NEW YORK ( TheStreet) - Analysts and market commentators will have their sights set today on FedEx ( FDX) as the delivery firm and notable economic bellwether reports its earnings performance for the most recent three-month period.The report will be made public days after announcing that Dec. 13 was the firm's busiest day ever in terms of deliveries when it reportedly delivered 16 million packages. Strong numbers from FedEx will bode well for transportation heading into the New Year. However, investing in the industry may prove tricky in 2011. Ultimately, the best way investors can take a long-term approach to this sector is through a broadly focused ETF such as the iShares Dow Jones Transportation Average Index Fund ( IYT). IYT is a well diversified product that provides investors with exposure to all facets of the transportation industry. The fund, however, is noticeably conservative, dedicating the largest sector slices of its index to industries including railroads delivery services, and trucking. Together, these three sectors account for 75% of the fund's total portfolio. More volatile regions of the transports industries such as airlines represent far smaller slices. The fund has seen some impressive action recently and has managed to jump in our long- term momentum rankings. The Fidelity Select Transportation Portfolio ( FSRFX) is another promising endeavor for bullish investors with a desire for transportation exposure. Like IYT, FSRFX is largely reliant on the performance of rail and other ground-based transportation companies. However, the fund sets aside a noticeably larger percentage of its index to airlines, with Delta ( DAL), Southwest ( LUV), and United Continental ( UAL) accounting among the mutual fund's top 10 holdings. Over the past year, FSRFX's dedication to airlines has helped it outperform its ETF competitor. Year to date, FSRFX has gained nearly 40% while IYT has jumped 25%. Traditionally, given the advantage FSRFX has had thanks to its airline exposure, I would advise aggressive, risk tolerant investors to utilize an airline sub-sector fund in order to get more upside out of their transportation investment. A fund such as Guggenheim Airline ETF ( FAA), for instance, is solely dedicated to tracking this industry and therefore tends to see more pronounced day-to-day swings.