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FENY vs. IEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FENY vs. IEO

Last updated Jun 24, 2026

FENY (Fidelity MSCI Energy Index ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy 25/50 Index while IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, FENY returned 8.75%/yr vs 9.69%/yr for IEO. With a 0.96 correlation, they move nearly in lockstep. FENY charges 0.08%/yr vs 0.42%/yr for IEO.

Performance

FENY vs. IEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with FENY having a 23.55% return and IEO slightly higher at 24.43%. Over the past 10 years, FENY has underperformed IEO with an annualized return of 8.75%, while IEO has yielded a comparatively higher 9.69% annualized return.

FENY

1D
0.63%
1M
-7.95%
YTD
23.55%
6M
24.05%
1Y
30.81%
3Y*
16.13%
5Y*
18.76%
10Y*
8.75%

IEO

1D
0.36%
1M
-7.22%
YTD
24.43%
6M
24.33%
1Y
24.44%
3Y*
13.56%
5Y*
16.99%
10Y*
9.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FENY vs. IEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FENY
Fidelity MSCI Energy Index ETF		23.55%7.27%6.62%-0.04%62.94%55.62%-33.15%9.11%-19.99%-2.30%
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		24.43%2.15%-1.45%3.57%57.82%75.57%-32.77%9.63%-19.44%0.33%

Correlation

The correlation between FENY and IEO 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

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2013

0.96

The correlation between FENY and IEO has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

FENY vs. IEO - Sectors Allocation Comparison

Sectors
FENY
IEO

Energy

99.7%
99.3%

Basic Materials

0.3%
0.7%

Industrials

0.1%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

FENY
99.7%
IEO
99.3%

Basic Materials

FENY
0.3%
IEO
0.7%

Industrials

FENY
0.1%
IEO

-

Communication Services

FENY

-

IEO

-

Consumer Cyclical

FENY

-

IEO

-

Consumer Defensive

FENY

-

IEO

-

Financial Services

FENY

-

IEO

-

Healthcare

FENY

-

IEO

-

Real Estate

FENY

-

IEO

-

Technology

FENY

-

IEO

-

Utilities

FENY

-

IEO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Fidelity MSCI Energy Index ETF

iShares U.S. Oil & Gas Exploration & Production ETF

Often compared with FENY:
FENY vs. XLEFENY vs. VDEFENY vs. FSENXFENY vs. IYEFENY vs. FNARXFENY vs. SCHDFENY vs. VOO
Often compared with IEO:
IEO vs. XLEIEO vs. VDEIEO vs. FCGIEO vs. DEOIEO vs. PCEFIEO vs. IEZIEO vs. CRAK

Return for Risk

FENY vs. IEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FENY
FENY Risk / Return Rank: 4343
Overall Rank
FENY Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
FENY Sortino Ratio Rank: 4141
Sortino Ratio Rank
FENY Omega Ratio Rank: 3939
Omega Ratio Rank
FENY Calmar Ratio Rank: 4646
Calmar Ratio Rank
FENY Martin Ratio Rank: 4343
Martin Ratio Rank
IEO
IEO Risk / Return Rank: 2828
Overall Rank
IEO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
IEO Sortino Ratio Rank: 2626
Sortino Ratio Rank
IEO Omega Ratio Rank: 2525
Omega Ratio Rank
IEO Calmar Ratio Rank: 3131
Calmar Ratio Rank
IEO Martin Ratio Rank: 3030
Martin Ratio Rank
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. IEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.

FENYIEODifference
Sharpe ratioReturn per unit of total volatility
1.50
0.96

+0.54

Sortino ratioReturn per unit of downside risk
2.02
1.39

+0.63

Omega ratioGain probability vs. loss probability

1.25

1.17

+0.08

Calmar ratioReturn relative to maximum drawdown

2.19

1.50

+0.68

Martin ratioReturn relative to average drawdown

6.73

4.18

+2.56

FENY vs. IEO - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 1.50, which is higher than the IEO Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of FENY and IEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

FENY vs. IEO - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for FENY and IEO.

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Drawdown Indicators

FENYIEODifference

Max Drawdown

Largest peak-to-trough decline

-74.35%

-79.17%

+4.82%

Max Drawdown (1Y)

Largest decline over 1 year

-14.15%

-16.32%

+2.17%

Max Drawdown (3Y)

Largest decline over 3 years

-21.47%

-31.46%

+9.99%

Max Drawdown (5Y)

Largest decline over 5 years

-26.64%

-31.46%

+4.82%

Max Drawdown (10Y)

Largest decline over 10 years

-69.07%

-75.00%

+5.93%

Current Drawdown

Current decline from peak

-12.53%

-14.30%

+1.77%

Average Drawdown

Average peak-to-trough decline

-23.06%

-26.23%

+3.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.59%

5.87%

-1.28%

Volatility

FENY vs. IEO - Volatility Comparison

The current volatility for Fidelity MSCI Energy Index ETF (FENY) is 7.07%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 8.60%. This indicates that FENY experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FENYIEODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.07%

8.60%

-1.53%

Volatility (6M)

Calculated over the trailing 6-month period

16.59%

20.02%

-3.43%

Volatility (1Y)

Calculated over the trailing 1-year period

20.81%

25.66%

-4.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.43%

30.53%

-4.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.81%

34.99%

-5.18%

FENY vs. IEO - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than IEO's 0.42% expense ratio.

Dividends

FENY vs. IEO - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.57%, more than IEO's 2.12% yield.

PositionTTM20252024202320222021202020192018201720162015
FENY
Fidelity MSCI Energy Index ETF		2.57%3.18%3.05%3.33%3.33%3.69%4.60%6.43%3.21%2.94%2.29%3.05%
IEO
iShares U.S. Oil & Gas Exploration & Production ETF		2.12%2.61%2.63%3.00%3.77%2.62%3.17%1.85%1.67%0.94%0.98%2.03%

Frequently Asked Questions

With a correlation of 0.94, FENY and IEO 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.

IEO has higher volatility (8.60%) compared to FENY (7.07%). In terms of maximum drawdown, FENY dropped -74.35% vs IEO's -79.17%.

On 10-year performance, IEO leads with 9.69% vs 8.75% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEO has performed better with a 9.69% return vs 8.75%. 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 0.42% for IEO.

FENY has the higher dividend yield at 2.57%, compared with 2.12% for IEO.

FENY tracks MSCI USA IMI Energy 25/50 Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FENY and 0.42% for IEO.

FENY currently has the higher Sharpe Ratio (1.50 vs 0.96), 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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