FENY vs. DCREX

Last updated Jun 4, 2026

FENY (Fidelity MSCI Energy Index ETF) and DCREX (Dunham Real Estate Stock Fund) are both funds - FENY is a Energy Equities fund tracking the MSCI USA IMI Energy Index, while DCREX is a REIT fund managed by Dunham. Over the past 10 years, FENY returned 9.57%/yr vs 1.21%/yr for DCREX. At a 0.30 correlation, their price movements are largely independent. FENY charges 0.08%/yr vs 2.37%/yr for DCREX.

Performance

FENY vs. DCREX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and Dunham Real Estate Stock Fund (DCREX). 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 DCREX's 8.35% return. Over the past 10 years, FENY has outperformed DCREX with an annualized return of 9.57%, while DCREX has yielded a comparatively lower 1.21% 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%

DCREX

• 1D: 0.23%
• 1M: -2.06%
• YTD: 8.35%
• 6M: 6.98%
• 1Y: 5.84%
• 3Y*: 5.73%
• 5Y*: -6.20%
• 10Y*: 1.21%

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

FENY vs. DCREX - 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%
DCREX Dunham Real Estate Stock Fund	8.35%	-6.83%	6.05%	12.43%	-40.12%	8.93%	19.66%	26.09%	-7.29%	3.20%

Correlation

The correlation between FENY and DCREX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.30

Over the past year, the correlation between FENY and DCREX has dropped to 0.06 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.

Return for Risk

FENY vs. DCREX — 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

DCREX

DCREX Risk / Return Rank: 6
DCREX Sharpe Ratio Rank: 6
DCREX Sortino Ratio Rank: 6
DCREX Omega Ratio Rank: 6
DCREX Calmar Ratio Rank: 8
DCREX Martin Ratio Rank: 6

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. DCREX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and Dunham Real Estate Stock Fund (DCREX). 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	DCREX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	0.48	+1.76
Sortino ratio: Return per unit of downside risk	2.87	0.73	+2.14
Omega ratio: Gain probability vs. loss probability	1.36	1.09	+0.27
Calmar ratio: Return relative to maximum drawdown	3.87	0.77	+3.10
Martin ratio: Return relative to average drawdown	11.41	1.44	+9.97
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. DCREX - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 2.24, which is higher than the DCREX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of FENY and DCREX, 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	DCREX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	0.48	+1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	-0.29	+1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.06	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.10	+0.10

Drawdowns

FENY vs. DCREX - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum DCREX drawdown of -74.32%. Use the drawdown chart below to compare losses from any high point for FENY and DCREX.

Drawdown Indicators

	FENY	DCREX	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-74.32%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-8.36%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-24.95%	+3.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-49.40%	+22.76%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-49.40%	-19.67%
Current Drawdown Current decline from peak	-6.35%	-31.56%	+25.21%
Average Drawdown Average peak-to-trough decline	-23.12%	-19.25%	-3.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	4.49%	-0.50%

Volatility

FENY vs. DCREX - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 7.96% compared to Dunham Real Estate Stock Fund (DCREX) at 3.56%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than DCREX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	DCREX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	3.56%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	8.73%	+7.60%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	13.54%	+6.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	21.49%	+4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.80%	21.13%	+8.67%

FENY vs. DCREX - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than DCREX's 2.37% expense ratio.

Dividends

FENY vs. DCREX - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.41%, more than DCREX's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DCREX Dunham Real Estate Stock Fund	0.52%	0.56%	0.00%	1.72%	0.00%	7.09%	8.26%	7.31%	1.07%	0.80%	20.50%	10.54%
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 DCREX in my portfolio?

FENY and DCREX have a correlation of 0.06, 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 DCREX?

FENY has higher volatility (7.96%) compared to DCREX (3.56%). In terms of maximum drawdown, FENY dropped -74.35% vs DCREX's -74.32%.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.24 vs 0.48), 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.