FENY vs. FXN

Last updated Jun 4, 2026

FENY (Fidelity MSCI Energy Index ETF) and FXN (First Trust Energy AlphaDEX Fund) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy Index while FXN tracks the StrataQuant Energy Index. Both are passively managed. Over the past 10 years, FENY returned 9.57%/yr vs 6.52%/yr for FXN. Their correlation of 0.94 suggests significant overlap in exposure. FENY charges 0.08%/yr vs 0.64%/yr for FXN.

Performance

FENY vs. FXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and First Trust Energy AlphaDEX Fund (FXN). 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 lower than FXN's 36.03% return. Over the past 10 years, FENY has outperformed FXN with an annualized return of 9.57%, while FXN has yielded a comparatively lower 6.52% 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%

FXN

• 1D: 1.09%
• 1M: -1.59%
• YTD: 36.03%
• 6M: 30.89%
• 1Y: 52.01%
• 3Y*: 16.66%
• 5Y*: 17.30%
• 10Y*: 6.52%

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

FENY vs. FXN - 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%
FXN First Trust Energy AlphaDEX Fund	36.03%	3.39%	0.27%	0.97%	46.92%	51.79%	-19.91%	-6.76%	-24.79%	-5.02%

Correlation

The correlation between FENY and FXN is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.94

The correlation between FENY and FXN has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

FENY vs. FXN - Sectors Allocation Comparison

Sectors	FENY	FXN
Energy	99.7%	95.4%
Basic Materials	0.2%	-
Industrials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	4.6%
Utilities	-	-

Return for Risk

FENY vs. FXN — 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

FXN

FXN Risk / Return Rank: 67
FXN Sharpe Ratio Rank: 67
FXN Sortino Ratio Rank: 60
FXN Omega Ratio Rank: 56
FXN Calmar Ratio Rank: 83
FXN Martin Ratio Rank: 68

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. FXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and First Trust Energy AlphaDEX Fund (FXN). 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	FXN	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.23	+0.01
Sortino ratio: Return per unit of downside risk	2.87	2.84	+0.03
Omega ratio: Gain probability vs. loss probability	1.36	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.87	4.42	-0.55
Martin ratio: Return relative to average drawdown	11.41	12.53	-1.12
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. FXN - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 2.24, which is comparable to the FXN Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FENY and FXN, 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	FXN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.23	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.60	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.19	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.06	+0.14

Drawdowns

FENY vs. FXN - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, smaller than the maximum FXN drawdown of -87.39%. Use the drawdown chart below to compare losses from any high point for FENY and FXN.

Drawdown Indicators

	FENY	FXN	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-87.39%	+13.04%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-11.82%	+0.04%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-31.69%	+10.22%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-31.69%	+5.05%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-80.63%	+11.56%
Current Drawdown Current decline from peak	-6.35%	-3.71%	-2.64%
Average Drawdown Average peak-to-trough decline	-23.12%	-37.99%	+14.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	4.17%	-0.18%

Volatility

FENY vs. FXN - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 7.96% compared to First Trust Energy AlphaDEX Fund (FXN) at 7.52%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than FXN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FENY	FXN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	7.52%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	17.08%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	23.55%	-3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	28.92%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.80%	35.00%	-5.20%

FENY vs. FXN - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than FXN's 0.64% expense ratio.

Dividends

FENY vs. FXN - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.41%, more than FXN's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FXN First Trust Energy AlphaDEX Fund	1.76%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%

Frequently Asked Questions

Can I hold both FENY and FXN in my portfolio?

With a correlation of 0.94, FENY and FXN 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 FXN?

FENY has higher volatility (7.96%) compared to FXN (7.52%). In terms of maximum drawdown, FENY dropped -74.35% vs FXN's -87.39%.

Which ETF is better, FENY or FXN?

On 10-year performance, FENY leads with 9.57% vs 6.52% for FXN. On fees, FENY is cheaper at 0.08% per year. On volatility, FXN has been the lower-risk option at 7.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENY or FXN?

Over the 10-year period, FENY has performed better with a 9.57% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENY or FXN?

FENY is cheaper with a 0.08% expense ratio, compared with 0.64% for FXN.

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

FENY has the higher dividend yield at 2.41%, compared with 1.76% for FXN.

What is the main difference between FENY and FXN?

FENY tracks MSCI USA IMI Energy Index, while FXN tracks StrataQuant Energy Index. They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.08% for FENY and 0.64% for FXN.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.24 vs 2.23), 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.