FMED vs VHT: Grades, Fees and Holdings Compared

Fidelity Disruptive Medicine ETF

FMEDCNasdaq

Vanguard Health Care ETF

VHTANYSE Arca

Overlap

18.8%by weight

Expense ratio

VHT −0.41pt a year

FMED0.50%VHT0.09%

Avg volume · 30D

VHT 28.8×the volume

FMED8.21KVHT237K

3Y return · a year

VHT +0.3pt

FMED+15.5%VHT+15.8%

FMED vs VHT Performance

Oct 31, 2025 – Nov 2, 2026

+20.3%FMED+28.3%VHT

Expense ratio: FMED 0.50%; VHT 0.09%, better
Fund size: FMED $52M; VHT $21.8B
1Y total return: FMED +20.3%; VHT +28.3%, better
Yield (12M): FMED 0.00%; VHT 1.35%, better
Holdings: FMED 75; VHT 416
Avg volume (30D): FMED 8.21K sh; VHT 237K sh, better
NAV per share: FMED $32.47; VHT $342.46
52W range

ETF.net Grade

Pillar letters and Scores for FMED, VHT, with each pillar’s weight
Pillar	FMED	VHT
Cost30% weight	C52	A92Higher
Mission25% weight	B68	A82Higher
Risk15% weight	C44	A79Higher
Tradability15% weight	D27	B57Higher
Holdings10% weight	A77Higher	B58
Durability5% weight	C48	A92Higher

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FMED and VHT 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 ›

VHT ranks 3rd 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 4AXHSState Street SPDR S&P Health Care Services ETFScore 74
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

FMEDCFidelity Disruptive Medicine ETF

VHTAVanguard Health Care ETF

In short

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.

VHT The whole US health care sector in one ticket: roughly 400 stocks, an index that reaches well past the megacaps, and a nine-basis-point fee. Trading since 2004, it is one of the category's originals.

Stated mandate

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

VHT The fund seeks to track a benchmark index measuring the investment return of health care stocks.

Why people hold it

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.

VHT Costs 0.09% a year while the typical fund in its health care peer group charges 0.50%. Same sector, a fraction of the toll.
Roughly 400 holdings drawn from an investable-market index, so mid and small health care companies count too, not just the sector's giants.vanguard.com
Two decades old, now a multi-billion-dollar fund, moderately traded, and it has hugged its benchmark closely. Pays out quarterly.
On cost, tracking and tradability together, it stands among the strongest builds in a 24-fund health care cohort.

Worth knowing

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.

VHT FHLC and XLV each shave a basis point off the fee. If the fee line is your only tiebreaker, VHT is not the final word.
One sector, one news cycle. Drug pricing rules, patent expirations and regulatory decisions can move the entire basket at once.vanguard.com
Cap-weighted with a 25/50 diversification rule, so no single name can dominate outright, but the largest pharma and insurer positions still steer most of the ride.vanguard.com

Full FMED profile⁠

Full VHT profile⁠

FMED vs VHT Holdings

How FMED and VHT differ

Overlap by weight

18.8%

Shared holdings make up 83.4% of FMED and 33.9% of VHT.

Level by level

Holdings57 in both18.8%
Countryby domicile94.1%
Asset classEquity100%
Sector4 Sectors100%

Sector

Sector weights in FMED and VHT, widest gap first
Sector	More in FMEDMore in VHT	FMED	VHT
Health Care	Same weight	100.0%	100.0%
Financials	Same weight	0.0%	0.0%
Industrials	Same weight	0.0%	0.0%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FMED and VHT, widest gap first
Country	More in FMEDMore in VHT	FMED	VHT
United States	VHT +5.9 points	94.1%	100.0%
Belgium	FMED +1.9 points	1.9%	0.0%
United Kingdom	FMED +1.6 points	1.6%	0.0%
Netherlands	FMED +1.1 points	1.1%	0.0%
Canada	FMED +0.6 points	0.6%	0.0%
China	FMED +0.6 points	0.6%	0.0%

Concentration

Weight in the 10 largest Holdings

FMED36.3%
VHT51.8%

Securities held

FMED73
VHT414

Asset class

FMED: Equity
VHT: Equity

Holdings

Only in FMED16
In both57
Only in VHT357

Only in FMED

16 securities, 21.6% of FMED by weight

Securities Lending Cf5.23%
Sartorius Stedim Biotech2.84%
Argenx SE Sponsored Adr2.71%
Ucb SA1.97%
Ascendis Pharma As1.84%
Roivant Sciences Ltd1.63%
Caris Life Sciences Inc1.22%
Legend Biotech Corp Spon Adr0.98%
Xenon Pharmaceuticals Inc0.66%
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%

Only in VHT

357 securities, 65.8% of VHT by weight

Johnson & Johnson8.78%
AbbVie Inc6.45%
Merck & Co Inc5.01%
Amgen Inc3.18%
Gilead Sciences Inc2.58%
Abbott Laboratories2.40%
Pfizer Inc2.27%
Vertex Pharmaceuticals Inc1.85%
Bristol-Myers Squibb Co1.78%
Medtronic PLC1.54%
CVS Health Corp1.53%
McKesson Corp1.40%
Stryker Corp1.33%
Elevance Health Inc1.14%
Regeneron Pharmaceuticals Inc1.09%
Cigna Group/The1.00%
HCA Healthcare Inc0.93%
Cencora Inc0.77%
Cardinal Health Inc0.73%
Becton Dickinson & Co0.69%
Agilent Technologies Inc0.68%
Humana Inc0.64%
IQVIA Holdings Inc0.63%
Waters Corp0.60%
IDEXX Laboratories Inc0.57%
Biogen Inc0.47%
ResMed Inc0.45%
Centene Corp0.43%
Mettler-Toledo International Inc0.43%
GE HealthCare Technologies Inc0.42%
Zoetis Inc0.41%
Quest Diagnostics Inc0.36%
Labcorp Holdings Inc0.35%
Tenet Healthcare Corp0.31%
United Therapeutics Corp0.29%
Viatris Inc0.29%
Incyte Corp0.29%
Steris PLC0.29%
Roivant Sciences Ltd0.27%
Zimmer Biomet Holdings Inc0.24%
Revvity Inc0.24%
Medpace Holdings Inc0.20%
Charles River Laboratories International Inc0.20%
Exelixis Inc0.19%
Neurocrine Biosciences Inc0.19%
Jazz Pharmaceuticals PLC0.19%
Halozyme Therapeutics Inc0.18%
Solventum Corp0.18%
Medline Inc0.18%
Baxter International Inc0.17%

Weight gaps

All 57 Holdings in both funds, largest gap first.

Holding weights in FMED and VHT, widest gap first
Holding	More in FMEDMore in VHT	FMED	VHT
Eli Lilly & CoLLY	VHT +11.87 points	1.06%	12.93%
10X Genomics IncTXG	FMED +4.19 points	4.32%	0.13%
Natera IncNTRA	FMED +3.61 points	4.40%	0.79%
UnitedHealth Group IncUNH	VHT +3.26 points	1.39%	4.65%
Lifestance Health Group IncLFST	FMED +2.87 points	2.91%	0.04%
Illumina IncILMN	FMED +2.48 points	3.04%	0.56%
Heartflow IncHTFL	FMED +2.47 points	2.52%	0.05%
Kiniksa Pharmaceuticals InternKNSA	FMED +2.20 points	2.24%	0.04%
Revolution Medicines IncRVMD	FMED +2.12 points	2.61%	0.49%
West Pharmaceutical Svcs IncWST	FMED +2.06 points	2.43%	0.37%
Danaher CorpDHR	FMED +1.99 points	3.96%	1.97%
Kymera Therapeutics IncKYMR	FMED +1.96 points	2.04%	0.08%
Cogent Biosciences IncCOGT	FMED +1.94 points	2.00%	0.06%
Guardant Health IncGH	FMED +1.89 points	2.20%	0.31%
Vaxcyte IncPCVX	FMED +1.73 points	1.83%	0.10%
Moderna IncMRNA	FMED +1.66 points	2.57%	0.91%
RepligenRGEN	FMED +1.54 points	1.68%	0.14%
Viridian Therapeutics IncVRDN	FMED +1.44 points	1.46%	0.02%
Insmed IncINSM	FMED +1.32 points	1.66%	0.34%
Twist Bioscience CorpTWST	FMED +1.29 points	1.45%	0.16%
Amylyx Pharmaceuticals IncAMLX	FMED +1.25 points	1.29%	0.04%
Kestra Medical Technologies InKMTS	FMED +1.23 points	1.24%	<0.01%
Veeva Sys Inc Class AVEEV	FMED +1.20 points	1.78%	0.58%
Waystar Holding CorpWAY	FMED +1.16 points	1.20%	0.04%
Brightspring Hlth Services IncBTSG	FMED +1.13 points	1.26%	0.13%
Alnylam Pharmaceuticals IncALNY	FMED +1.10 points	1.56%	0.46%
Veracyte IncVCYT	FMED +1.09 points	1.14%	0.05%
Oruka Therapeutics IncORKA	FMED +1.06 points	1.10%	0.04%
Disc Medicine IncIRON	FMED +1.04 points	1.06%	0.02%
Bruker CorpBRKR	FMED +0.99 points	1.09%	0.10%
Enliven Therapeutics IncELVN	FMED +0.98 points	1.01%	0.03%
Relay Therapeutics IncRLAY	FMED +0.93 points	0.96%	0.03%
Definium Therapeutics IncDFTX	FMED +0.93 points	0.99%	0.06%
Axsome Therapeutics IncAXSM	FMED +0.89 points	1.00%	0.11%
Praxis Precision Medicines IncPRAX	FMED +0.89 points	0.98%	0.09%
Edwards Lifesciences CorpEW	FMED +0.85 points	1.54%	0.69%
Mbx Biosciences IncMBX	FMED +0.83 points	0.85%	0.02%
Stoke Therapeutics IncSTOK	FMED +0.77 points	0.78%	0.01%
Irhythm Technologies IncIRTC	FMED +0.76 points	0.81%	0.05%
Thermo Fisher Scientific IncTMO	FMED +0.73 points	4.23%	3.50%
Dianthus Therapeutics IncDNTH	FMED +0.63 points	0.68%	0.05%
Newamsterdam Pharma Company NVNAMS	FMED +0.62 points	0.64%	0.02%
Septerna IncSEPN	FMED +0.57 points	0.58%	<0.01%
First Tracks Biotherapeutics ITRAX	FMED +0.55 points	0.56%	0.01%
Zenas Biopharma IncZBIO	FMED +0.52 points	0.53%	0.01%
Cytomx Therapeutics IncCTMX	FMED +0.49 points	0.50%	<0.01%
Spyre Therapeutics IncSYRE	FMED +0.41 points	0.49%	0.08%
Janux Therapeutics IncJANX	FMED +0.38 points	0.39%	0.01%
Cg Oncology IncCGON	FMED +0.29 points	0.34%	0.05%
Alignment Healthcare IncALHC	FMED +0.29 points	0.31%	0.02%
Jade Biosciences IncJBIO	FMED +0.26 points	0.27%	<0.01%
Viking Therapeutics IncVKTX	FMED +0.23 points	0.28%	0.05%
Intuitive Surgical IncISRG	FMED +0.20 points	2.21%	2.01%
Olema Pharmaceuticals IncOLMA	FMED +0.19 points	0.20%	<0.01%
Annexon IncANNX	FMED +0.17 points	0.18%	<0.01%
Dexcom IncDXCM	FMED +0.16 points	0.62%	0.46%
Boston Scientific CorpBSX	FMED +0.06 points	0.97%	0.91%

All 63 FMED holdings⁠All 411 VHT 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.

FMED vs VHT Cost

Overpaying FMED vs VHT

$8,081

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

FMED 0.50%
$9,979
VHT 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FMED 0.50%
VHT 0.09%
Overpaying

Year by year

Year	FMED	VHT	Overpaying
10	$900	$165	$735
20	$3,460	$646	$2,814
30	$9,979	$1,898	$8,081

Expense ratio

0.50%FMED
0.09%VHT, cheaper

VHT0.09%FMED0.50%

0.08%0.85%

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

VHT 3rd cheapest of 25 funds

FMED 12th cheapest of 25 funds

FMED vs VHT Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FMED 0.00%; VHT 1.35%, better
Payout (12M): FMED None; VHT $4.61
Last payment: FMED No data; VHT $0.97
Ex-dividend: FMED No data; VHT Sep 23, 2026
Paid on: FMED No data; VHT Sep 25, 2026
Frequency: FMED No data; VHT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FMED2 paymentsAll FMED payments⁠

VHTQuarterly · 39 paymentsAll VHT payments⁠

FMED vs VHT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FMED 18.4%VHT 14.5%, better
Return per unit of riskSharpe ratio, 3 years: FMED 0.71VHT 0.83, better
Worst fallMax drawdown, 5 years: FMED −21.8%since Jun 2023VHT −17.7%
Market sensitivityBeta, 5 years: FMED 0.77VHT 0.58; Market = 1

FMED and VHT in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026VHT
Deep Dive
Eli Lilly is 15% of the biggest health care ETF
Sep 25, 2026VHT
Deep Dive
Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide
Sep 14, 2026VHT

Popular comparisons

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FMED vs VHT

In short

Stated mandate

Why people hold it

Worth knowing

How FMED and VHT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMED

Only in VHT

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

Eli Lilly is 15% of the biggest health care ETF

Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide

How FMED and VHT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMED

Only in VHT

Weight gaps