DODEX vs. FSENX

Last updated Jun 4, 2026

DODEX (Dodge & Cox Emerging Markets Stock Fund) and FSENX (Fidelity Select Energy Portfolio) are both mutual funds - DODEX is a Emerging Markets Diversified fund managed by Dodge & Cox, while FSENX is a Energy Equities fund managed by Fidelity. Over the past 5 years, DODEX returned 9.72%/yr vs 22.08%/yr for FSENX. At a 0.35 correlation, their price movements are largely independent. DODEX charges 0.70%/yr vs 0.77%/yr for FSENX.

Performance

DODEX vs. FSENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Emerging Markets Stock Fund (DODEX) and Fidelity Select Energy Portfolio (FSENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODEX achieves a 25.77% return, which is significantly lower than FSENX's 35.02% return.

DODEX

• 1D: 0.68%
• 1M: 6.66%
• YTD: 25.77%
• 6M: 27.16%
• 1Y: 56.39%
• 3Y*: 26.27%
• 5Y*: 9.72%
• 10Y*: —

FSENX

• 1D: 1.38%
• 1M: -2.65%
• YTD: 35.02%
• 6M: 31.99%
• 1Y: 51.42%
• 3Y*: 19.21%
• 5Y*: 22.08%
• 10Y*: 9.68%

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

DODEX vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DODEX Dodge & Cox Emerging Markets Stock Fund	25.77%	38.64%	7.47%	13.37%	-14.91%	-9.57%
FSENX Fidelity Select Energy Portfolio	35.02%	10.56%	4.26%	0.94%	62.98%	13.81%

Correlation

The correlation between DODEX and FSENX is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since May 21, 2021	0.35

Over the past year, the correlation between DODEX and FSENX has dropped to 0.09 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Return for Risk

DODEX vs. FSENX — Risk / Return Rank

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

DODEX

DODEX Risk / Return Rank: 94
DODEX Sharpe Ratio Rank: 98
DODEX Sortino Ratio Rank: 95
DODEX Omega Ratio Rank: 94
DODEX Calmar Ratio Rank: 93
DODEX Martin Ratio Rank: 93

FSENX

FSENX Risk / Return Rank: 79
FSENX Sharpe Ratio Rank: 85
FSENX Sortino Ratio Rank: 70
FSENX Omega Ratio Rank: 61
FSENX Calmar Ratio Rank: 94
FSENX Martin Ratio Rank: 84

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.

DODEX vs. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Emerging Markets Stock Fund (DODEX) 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.

	DODEX	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	3.96	2.74	+1.22
Sortino ratio: Return per unit of downside risk	4.99	3.47	+1.52
Omega ratio: Gain probability vs. loss probability	1.72	1.43	+0.29
Calmar ratio: Return relative to maximum drawdown	5.18	5.42	-0.24
Martin ratio: Return relative to average drawdown	19.82	15.96	+3.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DODEX vs. FSENX - Sharpe Ratio Comparison

The current DODEX Sharpe Ratio is 3.96, which is higher than the FSENX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of DODEX 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.

Sharpe Ratios by Period

	DODEX	FSENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	2.74	+1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.81	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.32	+0.29

Drawdowns

DODEX vs. FSENX - Drawdown Comparison

The maximum DODEX drawdown since its inception was -37.01%, smaller than the maximum FSENX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for DODEX and FSENX.

Drawdown Indicators

	DODEX	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-37.01%	-76.24%	+39.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-9.95%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.15%	-25.85%	+9.70%
Max Drawdown (5Y) Largest decline over 5 years	-36.89%	-28.02%	-8.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-72.11%	—
Current Drawdown Current decline from peak	0.00%	-5.09%	+5.09%
Average Drawdown Average peak-to-trough decline	-12.80%	-17.01%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.37%	-0.51%

Volatility

DODEX vs. FSENX - Volatility Comparison

The current volatility for Dodge & Cox Emerging Markets Stock Fund (DODEX) is 5.09%, while Fidelity Select Energy Portfolio (FSENX) has a volatility of 7.60%. This indicates that DODEX 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

	DODEX	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	7.60%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	12.06%	15.35%	-3.29%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	19.70%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	27.26%	-10.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.78%	30.96%	-14.18%

DODEX vs. FSENX - Expense Ratio Comparison

DODEX has a 0.70% expense ratio, which is lower than FSENX's 0.77% expense ratio.

Dividends

DODEX vs. FSENX - Dividend Comparison

DODEX's dividend yield for the trailing twelve months is around 2.25%, more than FSENX's 1.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.25%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSENX Fidelity Select Energy Portfolio	1.59%	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 DODEX and FSENX in my portfolio?

DODEX and FSENX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DODEX or FSENX?

FSENX has higher volatility (7.60%) compared to DODEX (5.09%). In terms of maximum drawdown, DODEX dropped -37.01% vs FSENX's -76.24%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (3.96 vs 2.74), 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.