FENY vs. BACAX

Last updated Jun 4, 2026

FENY (Fidelity MSCI Energy Index ETF) and BACAX (BlackRock Energy Opportunities Fund) are both Energy Equities funds. Over the past 10 years, FENY returned 9.57%/yr vs 8.62%/yr for BACAX. With a 0.97 correlation, they move nearly in lockstep. FENY charges 0.08%/yr vs 1.32%/yr for BACAX.

Performance

FENY vs. BACAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and BlackRock Energy Opportunities Fund (BACAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FENY achieves a 32.28% return, which is significantly higher than BACAX's 28.98% return. Over the past 10 years, FENY has outperformed BACAX with an annualized return of 9.57%, while BACAX has yielded a comparatively lower 8.62% annualized return.

FENY

• 1D: 1.12%
• 1M: -2.02%
• YTD: 32.28%
• 6M: 29.37%
• 1Y: 45.42%
• 3Y*: 17.98%
• 5Y*: 20.48%
• 10Y*: 9.57%

BACAX

• 1D: 1.35%
• 1M: -2.76%
• YTD: 28.98%
• 6M: 27.65%
• 1Y: 41.36%
• 3Y*: 17.11%
• 5Y*: 18.44%
• 10Y*: 8.62%

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

FENY vs. BACAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FENY Fidelity MSCI Energy Index ETF	32.28%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%
BACAX BlackRock Energy Opportunities Fund	28.98%	10.53%	3.78%	2.61%	43.02%	42.93%	-29.68%	12.64%	-19.98%	2.07%

Correlation

The correlation between FENY and BACAX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.97

The correlation between FENY and BACAX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

FENY vs. BACAX — Risk / Return Rank

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

FENY

FENY Risk / Return Rank: 64
FENY Sharpe Ratio Rank: 66
FENY Sortino Ratio Rank: 60
FENY Omega Ratio Rank: 57
FENY Calmar Ratio Rank: 75
FENY Martin Ratio Rank: 62

BACAX

BACAX Risk / Return Rank: 69
BACAX Sharpe Ratio Rank: 73
BACAX Sortino Ratio Rank: 57
BACAX Omega Ratio Rank: 54
BACAX Calmar Ratio Rank: 90
BACAX Martin Ratio Rank: 73

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.

FENY vs. BACAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and BlackRock Energy Opportunities Fund (BACAX). 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.

	FENY	BACAX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.49	-0.25
Sortino ratio: Return per unit of downside risk	2.87	3.17	-0.30
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.05
Calmar ratio: Return relative to maximum drawdown	3.87	4.69	-0.82
Martin ratio: Return relative to average drawdown	11.41	13.98	-2.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FENY vs. BACAX - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 2.24, which is comparable to the BACAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FENY and BACAX, 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

	FENY	BACAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.49	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.79	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.32	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.18	+0.02

Drawdowns

FENY vs. BACAX - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, smaller than the maximum BACAX drawdown of -78.88%. Use the drawdown chart below to compare losses from any high point for FENY and BACAX.

Drawdown Indicators

	FENY	BACAX	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-78.88%	+4.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-9.11%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-18.73%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-25.74%	-0.90%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-65.92%	-3.15%
Current Drawdown Current decline from peak	-6.35%	-5.81%	-0.54%
Average Drawdown Average peak-to-trough decline	-23.12%	-34.28%	+11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.05%	+0.94%

Volatility

FENY vs. BACAX - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 7.96% compared to BlackRock Energy Opportunities Fund (BACAX) at 6.98%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than BACAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	BACAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	6.98%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	14.12%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	17.23%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	23.55%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.80%	27.22%	+2.58%

FENY vs. BACAX - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than BACAX's 1.32% expense ratio.

Dividends

FENY vs. BACAX - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.41%, more than BACAX's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BACAX BlackRock Energy Opportunities Fund	1.92%	2.47%	2.29%	3.06%	2.21%	2.39%	3.38%	2.69%	2.87%	2.48%	1.95%	1.98%
FENY Fidelity MSCI Energy Index ETF	2.41%	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 FENY and BACAX in my portfolio?

With a correlation of 0.96, FENY and BACAX 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, FENY or BACAX?

FENY has higher volatility (7.96%) compared to BACAX (6.98%). In terms of maximum drawdown, FENY dropped -74.35% vs BACAX's -78.88%.

Which has better risk-adjusted returns?

BACAX currently has the higher Sharpe Ratio (2.49 vs 2.24), 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.