FENY vs. DVXE
FENY (Fidelity MSCI Energy Index ETF) and DVXE (WEBs Energy XLE Defined Volatility ETF) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy 25/50 Index while DVXE tracks the Syntax Defined Volatility XLE Index. Both are passively managed. Over the past year, FENY returned 41.70% vs 58.00% for DVXE. Their 0.98 correlation means they have historically moved very closely together. FENY charges 0.08%/yr vs 0.89%/yr for DVXE.
Performance
FENY vs. DVXE - Performance Comparison
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Returns By Period
In the year-to-date period, FENY achieves a 32.87% return, which is significantly lower than DVXE's 46.82% 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%
DVXE
- 1D
- 0.03%
- 1M
- 12.76%
- 6M
- 21.64%
- YTD
- 46.82%
- 1Y
- 58.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 51.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.16K | $13.26K | $16.10K | |
| $48.28M | $43.61M | $52.27M |
FENY vs. DVXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 32.87% | 6.60% |
DVXE WEBs Energy XLE Defined Volatility ETF | 46.82% | 4.49% |
Correlation
The correlation between FENY and DVXE is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025 | 0.98 |
The correlation between FENY and DVXE has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
FENY vs. DVXE — Risk / Return Rank
FENY
DVXE
FENY vs. DVXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and WEBs Energy XLE Defined Volatility ETF (DVXE). 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 | DVXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 2.67 | +0.13 |
| Martin ratioReturn relative to average drawdown | 7.52 | 6.20 | +1.32 |
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Drawdowns
FENY vs. DVXE - Drawdown Comparison
The maximum FENY drawdown since its inception was -74.35%, which is greater than DVXE's maximum drawdown of -21.83%. Use the drawdown chart below to compare losses from any high point for FENY and DVXE.
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Drawdown Indicators
| FENY | DVXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.35% | -21.83% | -52.52% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -21.83% | +6.87% |
Max Drawdown (3Y)Largest decline over 3 years | -21.47% | — | — |
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% | -10.87% | +4.94% |
Average DrawdownAverage peak-to-trough decline | -22.94% | -7.27% | -15.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.56% | 9.38% | -3.82% |
Volatility
FENY vs. DVXE - Volatility Comparison
The current volatility for Fidelity MSCI Energy Index ETF (FENY) is 6.24%, while WEBs Energy XLE Defined Volatility ETF (DVXE) has a volatility of 8.90%. This indicates that FENY experiences smaller price fluctuations and is considered to be less risky than DVXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FENY | DVXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.24% | 8.90% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 16.54% | 22.36% | -5.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 30.84% | -9.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.17% | 30.78% | -4.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 30.78% | -1.00% |
FENY vs. DVXE - Expense Ratio Comparison
FENY has a 0.08% expense ratio, which is lower than DVXE's 0.89% expense ratio.
Dividends
FENY vs. DVXE - Dividend Comparison
FENY's dividend yield for the trailing twelve months is around 2.39%, while DVXE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVXE WEBs Energy XLE Defined Volatility ETF | 0.00% | 0.00% | 0.00% | 0.00% | 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
With a correlation of 0.98, FENY and DVXE 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.
DVXE has higher volatility (8.90%) compared to FENY (6.24%). In terms of maximum drawdown, FENY dropped -74.35% vs DVXE's -21.83%.
On 1-year performance, DVXE leads with 58.00% vs 41.70% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 6.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DVXE has performed better with a 58.00% return vs 41.70%. 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 0.89% for DVXE.
FENY has the higher dividend yield at 2.39%, compared with 0.00% for DVXE.
FENY tracks MSCI USA IMI Energy 25/50 Index, while DVXE tracks Syntax Defined Volatility XLE Index. They also come from different issuers: Fidelity and WEBs. Their fees differ too: 0.08% for FENY and 0.89% for DVXE.
FENY currently has the higher Sharpe Ratio (2.01 vs 1.89), 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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