FENY vs. FSENX

Last updated Jun 23, 2026

FENY (Fidelity MSCI Energy Index ETF) and FSENX (Fidelity Select Energy Portfolio) are both Energy Equities funds from Fidelity. FENY is passively managed, while FSENX is actively managed. Over the past 10 years, FENY returned 8.68%/yr vs 8.66%/yr for FSENX. With a 0.98 correlation, they move nearly in lockstep. FENY charges 0.08%/yr vs 0.77%/yr for FSENX.

Performance

FENY vs. FSENX - Performance Comparison

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

Returns By Period

In the year-to-date period, FENY achieves a 22.78% return, which is significantly lower than FSENX's 25.07% return. Both investments have delivered pretty close results over the past 10 years, with FENY having a 8.68% annualized return and FSENX not far behind at 8.66%.

FENY

• 1D: 1.25%
• 1M: -8.53%
• YTD: 22.78%
• 6M: 24.13%
• 1Y: 26.63%
• 3Y*: 15.89%
• 5Y*: 18.82%
• 10Y*: 8.68%

FSENX

• 1D: -1.60%
• 1M: -9.51%
• YTD: 25.07%
• 6M: 26.87%
• 1Y: 31.46%
• 3Y*: 15.80%
• 5Y*: 21.55%
• 10Y*: 8.66%

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

FENY vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FENY Fidelity MSCI Energy Index ETF	22.78%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%
FSENX Fidelity Select Energy Portfolio	25.07%	10.56%	4.26%	0.94%	62.98%	55.31%	-32.51%	9.90%	-24.94%	-2.65%

Correlation

The correlation between FENY and FSENX is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.98

The correlation between FENY and FSENX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

FENY vs. FSENX — Risk / Return Rank

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

FENY

FENY Risk / Return Rank: 36
FENY Sharpe Ratio Rank: 37
FENY Sortino Ratio Rank: 34
FENY Omega Ratio Rank: 33
FENY Calmar Ratio Rank: 39
FENY Martin Ratio Rank: 39

FSENX

FSENX Risk / Return Rank: 39
FSENX Sharpe Ratio Rank: 36
FSENX Sortino Ratio Rank: 32
FSENX Omega Ratio Rank: 30
FSENX Calmar Ratio Rank: 54
FSENX Martin Ratio Rank: 43

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. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and Fidelity Select Energy Portfolio (FSENX). 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	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.62	-0.34
Sortino ratio: Return per unit of downside risk	1.77	2.19	-0.42
Omega ratio: Gain probability vs. loss probability	1.22	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.89	2.69	-0.80
Martin ratio: Return relative to average drawdown	5.90	8.68	-2.78

FENY vs. FSENX - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 1.29, which is comparable to the FSENX Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of FENY and FSENX, 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. FSENX - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum FSENX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for FENY and FSENX.

Drawdown Indicators

	FENY	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-76.24%	+1.89%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-12.09%	-2.06%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-25.85%	+4.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-28.02%	+1.38%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-72.11%	+3.04%
Current Drawdown Current decline from peak	-13.08%	-12.09%	-0.99%
Average Drawdown Average peak-to-trough decline	-23.07%	-17.00%	-6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	3.74%	+0.82%

Volatility

FENY vs. FSENX - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) and Fidelity Select Energy Portfolio (FSENX) have volatilities of 7.02% and 6.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.02%	6.69%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	16.66%	15.84%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	20.04%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.43%	27.28%	-0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.83%	30.94%	-1.11%

FENY vs. FSENX - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than FSENX's 0.77% expense ratio.

Dividends

FENY vs. FSENX - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.59%, more than FSENX's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.59%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
FSENX Fidelity Select Energy Portfolio	1.71%	1.95%	1.95%	1.98%	2.50%	2.25%	3.43%	1.84%	1.48%	1.74%	0.62%	1.29%

Frequently Asked Questions

Can I hold both FENY and FSENX in my portfolio?

With a correlation of 0.98, FENY and FSENX 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 FSENX?

FENY has higher volatility (7.02%) compared to FSENX (6.69%). In terms of maximum drawdown, FENY dropped -74.35% vs FSENX's -76.24%.

Which has better risk-adjusted returns?

FSENX currently has the higher Sharpe Ratio (1.62 vs 1.29), 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.