AIWEX vs. FSENX

Last updated Jun 23, 2026

AIWEX (Cavanal Hill World Energy Fund Institutional Class) and FSENX (Fidelity Select Energy Portfolio) are both Energy Equities funds. Both are actively managed. Over the past 10 years, AIWEX returned 11.61%/yr vs 8.66%/yr for FSENX. Their correlation of 0.93 suggests significant overlap in exposure. AIWEX charges 0.91%/yr vs 0.77%/yr for FSENX.

Performance

AIWEX vs. FSENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill World Energy Fund Institutional Class (AIWEX) and Fidelity Select Energy Portfolio (FSENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AIWEX having a 24.90% return and FSENX slightly higher at 25.07%. Over the past 10 years, AIWEX has outperformed FSENX with an annualized return of 11.61%, while FSENX has yielded a comparatively lower 8.66% annualized return.

AIWEX

• 1D: 0.18%
• 1M: -6.12%
• YTD: 24.90%
• 6M: 24.51%
• 1Y: 31.02%
• 3Y*: 23.73%
• 5Y*: 20.44%
• 10Y*: 11.61%

FSENX

• 1D: -1.60%
• 1M: -9.51%
• YTD: 25.07%
• 6M: 26.87%
• 1Y: 31.46%
• 3Y*: 15.80%
• 5Y*: 21.55%
• 10Y*: 8.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AIWEX vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AIWEX Cavanal Hill World Energy Fund Institutional Class	24.90%	21.74%	13.42%	4.93%	32.76%	36.90%	0.25%	8.00%	-24.31%	-1.59%
FSENX Fidelity Select Energy Portfolio	25.07%	10.56%	4.26%	0.94%	62.98%	55.31%	-32.51%	9.90%	-24.94%	-2.65%

Correlation

The correlation between AIWEX and FSENX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.93

Over the past year, the correlation between AIWEX and FSENX has dropped to 0.71 - well below their long-term average of 0.93, suggesting their price drivers have been diverging.

Return for Risk

AIWEX vs. FSENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AIWEX

AIWEX Risk / Return Rank: 53
AIWEX Sharpe Ratio Rank: 42
AIWEX Sortino Ratio Rank: 38
AIWEX Omega Ratio Rank: 37
AIWEX Calmar Ratio Rank: 84
AIWEX Martin Ratio Rank: 66

FSENX

FSENX Risk / Return Rank: 39
FSENX Sharpe Ratio Rank: 36
FSENX Sortino Ratio Rank: 32
FSENX Omega Ratio Rank: 30
FSENX Calmar Ratio Rank: 54
FSENX Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AIWEX vs. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill World Energy Fund Institutional Class (AIWEX) and Fidelity Select Energy Portfolio (FSENX). 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.

	AIWEX	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	1.75	1.62	+0.13
Sortino ratio: Return per unit of downside risk	2.39	2.19	+0.19
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.70	2.69	+1.01
Martin ratio: Return relative to average drawdown	11.97	8.68	+3.29

AIWEX vs. FSENX - Sharpe Ratio Comparison

The current AIWEX Sharpe Ratio is 1.75, which is comparable to the FSENX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of AIWEX and FSENX, 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

AIWEX vs. FSENX - Drawdown Comparison

The maximum AIWEX drawdown since its inception was -57.44%, smaller than the maximum FSENX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for AIWEX and FSENX.

Drawdown Indicators

	AIWEX	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-57.44%	-76.24%	+18.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.58%	-12.09%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-23.00%	-25.85%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-25.68%	-28.02%	+2.34%
Max Drawdown (10Y) Largest decline over 10 years	-57.44%	-72.11%	+14.67%
Current Drawdown Current decline from peak	-8.41%	-12.09%	+3.68%
Average Drawdown Average peak-to-trough decline	-12.76%	-17.00%	+4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.74%	-1.10%

Volatility

AIWEX vs. FSENX - Volatility Comparison

The current volatility for Cavanal Hill World Energy Fund Institutional Class (AIWEX) is 5.59%, while Fidelity Select Energy Portfolio (FSENX) has a volatility of 6.69%. This indicates that AIWEX experiences smaller price fluctuations and is considered to be less risky than FSENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIWEX	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	6.69%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	15.84%	-2.47%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	20.04%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.84%	27.28%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	30.94%	-5.04%

AIWEX vs. FSENX - Expense Ratio Comparison

AIWEX has a 0.91% expense ratio, which is higher than FSENX's 0.77% expense ratio.

Dividends

AIWEX vs. FSENX - Dividend Comparison

AIWEX's dividend yield for the trailing twelve months is around 0.90%, less than FSENX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIWEX Cavanal Hill World Energy Fund Institutional Class	0.90%	0.81%	1.97%	1.80%	2.18%	1.63%	1.81%	2.27%	1.65%	0.67%	1.22%	1.00%
FSENX Fidelity Select Energy Portfolio	1.71%	1.95%	1.95%	1.98%	2.50%	2.25%	3.43%	1.84%	1.48%	1.74%	0.62%	1.29%

Frequently Asked Questions

Can I hold both AIWEX and FSENX in my portfolio?

AIWEX and FSENX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIWEX or FSENX?

FSENX has higher volatility (6.69%) compared to AIWEX (5.59%). In terms of maximum drawdown, AIWEX dropped -57.44% vs FSENX's -76.24%.

Which has better risk-adjusted returns?

AIWEX currently has the higher Sharpe Ratio (1.75 vs 1.62), 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.