FENI vs. FIVA

Last updated Jun 24, 2026

FENI (Fidelity Enhanced International ETF) and FIVA (Fidelity International Value Factor ETF) are both Foreign Large Cap Equities funds from Fidelity. FENI is actively managed, while FIVA is passively managed. Over the past year, FENI returned 26.92% vs 37.08% for FIVA. Their correlation of 0.94 suggests significant overlap in exposure. FENI charges 0.28%/yr vs 0.18%/yr for FIVA.

Performance

FENI vs. FIVA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) and Fidelity International Value Factor ETF (FIVA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FENI achieves a 10.12% return, which is significantly lower than FIVA's 13.25% return.

FENI

• 1D: -2.12%
• 1M: 0.07%
• YTD: 10.12%
• 6M: 9.52%
• 1Y: 26.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIVA

• 1D: -2.31%
• 1M: 1.70%
• YTD: 13.25%
• 6M: 13.22%
• 1Y: 37.08%
• 3Y*: 22.73%
• 5Y*: 13.11%
• 10Y*: —

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

FENI vs. FIVA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FENI Fidelity Enhanced International ETF	10.12%	37.27%	6.95%	5.75%
FIVA Fidelity International Value Factor ETF	13.25%	45.83%	2.53%	5.22%

Correlation

The correlation between FENI and FIVA is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.94

The correlation between FENI and FIVA has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FENI vs. FIVA - Sectors Allocation Comparison

Sectors	FENI	FIVA
Financial Services	24.2%	27.4%
Industrials	22.4%	16.5%
Technology	13.5%	15.2%
Healthcare	8.3%	8.0%
Consumer Cyclical	7.4%	6.6%
Consumer Defensive	6.4%	5.2%
Basic Materials	4.5%	7.7%
Energy	4.5%	4.9%
Utilities	3.8%	3.3%
Communication Services	3.7%	3.0%
Real Estate	1.4%	1.5%

Return for Risk

FENI vs. FIVA — Risk / Return Rank

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

FENI

FENI Risk / Return Rank: 51
FENI Sharpe Ratio Rank: 50
FENI Sortino Ratio Rank: 50
FENI Omega Ratio Rank: 50
FENI Calmar Ratio Rank: 49
FENI Martin Ratio Rank: 53

FIVA

FIVA Risk / Return Rank: 73
FIVA Sharpe Ratio Rank: 77
FIVA Sortino Ratio Rank: 76
FIVA Omega Ratio Rank: 73
FIVA Calmar Ratio Rank: 67
FIVA Martin Ratio Rank: 70

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.

FENI vs. FIVA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) and Fidelity International Value Factor ETF (FIVA). 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.

	FENI	FIVA	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.34	-0.66
Sortino ratio: Return per unit of downside risk	2.37	3.21	-0.85
Omega ratio: Gain probability vs. loss probability	1.30	1.41	-0.11
Calmar ratio: Return relative to maximum drawdown	2.35	3.18	-0.83
Martin ratio: Return relative to average drawdown	8.91	12.44	-3.53

FENI vs. FIVA - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.67, which is comparable to the FIVA Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of FENI and FIVA, 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

FENI vs. FIVA - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum FIVA drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for FENI and FIVA.

Drawdown Indicators

	FENI	FIVA	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-39.76%	+25.56%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-11.71%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.70%	—
Current Drawdown Current decline from peak	-2.12%	-2.31%	+0.19%
Average Drawdown Average peak-to-trough decline	-2.27%	-7.73%	+5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.99%	+0.04%

Volatility

FENI vs. FIVA - Volatility Comparison

The current volatility for Fidelity Enhanced International ETF (FENI) is 5.65%, while Fidelity International Value Factor ETF (FIVA) has a volatility of 6.05%. This indicates that FENI experiences smaller price fluctuations and is considered to be less risky than FIVA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	FIVA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	6.05%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	13.46%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	15.95%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	16.45%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	17.95%	-2.16%

FENI vs. FIVA - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is higher than FIVA's 0.18% expense ratio.

Dividends

FENI vs. FIVA - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.97%, more than FIVA's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FENI Fidelity Enhanced International ETF	2.97%	2.99%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIVA Fidelity International Value Factor ETF	2.66%	2.68%	3.52%	3.63%	3.62%	3.76%	2.46%	3.61%	3.28%

Frequently Asked Questions

Can I hold both FENI and FIVA in my portfolio?

With a correlation of 0.95, FENI and FIVA 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, FENI or FIVA?

FIVA has higher volatility (6.05%) compared to FENI (5.65%). In terms of maximum drawdown, FENI dropped -14.20% vs FIVA's -39.76%.

Which ETF is better, FENI or FIVA?

On 1-year performance, FIVA leads with 37.08% vs 26.92% for FENI. On fees, FIVA is cheaper at 0.18% per year. On volatility, FENI has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or FIVA?

Over the 1-year period, FIVA has performed better with a 37.08% return vs 26.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or FIVA?

FIVA is cheaper with a 0.18% expense ratio, compared with 0.28% for FENI.

Which ETF pays a higher dividend yield, FENI or FIVA?

FENI has the higher dividend yield at 2.97%, compared with 2.66% for FIVA.

What is the main difference between FENI and FIVA?

Their fees differ too: 0.28% for FENI and 0.18% for FIVA.

Which has better risk-adjusted returns?

FIVA currently has the higher Sharpe Ratio (2.34 vs 1.67), 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.