FENY vs. DFCA
FENY (Fidelity MSCI Energy Index ETF) and DFCA (Dimensional California Municipal Bond ETF) are both exchange-traded funds - FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index, while DFCA is a Municipal Bonds fund actively managed by Dimensional. FENY is passively managed, while DFCA is actively managed. Over the past 3 years, FENY returned 14.17%/yr vs 2.56%/yr for DFCA. Their -0.11 correlation means they have often moved in opposite directions in the past. FENY charges 0.08%/yr vs 0.19%/yr for DFCA.
Performance
FENY vs. DFCA - Performance Comparison
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Returns By Period
In the year-to-date period, FENY achieves a 32.87% return, which is significantly higher than DFCA's 0.46% return.
FENY
- 1D
- -0.40%
- 1M
- 9.72%
- 6M
- 15.12%
- YTD
- 32.87%
- 1Y
- 41.70%
- 3Y*
- 14.17%
- 5Y*
- 23.48%
- 10Y*
- 9.47%
- ALL TIME*
- 5.49%
DFCA
- 1D
- 0.14%
- 1M
- -0.98%
- 6M
- -0.37%
- YTD
- 0.46%
- 1Y
- 3.44%
- 3Y*
- 2.56%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.61M | $2.41M | $2.81M | |
| $48.28M | $43.61M | $52.27M |
FENY vs. DFCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 32.87% | 7.27% | 6.62% | 8.97% |
DFCA Dimensional California Municipal Bond ETF | 0.46% | 2.99% | 1.49% | 2.68% |
Correlation
The correlation between FENY and DFCA is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (3Y) Balances recent behavior with more history. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023 | -0.11 |
The correlation between FENY and DFCA shifts across timeframes, from -0.30 (1 year) to -0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FENY vs. DFCA — Risk / Return Rank
FENY
DFCA
FENY vs. DFCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and Dimensional California Municipal Bond ETF (DFCA). 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 | DFCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.38 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 1.96 | +0.84 |
| Martin ratioReturn relative to average drawdown | 7.52 | 5.62 | +1.90 |
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Drawdowns
FENY vs. DFCA - Drawdown Comparison
The maximum FENY drawdown since its inception was -74.35%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for FENY and DFCA.
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Drawdown Indicators
| FENY | DFCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.35% | -3.28% | -71.07% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -1.77% | -13.19% |
Max Drawdown (3Y)Largest decline over 3 years | -21.47% | -3.28% | -18.19% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -69.07% | — | — |
Current DrawdownCurrent decline from peak | -5.93% | -1.12% | -4.81% |
Average DrawdownAverage peak-to-trough decline | -22.94% | -0.69% | -22.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 0.61% | +4.95% |
Volatility
FENY vs. DFCA - Volatility Comparison
Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 6.24% compared to Dimensional California Municipal Bond ETF (DFCA) at 0.71%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than DFCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FENY | DFCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.24% | 0.71% | +5.53% |
Volatility (6M)Calculated over the trailing 6-month period | 16.54% | 1.45% | +15.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 1.82% | +19.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.17% | 2.46% | +23.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 2.46% | +27.32% |
FENY vs. DFCA - Expense Ratio Comparison
FENY has a 0.08% expense ratio, which is lower than DFCA's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
FENY vs. DFCA - Dividend Comparison
FENY's dividend yield for the trailing twelve months is around 2.39%, less than DFCA's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFCA Dimensional California Municipal Bond ETF | 2.76% | 2.86% | 2.86% | 1.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FENY Fidelity MSCI Energy Index ETF | 2.39% | 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
FENY and DFCA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FENY has higher volatility (6.24%) compared to DFCA (0.71%). In terms of maximum drawdown, FENY dropped -74.35% vs DFCA's -3.28%.
On 3-year performance, FENY leads with 14.17% vs 2.56% for DFCA. On fees, FENY is cheaper at 0.08% per year. On volatility, DFCA has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FENY has performed better with a 14.17% return vs 2.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FENY is cheaper with a 0.08% expense ratio, compared with 0.19% for DFCA.
DFCA has the higher dividend yield at 2.76%, compared with 2.39% for FENY.
FENY is categorized as Energy Equities, while DFCA is Municipal Bonds. They also come from different issuers: Fidelity and Dimensional. Their fees differ too: 0.08% for FENY and 0.19% for DFCA.
FENY currently has the higher Sharpe Ratio (2.01 vs 1.91), 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.
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