If you're looking for a Sector - Other fund category, then a potential option is Fidelity Select Defense & Aerospace (FSDAX). FSDAX bears a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerFidelity is based in Boston, MA, and is the manager of FSDAX. Fidelity Select Defense & Aerospace made its debut in May of 1984, and since then, FSDAX has accumulated about $1.80 billion in assets, per the most up-to-date date available. The fund is currently managed by Jonathan Siegmann who has been in charge of the fund since October of 2015.PerformanceInvestors naturally seek funds with strong performance. This fund in particular has delivered a 5-year annualized total return of 11.34%, and it sits in the top third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of 3.45%, which places it in the top third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 25.87%, the standard deviation of FSDAX over the past three years is 27.73%. Over the past 5 years, the standard deviation of the fund is 22.65% compared to the category average of 21.57%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should note that the fund has a 5-year beta of 1.24, so it is likely going to be more volatile than the market at large. Because alpha represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. Over the past 5 years, the fund has a negative alpha of -3.93. This means that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsExamining the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is primarily on equities that are traded in the United States.The mutual fund currently has 82.87% of its holdings in stocks, which have an average market capitalization of $36.32 billion. The fund has the heaviest exposure to the following market sectors: Industrial Cyclical Technology Retail Trade Turnover is about 40%, so those in charge of the fund make fewer trades than the average comparable fund.ExpensesAs competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, FSDAX is a no load fund. It has an expense ratio of 0.78% compared to the category average of 1.26%. FSDAX is actually cheaper than its peers when you consider factors like cost.Investors should also note that the minimum initial investment for the product is $0 and that each subsequent investment has no minimum amount.Bottom LineOverall, Fidelity Select Defense & Aerospace ( FSDAX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively strong performance, average downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.For additional information on this product, or to compare it to other mutual funds in the Sector - Other, make sure to go to www.zacks.com/funds/mutual-funds for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FSDAX): Fund Analysis Report To read this article on Zacks.com click here.