FENI vs. MCSE

Last updated Aug 4, 2026

FENI (Fidelity Enhanced International ETF) and MCSE (Franklin Sustainable International Equity ETF) are both Foreign Large Cap Equities funds. Both are actively managed. Over the past year, FENI returned 28.63% vs 4.30% for MCSE. Their 0.67 correlation means they have sometimes moved together and sometimes differently. FENI charges 0.28%/yr vs 0.59%/yr for MCSE.

Performance

FENI vs. MCSE - Performance Comparison

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

Returns By Period

In the year-to-date period, FENI achieves a 13.37% return, which is significantly higher than MCSE's 1.12% return.

FENI

• 1D: 0.32%
• 1M: 1.19%
• 6M: 6.20%
• YTD: 13.37%
• 1Y: 28.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.27%

MCSE

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 1.12%
• 1Y: 4.30%
• 3Y*: 0.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FENI Fidelity Enhanced International ETF	$50.45M	$59.07M	$59.10M
MCSE Franklin Sustainable International Equity ETF	$0.00	$0.00	$0.00

FENI vs. MCSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FENI Fidelity Enhanced International ETF	13.37%	37.27%	6.95%	5.75%
MCSE Franklin Sustainable International Equity ETF	1.12%	7.79%	-9.46%	7.61%

Correlation

The correlation between FENI and MCSE is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023	0.67

Over the past year, the correlation between FENI and MCSE has dropped to 0.43 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

FENI vs. MCSE - Sectors Allocation Comparison

Sectors	FENI	MCSE
Financial Services	26.1%	2.1%
Industrials	21.7%	18.1%
Technology	12.6%	31.1%
Healthcare	8.7%	20.1%
Consumer Defensive	6.2%	5.0%
Consumer Cyclical	5.4%	13.8%
Basic Materials	4.9%	5.1%
Energy	3.9%	-
Utilities	3.8%	-
Communication Services	3.4%	4.7%
Real Estate	1.4%	-

Return for Risk

FENI vs. MCSE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FENI

FENI Risk / Return Rank: 74
FENI Sharpe Ratio Rank: 76
FENI Sortino Ratio Rank: 76
FENI Omega Ratio Rank: 74
FENI Calmar Ratio Rank: 70
FENI Martin Ratio Rank: 75

MCSE

MCSE Risk / Return Rank: 20
MCSE Sharpe Ratio Rank: 20
MCSE Sortino Ratio Rank: 19
MCSE Omega Ratio Rank: 24
MCSE Calmar Ratio Rank: 18
MCSE Martin Ratio Rank: 18

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FENI vs. MCSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) and Franklin Sustainable International Equity ETF (MCSE). 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	MCSE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.46	+1.30
Sortino ratio: Return per unit of downside risk	2.49	0.70	+1.79
Omega ratio: Gain probability vs. loss probability	1.32	1.12	+0.19
Calmar ratio: Return relative to maximum drawdown	2.50	0.45	+2.05
Martin ratio: Return relative to average drawdown	9.53	1.13	+8.40

FENI vs. MCSE - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.76, which is higher than the MCSE Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of FENI and MCSE, 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. MCSE - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum MCSE drawdown of -26.36%. Use the drawdown chart below to compare losses from any high point for FENI and MCSE.

Drawdown Indicators

	FENI	MCSE	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-26.36%	+12.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-10.42%	-1.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.36%	—
Current Drawdown Current decline from peak	-0.05%	-10.51%	+10.46%
Average Drawdown Average peak-to-trough decline	-2.24%	-8.80%	+6.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.37%	-1.36%

Volatility

FENI vs. MCSE - Volatility Comparison

Fidelity Enhanced International ETF (FENI) has a higher volatility of 4.76% compared to Franklin Sustainable International Equity ETF (MCSE) at 0.00%. This indicates that FENI's price experiences larger fluctuations and is considered to be riskier than MCSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	MCSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	0.00%	+4.76%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	1.87%	+12.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	10.29%	+6.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	19.07%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	19.07%	-3.29%

FENI vs. MCSE - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is lower than MCSE's 0.59% expense ratio.

Dividends

FENI vs. MCSE - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.88%, less than MCSE's 3.74% yield.

Position	TTM	2025	2024	2023	2022
FENI Fidelity Enhanced International ETF	2.88%	2.99%	3.02%	0.00%	0.00%
MCSE Franklin Sustainable International Equity ETF	3.74%	3.78%	0.63%	0.57%	0.48%

Frequently Asked Questions

Can I hold both FENI and MCSE in my portfolio?

FENI and MCSE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENI or MCSE?

FENI has higher volatility (4.76%) compared to MCSE (0.00%). In terms of maximum drawdown, FENI dropped -14.20% vs MCSE's -26.36%.

Which ETF is better, FENI or MCSE?

On 1-year performance, FENI leads with 28.63% vs 4.30% for MCSE. On fees, FENI is cheaper at 0.28% per year. On volatility, MCSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or MCSE?

Over the 1-year period, FENI has performed better with a 28.63% return vs 4.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or MCSE?

FENI is cheaper with a 0.28% expense ratio, compared with 0.59% for MCSE.

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

MCSE has the higher dividend yield at 3.74%, compared with 2.88% for FENI.

What is the main difference between FENI and MCSE?

They also come from different issuers: Fidelity and Franklin. Their fees differ too: 0.28% for FENI and 0.59% for MCSE.

Which has better risk-adjusted returns?

FENI currently has the higher Sharpe Ratio (1.76 vs 0.46), 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.