• 1D: 1.69%
• 1M: -0.59%
• 6M: 13.26%
• YTD: 19.62%
• 1Y: 37.10%
• 3Y*: 17.45%
• 5Y*: 10.36%
• 10Y*: 12.57%
• ALL TIME*: 8.10%

*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)
FCDAX Fidelity Advisor Stock Selector Small Cap Fund Class A	$0.00	$0.00	$0.00
XHE SPDR S&P Health Care Equipment ETF	$2.02M	$2.28M	$2.32M

XHE vs. FCDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHE SPDR S&P Health Care Equipment ETF	1.48%	-0.23%	5.08%	-6.23%	-23.34%	3.04%	32.91%	22.30%	8.90%	30.51%
FCDAX Fidelity Advisor Stock Selector Small Cap Fund Class A	19.62%	14.04%	14.16%	19.09%	-18.47%	24.38%	21.39%	30.05%	-9.16%	11.34%

Correlation

The correlation between XHE and FCDAX is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.74
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.73

Over the past year, the correlation between XHE and FCDAX has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

XHE vs. FCDAX — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 30
XHE Sharpe Ratio Rank: 32
XHE Sortino Ratio Rank: 34
XHE Omega Ratio Rank: 30
XHE Calmar Ratio Rank: 29
XHE Martin Ratio Rank: 25

FCDAX

FCDAX Risk / Return Rank: 81
FCDAX Sharpe Ratio Rank: 77
FCDAX Sortino Ratio Rank: 78
FCDAX Omega Ratio Rank: 72
FCDAX Calmar Ratio Rank: 90
FCDAX Martin Ratio Rank: 91

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.

XHE vs. FCDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) and Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX). 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.

	XHE	FCDAX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.81	-1.03
Sortino ratio: Return per unit of downside risk	1.27	2.65	-1.38
Omega ratio: Gain probability vs. loss probability	1.14	1.31	-0.17
Calmar ratio: Return relative to maximum drawdown	0.97	3.35	-2.38
Martin ratio: Return relative to average drawdown	2.05	12.59	-10.54

XHE vs. FCDAX - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is 0.78, which is lower than the FCDAX Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XHE and FCDAX, 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

XHE vs. FCDAX - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, smaller than the maximum FCDAX drawdown of -65.62%. Use the drawdown chart below to compare losses from any high point for XHE and FCDAX.

Drawdown Indicators

	XHE	FCDAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-65.62%	+15.70%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-10.05%	-8.24%
Max Drawdown (3Y) Largest decline over 3 years	-28.93%	-27.50%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	-30.67%	-19.25%
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	-38.46%	-11.46%
Current Drawdown Current decline from peak	-32.72%	-2.91%	-29.81%
Average Drawdown Average peak-to-trough decline	-13.49%	-12.06%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	2.68%	+5.93%

Volatility

XHE vs. FCDAX - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) has a higher volatility of 7.67% compared to Fidelity Advisor Stock Selector Small Cap Fund Class A (FCDAX) at 4.49%. This indicates that XHE's price experiences larger fluctuations and is considered to be riskier than FCDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHE	FCDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.67%	4.49%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	17.64%	14.26%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	22.79%	18.55%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.76%	21.61%	+3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	21.87%	+1.23%

XHE vs. FCDAX - Expense Ratio Comparison

XHE has a 0.35% expense ratio, which is lower than FCDAX's 1.19% expense ratio.

Dividends

XHE vs. FCDAX - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.06%, less than FCDAX's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCDAX Fidelity Advisor Stock Selector Small Cap Fund Class A	0.37%	0.44%	2.61%	0.02%	0.08%	10.93%	1.44%	1.96%	22.71%	10.34%	1.43%	6.93%
XHE SPDR S&P Health Care Equipment ETF	0.06%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%

Frequently Asked Questions

Can I hold both XHE and FCDAX in my portfolio?

XHE and FCDAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHE or FCDAX?

XHE has higher volatility (7.67%) compared to FCDAX (4.49%). In terms of maximum drawdown, XHE dropped -49.92% vs FCDAX's -65.62%.

Which has better risk-adjusted returns?

FCDAX currently has the higher Sharpe Ratio (1.81 vs 0.78), 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.