ENPH vs. FENY

Last updated Jul 16, 2026

ENPH (Enphase Energy, Inc.) is a stock, while FENY (Fidelity MSCI Energy Index ETF) is Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. Over the past 10 years, ENPH returned 37.08%/yr vs 8.73%/yr for FENY. At a 0.21 correlation, their price movements are largely independent.

Performance

ENPH vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Enphase Energy, Inc. (ENPH) 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, ENPH achieves a 37.44% return, which is significantly higher than FENY's 28.29% return. Over the past 10 years, ENPH has outperformed FENY with an annualized return of 37.08%, while FENY has yielded a comparatively lower 8.73% annualized return.

ENPH

• 1D: -2.08%
• 1M: -15.93%
• 6M: 21.92%
• YTD: 37.44%
• 1Y: 9.44%
• 3Y*: -37.21%
• 5Y*: -23.07%
• 10Y*: 37.08%

FENY

• 1D: -0.85%
• 1M: 2.43%
• 6M: 19.38%
• YTD: 28.29%
• 1Y: 34.59%
• 3Y*: 15.55%
• 5Y*: 22.74%
• 10Y*: 8.73%

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

ENPH vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENPH Enphase Energy, Inc.	37.44%	-53.33%	-48.02%	-50.13%	44.83%	4.26%	571.53%	452.43%	96.27%	138.61%
FENY Fidelity MSCI Energy Index ETF	28.29%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between ENPH and FENY 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	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.21

The correlation between ENPH and FENY shifts across timeframes, from -0.09 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENPH vs. FENY — Risk / Return Rank

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

ENPH

ENPH Risk / Return Rank: 52
ENPH Sharpe Ratio Rank: 50
ENPH Sortino Ratio Rank: 56
ENPH Omega Ratio Rank: 54
ENPH Calmar Ratio Rank: 52
ENPH Martin Ratio Rank: 51

FENY

FENY Risk / Return Rank: 56
FENY Sharpe Ratio Rank: 63
FENY Sortino Ratio Rank: 58
FENY Omega Ratio Rank: 54
FENY Calmar Ratio Rank: 57
FENY Martin Ratio Rank: 47

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.

ENPH vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enphase Energy, Inc. (ENPH) 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.

	ENPH	FENY	Difference
Sharpe ratio: Return per unit of total volatility	0.11	1.67	-1.56
Sortino ratio: Return per unit of downside risk	0.84	2.22	-1.38
Omega ratio: Gain probability vs. loss probability	1.10	1.27	-0.17
Calmar ratio: Return relative to maximum drawdown	0.23	2.32	-2.09
Martin ratio: Return relative to average drawdown	0.41	6.34	-5.93

ENPH vs. FENY - Sharpe Ratio Comparison

The current ENPH Sharpe Ratio is 0.11, which is lower than the FENY Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of ENPH 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

ENPH vs. FENY - Drawdown Comparison

The maximum ENPH drawdown since its inception was -95.97%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for ENPH and FENY.

Drawdown Indicators

	ENPH	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-95.97%	-74.35%	-21.62%
Max Drawdown (1Y) Largest decline over 1 year	-40.56%	-14.96%	-25.60%
Max Drawdown (3Y) Largest decline over 3 years	-86.23%	-21.47%	-64.76%
Max Drawdown (5Y) Largest decline over 5 years	-92.23%	-26.64%	-65.59%
Max Drawdown (10Y) Largest decline over 10 years	-92.23%	-69.07%	-23.16%
Current Drawdown Current decline from peak	-86.89%	-9.17%	-77.72%
Average Drawdown Average peak-to-trough decline	-50.78%	-23.01%	-27.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.98%	5.47%	+17.51%

Volatility

ENPH vs. FENY - Volatility Comparison

Enphase Energy, Inc. (ENPH) has a higher volatility of 20.87% compared to Fidelity MSCI Energy Index ETF (FENY) at 6.99%. This indicates that ENPH's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENPH	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.87%	6.99%	+13.88%
Volatility (6M) Calculated over the trailing 6-month period	68.84%	16.58%	+52.26%
Volatility (1Y) Calculated over the trailing 1-year period	83.50%	20.88%	+62.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.55%	26.34%	+44.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.33%	29.79%	+48.54%

Dividends

ENPH vs. FENY - Dividend Comparison

ENPH has not paid dividends to shareholders, while FENY's dividend yield for the trailing twelve months is around 2.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENPH Enphase Energy, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FENY Fidelity MSCI Energy Index ETF	2.48%	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 ENPH and FENY in my portfolio?

ENPH and FENY 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, ENPH or FENY?

ENPH has higher volatility (20.87%) compared to FENY (6.99%). In terms of maximum drawdown, ENPH dropped -95.97% vs FENY's -74.35%.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (1.67 vs 0.11), 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.