DCREX vs. FENY

Last updated Jun 4, 2026

DCREX (Dunham Real Estate Stock Fund) and FENY (Fidelity MSCI Energy Index ETF) are both funds - DCREX is a REIT fund managed by Dunham, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy Index. Over the past 10 years, DCREX returned 1.21%/yr vs 9.57%/yr for FENY. At a 0.30 correlation, their price movements are largely independent. DCREX charges 2.37%/yr vs 0.08%/yr for FENY.

Performance

DCREX vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dunham Real Estate Stock Fund (DCREX) 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, DCREX achieves a 8.35% return, which is significantly lower than FENY's 32.28% return. Over the past 10 years, DCREX has underperformed FENY with an annualized return of 1.21%, while FENY has yielded a comparatively higher 9.57% annualized return.

DCREX

• 1D: 0.23%
• 1M: -2.06%
• YTD: 8.35%
• 6M: 6.98%
• 1Y: 5.84%
• 3Y*: 5.73%
• 5Y*: -6.20%
• 10Y*: 1.21%

FENY

• 1D: 1.12%
• 1M: -2.02%
• YTD: 32.28%
• 6M: 29.37%
• 1Y: 45.42%
• 3Y*: 17.98%
• 5Y*: 20.48%
• 10Y*: 9.57%

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

DCREX vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DCREX Dunham Real Estate Stock Fund	8.35%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	3.20%
FENY Fidelity MSCI Energy Index ETF	32.28%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between DCREX and FENY is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.30

Over the past year, the correlation between DCREX and FENY has dropped to 0.06 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

DCREX vs. FENY — Risk / Return Rank

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

DCREX

DCREX Risk / Return Rank: 6
DCREX Sharpe Ratio Rank: 6
DCREX Sortino Ratio Rank: 6
DCREX Omega Ratio Rank: 6
DCREX Calmar Ratio Rank: 8
DCREX Martin Ratio Rank: 6

FENY

FENY Risk / Return Rank: 64
FENY Sharpe Ratio Rank: 66
FENY Sortino Ratio Rank: 60
FENY Omega Ratio Rank: 57
FENY Calmar Ratio Rank: 75
FENY Martin Ratio Rank: 62

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.

DCREX vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dunham Real Estate Stock Fund (DCREX) 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.

	DCREX	FENY	Difference
Sharpe ratio: Return per unit of total volatility	0.48	2.24	-1.76
Sortino ratio: Return per unit of downside risk	0.73	2.87	-2.14
Omega ratio: Gain probability vs. loss probability	1.09	1.36	-0.27
Calmar ratio: Return relative to maximum drawdown	0.77	3.87	-3.10
Martin ratio: Return relative to average drawdown	1.44	11.41	-9.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DCREX vs. FENY - Sharpe Ratio Comparison

The current DCREX Sharpe Ratio is 0.48, which is lower than the FENY Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of DCREX 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.

Sharpe Ratios by Period

	DCREX	FENY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	2.24	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.78	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.32	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.20	-0.10

Drawdowns

DCREX vs. FENY - Drawdown Comparison

The maximum DCREX drawdown since its inception was -74.32%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for DCREX and FENY.

Drawdown Indicators

	DCREX	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-74.32%	-74.35%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-11.78%	+3.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.95%	-21.47%	-3.48%
Max Drawdown (5Y) Largest decline over 5 years	-49.40%	-26.64%	-22.76%
Max Drawdown (10Y) Largest decline over 10 years	-49.40%	-69.07%	+19.67%
Current Drawdown Current decline from peak	-31.56%	-6.35%	-25.21%
Average Drawdown Average peak-to-trough decline	-19.25%	-23.12%	+3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	3.99%	+0.50%

Volatility

DCREX vs. FENY - Volatility Comparison

The current volatility for Dunham Real Estate Stock Fund (DCREX) is 3.56%, while Fidelity MSCI Energy Index ETF (FENY) has a volatility of 7.96%. This indicates that DCREX 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

	DCREX	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	7.96%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	16.33%	-7.60%
Volatility (1Y) Calculated over the trailing 1-year period	13.54%	20.39%	-6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.49%	26.46%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	29.80%	-8.67%

DCREX vs. FENY - Expense Ratio Comparison

DCREX has a 2.37% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

DCREX vs. FENY - Dividend Comparison

DCREX's dividend yield for the trailing twelve months is around 0.52%, less than FENY's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCREX Dunham Real Estate Stock Fund	0.52%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%
FENY Fidelity MSCI Energy Index ETF	2.41%	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 DCREX and FENY in my portfolio?

DCREX and FENY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DCREX or FENY?

FENY has higher volatility (7.96%) compared to DCREX (3.56%). In terms of maximum drawdown, DCREX dropped -74.32% vs FENY's -74.35%.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.24 vs 0.48), 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.