BACAX vs. FENY

Last updated Jun 23, 2026

BACAX (BlackRock Energy Opportunities Fund) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds. Over the past 10 years, BACAX returned 7.56%/yr vs 8.68%/yr for FENY. With a 0.97 correlation, they move nearly in lockstep. BACAX charges 1.32%/yr vs 0.08%/yr for FENY.

Performance

BACAX vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Energy Opportunities Fund (BACAX) and Fidelity MSCI Energy Index ETF (FENY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BACAX achieves a 20.01% return, which is significantly lower than FENY's 22.78% return. Over the past 10 years, BACAX has underperformed FENY with an annualized return of 7.56%, while FENY has yielded a comparatively higher 8.68% annualized return.

BACAX

• 1D: -1.82%
• 1M: -8.93%
• YTD: 20.01%
• 6M: 21.58%
• 1Y: 23.93%
• 3Y*: 13.92%
• 5Y*: 17.93%
• 10Y*: 7.56%

FENY

• 1D: 1.25%
• 1M: -8.53%
• YTD: 22.78%
• 6M: 24.13%
• 1Y: 26.63%
• 3Y*: 15.89%
• 5Y*: 18.82%
• 10Y*: 8.68%

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

BACAX vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BACAX BlackRock Energy Opportunities Fund	20.01%	10.53%	3.78%	2.61%	43.02%	42.93%	-29.68%	12.64%	-19.98%	2.07%
FENY Fidelity MSCI Energy Index ETF	22.78%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between BACAX and FENY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.97

The correlation between BACAX and FENY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

BACAX vs. FENY — Risk / Return Rank

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

BACAX

BACAX Risk / Return Rank: 29
BACAX Sharpe Ratio Rank: 29
BACAX Sortino Ratio Rank: 24
BACAX Omega Ratio Rank: 24
BACAX Calmar Ratio Rank: 33
BACAX Martin Ratio Rank: 34

FENY

FENY Risk / Return Rank: 36
FENY Sharpe Ratio Rank: 37
FENY Sortino Ratio Rank: 34
FENY Omega Ratio Rank: 33
FENY Calmar Ratio Rank: 39
FENY Martin Ratio Rank: 39

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.

BACAX vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Energy Opportunities Fund (BACAX) and Fidelity MSCI Energy Index ETF (FENY). 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.

	BACAX	FENY	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.29	+0.15
Sortino ratio: Return per unit of downside risk	1.93	1.77	+0.16
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.03	1.89	+0.14
Martin ratio: Return relative to average drawdown	7.15	5.90	+1.24

BACAX vs. FENY - Sharpe Ratio Comparison

The current BACAX Sharpe Ratio is 1.43, which is comparable to the FENY Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of BACAX and FENY, 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

BACAX vs. FENY - Drawdown Comparison

The maximum BACAX drawdown since its inception was -78.88%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for BACAX and FENY.

Drawdown Indicators

	BACAX	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-78.88%	-74.35%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.36%	-14.15%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-21.47%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-25.74%	-26.64%	+0.90%
Max Drawdown (10Y) Largest decline over 10 years	-65.92%	-69.07%	+3.15%
Current Drawdown Current decline from peak	-12.36%	-13.08%	+0.72%
Average Drawdown Average peak-to-trough decline	-34.21%	-23.07%	-11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	4.56%	-1.05%

Volatility

BACAX vs. FENY - Volatility Comparison

The current volatility for BlackRock Energy Opportunities Fund (BACAX) is 6.09%, while Fidelity MSCI Energy Index ETF (FENY) has a volatility of 7.02%. This indicates that BACAX experiences smaller price fluctuations and is considered to be less risky than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BACAX	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	7.02%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	16.66%	-2.08%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	20.85%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	26.43%	-2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.21%	29.83%	-2.62%

BACAX vs. FENY - Expense Ratio Comparison

BACAX has a 1.32% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

BACAX vs. FENY - Dividend Comparison

BACAX's dividend yield for the trailing twelve months is around 2.06%, less than FENY's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BACAX BlackRock Energy Opportunities Fund	2.06%	2.47%	2.29%	3.06%	2.21%	2.39%	3.38%	2.69%	2.87%	2.48%	1.95%	1.98%
FENY Fidelity MSCI Energy Index ETF	2.59%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%

Frequently Asked Questions

Can I hold both BACAX and FENY in my portfolio?

With a correlation of 0.96, BACAX and FENY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BACAX or FENY?

FENY has higher volatility (7.02%) compared to BACAX (6.09%). In terms of maximum drawdown, BACAX dropped -78.88% vs FENY's -74.35%.

Which has better risk-adjusted returns?

BACAX currently has the higher Sharpe Ratio (1.43 vs 1.29), 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.