FENY vs. BKGI

Last updated Jul 16, 2026

FENY (Fidelity MSCI Energy Index ETF) and BKGI (Bny Mellon Global Infrastructure Income ETF) are both Energy Equities funds. FENY is passively managed, while BKGI is actively managed. Over the past 3 years, FENY returned 15.55%/yr vs 21.21%/yr for BKGI. At a 0.36 correlation, their price movements are largely independent. FENY charges 0.08%/yr vs 0.65%/yr for BKGI.

Performance

FENY vs. BKGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and Bny Mellon Global Infrastructure Income ETF (BKGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FENY achieves a 28.29% return, which is significantly higher than BKGI's 14.28% return.

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%

BKGI

• 1D: -0.29%
• 1M: 0.60%
• 6M: 12.17%
• YTD: 14.28%
• 1Y: 22.95%
• 3Y*: 21.21%
• 5Y*: —
• 10Y*: —

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

FENY vs. BKGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FENY Fidelity MSCI Energy Index ETF	28.29%	7.27%	6.62%	-0.04%	-1.33%
BKGI Bny Mellon Global Infrastructure Income ETF	14.28%	37.53%	12.35%	9.72%	8.54%

Correlation

The correlation between FENY and BKGI is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 3, 2022	0.36

Over the past year, the correlation between FENY and BKGI has dropped to 0.15 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

FENY vs. BKGI - Sectors Allocation Comparison

Sectors	FENY	BKGI
Energy	77.7%	20.6%
Basic Materials	0.1%	-
Industrials	0.1%	11.8%
Utilities	0.1%	46.8%
Communication Services	-	2.7%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	18.1%
Technology	-	-

Return for Risk

FENY vs. BKGI — Risk / Return Rank

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

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

BKGI

BKGI Risk / Return Rank: 78
BKGI Sharpe Ratio Rank: 78
BKGI Sortino Ratio Rank: 77
BKGI Omega Ratio Rank: 77
BKGI Calmar Ratio Rank: 85
BKGI Martin Ratio Rank: 76

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. BKGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and Bny Mellon Global Infrastructure Income ETF (BKGI). 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.

	FENY	BKGI	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.98	-0.31
Sortino ratio: Return per unit of downside risk	2.22	2.74	-0.52
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.32	3.74	-1.42
Martin ratio: Return relative to average drawdown	6.34	11.21	-4.87

FENY vs. BKGI - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 1.67, which is comparable to the BKGI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FENY and BKGI, 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

FENY vs. BKGI - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, which is greater than BKGI's maximum drawdown of -14.79%. Use the drawdown chart below to compare losses from any high point for FENY and BKGI.

Drawdown Indicators

	FENY	BKGI	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-14.79%	-59.56%
Max Drawdown (1Y) Largest decline over 1 year	-14.96%	-6.16%	-8.80%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-14.16%	-7.31%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	—	—
Current Drawdown Current decline from peak	-9.17%	-1.35%	-7.82%
Average Drawdown Average peak-to-trough decline	-23.01%	-2.56%	-20.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	2.05%	+3.42%

Volatility

FENY vs. BKGI - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 6.99% compared to Bny Mellon Global Infrastructure Income ETF (BKGI) at 3.58%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than BKGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	BKGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	3.58%	+3.41%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	9.58%	+7.00%
Volatility (1Y) Calculated over the trailing 1-year period	20.88%	11.74%	+9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.34%	14.00%	+12.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.79%	14.00%	+15.79%

FENY vs. BKGI - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than BKGI's 0.65% expense ratio.

Dividends

FENY vs. BKGI - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.48%, less than BKGI's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKGI Bny Mellon Global Infrastructure Income ETF	2.89%	2.65%	4.55%	4.55%	0.53%	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 FENY and BKGI in my portfolio?

FENY and BKGI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENY or BKGI?

FENY has higher volatility (6.99%) compared to BKGI (3.58%). In terms of maximum drawdown, FENY dropped -74.35% vs BKGI's -14.79%.

Which ETF is better, FENY or BKGI?

On 3-year performance, BKGI leads with 21.21% vs 15.55% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, BKGI has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENY or BKGI?

Over the 3-year period, BKGI has performed better with a 21.21% return vs 15.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENY or BKGI?

FENY is cheaper with a 0.08% expense ratio, compared with 0.65% for BKGI.

Which ETF pays a higher dividend yield, FENY or BKGI?

BKGI has the higher dividend yield at 2.89%, compared with 2.48% for FENY.

What is the main difference between FENY and BKGI?

They also come from different issuers: Fidelity and BNY Mellon. Their fees differ too: 0.08% for FENY and 0.65% for BKGI.

Which has better risk-adjusted returns?

BKGI currently has the higher Sharpe Ratio (1.98 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.