FHLC vs FMED: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

Fidelity Disruptive Medicine ETF

FMEDCNasdaq

Overlap

19.4%by weight

Expense ratio

FHLC −0.42pt a year

FHLC0.08%FMED0.50%

Avg volume · 30D

FHLC 30.0×the volume

FHLC246KFMED8.21K

3Y return · a year

FHLC +0.3pt

FHLC+15.8%FMED+15.5%

FHLC vs FMED Performance

Oct 31, 2025 – Nov 2, 2026

+28.5%FHLC+20.3%FMED

Expense ratio: FHLC 0.08%, better; FMED 0.50%
Fund size: FHLC $3.54B; FMED $52M
1Y total return: FHLC +28.5%, better; FMED +20.3%
Yield (12M): FHLC 1.15%, better; FMED 0.00%
Holdings: FHLC 344; FMED 75
Avg volume (30D): FHLC 246K sh, better; FMED 8.21K sh
NAV per share: FHLC $88.53; FMED $32.47
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, FMED, with each pillar’s weight
Pillar	FHLC	FMED
Cost30% weight	A98Higher	C52
Mission25% weight	A81Higher	B68
Risk15% weight	A79Higher	C44
Tradability15% weight	A79Higher	D27
Holdings10% weight	C54	A77Higher
Durability5% weight	A77Higher	C48

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and FMED are both graded against the same 25 Health Care (Broad) funds, so their Grades compare head to head.

Health Care (Broad)⁠

Category · 25 funds

See all 25 ›

FHLC ranks 2nd and FMED 14th of 25 funds in the Health Care (Broad) Category.

Rank 1AXLVState Street Health Care Select Sector SPDR ETFScore 85
Rank 2AFHLCFidelity MSCI Health Care Index ETFScore 83
Rank 3AVHTVanguard Health Care ETFScore 77
Rank 13CPTHInvesco Dorsey Wright Healthcare Momentum ETFScore 50
Rank 14CFMEDFidelity Disruptive Medicine ETFScore 48
Rank 14CPINKSimplify Health Care ETFScore 48

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

FMEDCFidelity Disruptive Medicine ETF

In short

FHLC Health care, whole market. FHLC tracks an MSCI index that runs from mega-cap pharma down to small-cap biotech and device makers, roughly 400 names, for 0.08% a year.

FMED Fidelity's stock-picking take on health care: roughly 60 global companies its managers judge to be disrupting medicine. Actively run, deliberately concentrated, and priced right at the median fee for broad health care funds.

Stated mandate

FHLC The fund seeks to track the performance of the MSCI USA IMI Health Care Index before fees and expenses.

FMED The fund seeks long-term growth of capital and normally invests at least 80% of its assets in securities of disruptive medicine companies.

Why people hold it

FHLC Charges 0.08% a year against a 0.50% median for broad health care ETFs. Only XLV matches that sticker; VHT sits a hair above.
The IMI index it follows reaches for about 99% of US free-float market value, so smaller biotech and device names ride along with the pharma giants.msci.com
Mirrors its benchmark closely, one of the tighter tracking jobs among broad health care funds. Distributions come quarterly.
Fidelity has run it since 2013, and it has grown into a multi-billion-dollar fund with a plain vanilla index mandate.fidelity.com

FMED Real active management, not closet indexing: about 60 global names, with at least 80% of assets in disruptive medicine companies per the prospectus.fidelity.com
At 0.50%, it charges the median fee for broad health care ETFs while doing hand-picked selection rather than tracking an index.
The portfolio itself is the strong part of the story, one of the better built line-ups in the broad health care group.

Worth knowing

FHLC One sector, one country. Drug-pricing politics, patent cliffs and FDA rulings move the whole portfolio at once.
Free-float cap weighting means a handful of mega-cap insurers and drugmakers carry most of the weight; that long tail of small names counts for less than it looks.msci.com
Moderately traded rather than the category's volume leader, so spreads matter more on large or hurried orders.

FMED Plain sector beta is far cheaper. VHT (0.09%), FHLC (0.08%) and XLV (0.08%) cover health care for a fraction of the fee, so the stock picking has to earn its keep.
A small fund that trades lightly, so spreads can widen and order type matters more than it would with the category giants.
Concentration cuts both ways: with roughly 60 holdings, individual names move this fund far more than they would a full-sector index portfolio.

Full FHLC profile⁠

Full FMED profile⁠

FHLC vs FMED Holdings

How FHLC and FMED differ

Overlap by weight

19.4%

Shared holdings make up 92.1% of FMED and 36.3% of FHLC.

Level by level

Holdings61 in both19.4%
Countryby domicile94.5%
Asset classEquity100%
Sector1 Sector100%

Sector

Sector weights in FHLC and FMED, widest gap first
Sector	More in FHLCMore in FMED	FHLC	FMED
Health Care	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in FHLC and FMED, widest gap first
Country	More in FHLCMore in FMED	FHLC	FMED
United States	FHLC +5.5 points	99.6%	94.1%
Belgium	FMED +1.9 points	0.0%	1.9%
United Kingdom	FMED +1.3 points	0.3%	1.6%
Netherlands	FMED +1.1 points	0.0%	1.1%
China	FMED +0.6 points	0.0%	0.6%
Canada	FMED +0.6 points	0.0%	0.6%
Switzerland	FHLC +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

FHLC53.3%
FMED36.3%

Securities held

FHLC343
FMED73

Asset class

FHLC: Equity
FMED: Equity

Holdings

Only in FHLC282
In both61
Only in FMED12

Only in FHLC

282 securities, 65.0% of FHLC by weight

Johnson & Johnson8.48%
AbbVie Inc6.71%
Merck & Co Inc New4.76%
Amgen Inc3.24%
Gilead Sciences Inc2.73%
Abbott Laboratories2.38%
Pfizer Inc2.24%
Vertex Pharmaceuticals Inc1.83%
Bristol-Myers Squibb Co1.64%
Medtronic PLC1.59%
Mckesson Corp1.50%
Cvs Health Corp1.48%
Stryker Corp1.30%
Regeneron Pharmaceuticals Inc1.23%
Elevance Health Inc1.17%
Cigna Group (The)1.02%
Hca Healthcare Inc0.95%
Cencora Inc0.79%
Cardinal Health Inc0.76%
Becton Dickinson & Co0.70%
Humana Inc0.64%
Agilent Technologies Inc0.64%
Waters Corp0.59%
Iqvia Holdings Inc0.58%
Idexx Labs Inc0.56%
Biogen Inc0.48%
Ge Healthcare Technologies Inc0.45%
Mettler-Toledo Intl Inc0.44%
Centene Corp0.44%
Zoetis Inc Class A0.43%
Resmed Inc0.43%
Labcorp Holdings Inc0.38%
Quest Diagnostics Inc0.36%
Royalty Pharma PLC0.36%
Tenet Healthcare Corp0.30%
United Therapeutics Corp Del0.29%
Viatris Inc0.29%
Steris PLC0.28%
Incyte Corp0.26%
Zimmer Biomet Hldgs Inc0.24%
Revvity Inc0.23%
Charles River Labs Intl Inc0.22%
Exelixis Inc0.21%
Halozyme Therapeutics Inc0.20%
Medpace Holdings Inc0.19%
State Street 60 Day Money Mark0.19%
Neurocrine Biosciences Inc0.18%
Encompass Health Corp0.17%
Glaukos Corp0.17%
Jazz Pharma PLC0.16%

Only in FMED

12 securities, 12.8% of FMED by weight

Sartorius Stedim Biotech2.84%
Argenx SE Sponsored Adr2.71%
Ucb SA1.97%
Ascendis Pharma As1.84%
Legend Biotech Corp Spon Adr0.98%
Zai Lab Ltd Unspnrd Adr0.64%
Braveheart Bio Inc0.52%
Pharvaris Bv0.45%
Structure Therapeutics Inc Adr0.33%
Climb Bio Inc0.28%
Outset Medical Inc0.26%
European Monetary Unit (Euro)<0.01%

Weight gaps

All 61 Holdings in both funds, largest gap first.

Holding weights in FHLC and FMED, widest gap first
Holding	More in FHLCMore in FMED	FHLC	FMED
Eli Lilly & CoLLY	FHLC +13.56 points	14.62%	1.06%
10X Genomics IncTXG	FMED +4.23 points	0.09%	4.32%
Securities Lending Cf	FMED +3.95 points	1.28%	5.23%
Natera IncNTRA	FMED +3.67 points	0.73%	4.40%
UnitedHealth Group IncUNH	FHLC +3.37 points	4.76%	1.39%
Lifestance Health Group IncLFST	FMED +2.87 points	0.04%	2.91%
Illumina IncILMN	FMED +2.59 points	0.45%	3.04%
Heartflow IncHTFL	FMED +2.47 points	0.05%	2.52%
Kiniksa Pharmaceuticals InternKNSA	FMED +2.19 points	0.05%	2.24%
Revolution Medicines IncRVMD	FMED +2.19 points	0.42%	2.61%
Danaher CorpDHR	FMED +2.05 points	1.91%	3.96%
West Pharmaceutical Svcs IncWST	FMED +2.05 points	0.38%	2.43%
Kymera Therapeutics IncKYMR	FMED +1.96 points	0.08%	2.04%
Cogent Biosciences IncCOGT	FMED +1.95 points	0.05%	2.00%
Guardant Health IncGH	FMED +1.92 points	0.28%	2.20%
Vaxcyte IncPCVX	FMED +1.73 points	0.10%	1.83%
Moderna IncMRNA	FMED +1.61 points	0.96%	2.57%
RepligenRGEN	FMED +1.55 points	0.13%	1.68%
Viridian Therapeutics IncVRDN	FMED +1.44 points	0.02%	1.46%
Roivant Sciences Ltd	FMED +1.38 points	0.25%	1.63%
Insmed IncINSM	FMED +1.35 points	0.31%	1.66%
Twist Bioscience CorpTWST	FMED +1.34 points	0.11%	1.45%
Alnylam Pharmaceuticals IncALNY	FMED +1.28 points	0.28%	1.56%
Amylyx Pharmaceuticals IncAMLX	FMED +1.26 points	0.03%	1.29%
Kestra Medical Technologies InKMTS	FMED +1.23 points	<0.01%	1.24%
Veeva Sys Inc Class AVEEV	FMED +1.19 points	0.59%	1.78%
Caris Life Sciences IncCAI	FMED +1.18 points	0.04%	1.22%
Waystar Holding CorpWAY	FMED +1.16 points	0.04%	1.20%
Brightspring Hlth Services IncBTSG	FMED +1.12 points	0.14%	1.26%
Veracyte IncVCYT	FMED +1.09 points	0.05%	1.14%
Oruka Therapeutics IncORKA	FMED +1.05 points	0.05%	1.10%
Disc Medicine IncIRON	FMED +1.03 points	0.03%	1.06%
Bruker CorpBRKR	FMED +1.01 points	0.08%	1.09%
Enliven Therapeutics IncELVN	FMED +0.98 points	0.03%	1.01%
Definium Therapeutics IncDFTX	FMED +0.94 points	0.05%	0.99%
Relay Therapeutics IncRLAY	FMED +0.93 points	0.03%	0.96%
Axsome Therapeutics IncAXSM	FMED +0.92 points	0.08%	1.00%
Thermo Fisher Scientific IncTMO	FMED +0.89 points	3.34%	4.23%
Praxis Precision Medicines IncPRAX	FMED +0.89 points	0.09%	0.98%
Edwards Lifesciences CorpEW	FMED +0.86 points	0.68%	1.54%
Mbx Biosciences IncMBX	FMED +0.83 points	0.02%	0.85%
Stoke Therapeutics IncSTOK	FMED +0.77 points	0.01%	0.78%
Irhythm Technologies IncIRTC	FMED +0.76 points	0.05%	0.81%
Dianthus Therapeutics IncDNTH	FMED +0.64 points	0.04%	0.68%
Newamsterdam Pharma Company NVNAMS	FMED +0.62 points	0.02%	0.64%
Xenon Pharmaceuticals IncXENE	FMED +0.62 points	0.04%	0.66%
Septerna IncSEPN	FMED +0.57 points	<0.01%	0.58%
First Tracks Biotherapeutics ITRAX	FMED +0.54 points	0.02%	0.56%
Zenas Biopharma IncZBIO	FMED +0.52 points	<0.01%	0.53%
Cytomx Therapeutics IncCTMX	FMED +0.49 points	<0.01%	0.50%
Spyre Therapeutics IncSYRE	FMED +0.41 points	0.08%	0.49%
Janux Therapeutics IncJANX	FMED +0.38 points	<0.01%	0.39%
Cg Oncology IncCGON	FMED +0.30 points	0.04%	0.34%
Alignment Healthcare IncALHC	FMED +0.29 points	0.02%	0.31%
Jade Biosciences IncJBIO	FMED +0.26 points	<0.01%	0.27%
Viking Therapeutics IncVKTX	FMED +0.24 points	0.04%	0.28%
Intuitive Surgical IncISRG	FMED +0.24 points	1.97%	2.21%
Dexcom IncDXCM	FMED +0.21 points	0.41%	0.62%
Olema Pharmaceuticals IncOLMA	FMED +0.20 points	<0.01%	0.20%
Annexon IncANNX	FMED +0.17 points	<0.01%	0.18%
Boston Scientific CorpBSX	FMED +0.17 points	0.80%	0.97%

All 365 FHLC holdings⁠All 63 FMED holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FHLC vs FMED Cost

Overpaying FMED vs FHLC

$8,206

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FHLC 0.084%
$1,773
FMED 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
FMED 0.50%
Overpaying

Year by year

Year	FHLC	FMED	Overpaying
10	$154	$900	$746
20	$603	$3,460	$2,857
30	$1,773	$9,979	$8,206

Expense ratio

0.08%FHLC, cheaper
0.50%FMED

FHLC0.08%FMED0.50%

0.08%0.85%

Middle half of Health Care (Broad) funds
Median 0.50%

FHLC 2nd cheapest of 25 funds

FMED 12th cheapest of 25 funds

FHLC vs FMED Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FHLC 1.15%, better; FMED 0.00%
Payout (12M): FHLC $1.02; FMED None
Last payment: FHLC $0.25; FMED No data
Ex-dividend: FHLC Sep 18, 2026; FMED No data
Paid on: FHLC Sep 22, 2026; FMED No data
Frequency: FHLC Quarterly; FMED No data

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

FMED2 paymentsAll FMED payments⁠

FHLC vs FMED Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FHLC 14.5%, betterFMED 18.4%
Return per unit of riskSharpe ratio, 3 years: FHLC 0.83, betterFMED 0.71
Worst fallMax drawdown, 5 years: FHLC −17.7%FMED −21.8%since Jun 2023
Market sensitivityBeta, 5 years: FHLC 0.59FMED 0.77; Market = 1

FHLC and FMED in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026FHLC
Deep Dive
Health care's 1.8% week was four large caps, not a biotech rally
Sep 19, 2026FHLC

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FHLC vs FMED

In short

Stated mandate

Why people hold it

Worth knowing

How FHLC and FMED differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in FMED

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Health care funds trail the S&P 500 this year

Health care's 1.8% week was four large caps, not a biotech rally

How FHLC and FMED differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in FMED

Weight gaps