FENI vs. PATN

Last updated Aug 4, 2026

FENI (Fidelity Enhanced International ETF) and PATN (Pacer Nasdaq International Patent Leaders ETF) are both Foreign Large Cap Equities funds. FENI is actively managed, while PATN is passively managed. Over the past year, FENI returned 28.63% vs 53.28% for PATN. Their correlation of 0.82 means they have usually moved in the same direction. FENI charges 0.28%/yr vs 0.65%/yr for PATN.

Performance

FENI vs. PATN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced International ETF (FENI) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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 lower than PATN's 28.74% return.

FENI

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

PATN

• 1D: 0.61%
• 1M: -3.34%
• 6M: 17.25%
• YTD: 28.74%
• 1Y: 53.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 35.65%

*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
PATN Pacer Nasdaq International Patent Leaders ETF	$6.30M	$4.83M	$3.83M

FENI vs. PATN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FENI Fidelity Enhanced International ETF	13.37%	37.27%	-6.36%
PATN Pacer Nasdaq International Patent Leaders ETF	28.74%	40.01%	-1.73%

Correlation

The correlation between FENI and PATN is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024	0.82

The correlation between FENI and PATN has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

FENI vs. PATN - Sectors Allocation Comparison

Sectors	FENI	PATN
Financial Services	26.1%	0.7%
Industrials	21.7%	17.5%
Technology	12.6%	43.9%
Healthcare	8.7%	9.5%
Consumer Defensive	6.2%	6.2%
Consumer Cyclical	5.4%	10.5%
Basic Materials	4.9%	3.2%
Energy	3.9%	0.9%
Utilities	3.8%	-
Communication Services	3.4%	7.0%
Real Estate	1.4%	-

Return for Risk

FENI vs. PATN — 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

PATN

PATN Risk / Return Rank: 83
PATN Sharpe Ratio Rank: 85
PATN Sortino Ratio Rank: 79
PATN Omega Ratio Rank: 83
PATN Calmar Ratio Rank: 88
PATN Martin Ratio Rank: 82

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. PATN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced International ETF (FENI) and Pacer Nasdaq International Patent Leaders ETF (PATN). 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	PATN	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.11	-0.35
Sortino ratio: Return per unit of downside risk	2.49	2.71	-0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.38	-0.06
Calmar ratio: Return relative to maximum drawdown	2.50	3.72	-1.21
Martin ratio: Return relative to average drawdown	9.53	11.66	-2.14

FENI vs. PATN - Sharpe Ratio Comparison

The current FENI Sharpe Ratio is 1.76, which is comparable to the PATN Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FENI and PATN, 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. PATN - Drawdown Comparison

The maximum FENI drawdown since its inception was -14.20%, smaller than the maximum PATN drawdown of -16.77%. Use the drawdown chart below to compare losses from any high point for FENI and PATN.

Drawdown Indicators

	FENI	PATN	Difference
Max Drawdown Largest peak-to-trough decline	-14.20%	-16.77%	+2.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.49%	-14.40%	+2.91%
Current Drawdown Current decline from peak	-0.05%	-9.34%	+9.29%
Average Drawdown Average peak-to-trough decline	-2.24%	-3.44%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.58%	-1.57%

Volatility

FENI vs. PATN - Volatility Comparison

The current volatility for Fidelity Enhanced International ETF (FENI) is 4.76%, while Pacer Nasdaq International Patent Leaders ETF (PATN) has a volatility of 8.80%. This indicates that FENI experiences smaller price fluctuations and is considered to be less risky than PATN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENI	PATN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	8.80%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	22.85%	-8.60%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	25.38%	-9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.78%	22.70%	-6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.78%	22.70%	-6.92%

FENI vs. PATN - Expense Ratio Comparison

FENI has a 0.28% expense ratio, which is lower than PATN's 0.65% expense ratio.

Dividends

FENI vs. PATN - Dividend Comparison

FENI's dividend yield for the trailing twelve months is around 2.88%, more than PATN's 1.69% yield.

Position	TTM	2025	2024
FENI Fidelity Enhanced International ETF	2.88%	2.99%	3.02%
PATN Pacer Nasdaq International Patent Leaders ETF	1.69%	2.25%	0.30%

Frequently Asked Questions

Can I hold both FENI and PATN in my portfolio?

FENI and PATN have a correlation of 0.81, 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 PATN?

PATN has higher volatility (8.80%) compared to FENI (4.76%). In terms of maximum drawdown, FENI dropped -14.20% vs PATN's -16.77%.

Which ETF is better, FENI or PATN?

On 1-year performance, PATN leads with 53.28% vs 28.63% for FENI. On fees, FENI is cheaper at 0.28% per year. On volatility, FENI has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENI or PATN?

Over the 1-year period, PATN has performed better with a 53.28% return vs 28.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENI or PATN?

FENI is cheaper with a 0.28% expense ratio, compared with 0.65% for PATN.

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

FENI has the higher dividend yield at 2.88%, compared with 1.69% for PATN.

What is the main difference between FENI and PATN?

They also come from different issuers: Fidelity and Pacer. Their fees differ too: 0.28% for FENI and 0.65% for PATN.

Which has better risk-adjusted returns?

PATN currently has the higher Sharpe Ratio (2.11 vs 1.76), 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.