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FENY vs. IYE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FENY vs. IYE

Last updated Jun 23, 2026

FENY (Fidelity MSCI Energy Index ETF) and IYE (iShares U.S. Energy ETF) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy 25/50 Index while IYE tracks the Dow Jones U.S. Oil & Gas Index. Both are passively managed. Over the past 10 years, FENY returned 8.68%/yr vs 8.12%/yr for IYE. With a 1.00 correlation, they move nearly in lockstep. FENY charges 0.08%/yr vs 0.42%/yr for IYE.

Performance

FENY vs. IYE - 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. Energy ETF (IYE). 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 stocks are quite close, with FENY having a 22.78% return and IYE slightly lower at 22.27%. Over the past 10 years, FENY has outperformed IYE with an annualized return of 8.68%, while IYE has yielded a comparatively lower 8.12% annualized return.

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%

IYE

1D
1.34%
1M
-8.19%
YTD
22.27%
6M
23.44%
1Y
25.82%
3Y*
15.13%
5Y*
17.89%
10Y*
8.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FENY vs. IYE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IYE
iShares U.S. Energy ETF		22.27%7.33%6.06%-2.21%60.21%53.42%-33.49%10.03%-19.37%-1.80%

Correlation

The correlation between FENY and IYE is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

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

1.00

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

1.00

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

1.00

The correlation between FENY and IYE has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

FENY vs. IYE - Sectors Allocation Comparison

Sectors
FENY
IYE

Energy

99.7%
98.1%

Basic Materials

0.3%

-

Industrials

0.1%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

1.9%

Utilities

-

-

Energy

FENY
99.7%
IYE
98.1%

Basic Materials

FENY
0.3%
IYE

-

Industrials

FENY
0.1%
IYE

-

Communication Services

FENY

-

IYE

-

Consumer Cyclical

FENY

-

IYE

-

Consumer Defensive

FENY

-

IYE

-

Financial Services

FENY

-

IYE

-

Healthcare

FENY

-

IYE

-

Real Estate

FENY

-

IYE

-

Technology

FENY

-

IYE
1.9%

Utilities

FENY

-

IYE

-

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. Energy ETF

Often compared with FENY:
FENY vs. XLEFENY vs. VDEFENY vs. FSENXFENY vs. FNARXFENY vs. SCHDFENY vs. IEOFENY vs. VOO
Often compared with IYE:
IYE vs. XLEIYE vs. VDEIYE vs. IXCIYE vs. OIHIYE vs. IYHIYE vs. XOPIYE vs. MLPX

Return for Risk

FENY vs. IYE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FENY
FENY Risk / Return Rank: 3636
Overall Rank
FENY Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
FENY Sortino Ratio Rank: 3434
Sortino Ratio Rank
FENY Omega Ratio Rank: 3333
Omega Ratio Rank
FENY Calmar Ratio Rank: 3939
Calmar Ratio Rank
FENY Martin Ratio Rank: 3939
Martin Ratio Rank
IYE
IYE Risk / Return Rank: 3636
Overall Rank
IYE Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
IYE Sortino Ratio Rank: 3434
Sortino Ratio Rank
IYE Omega Ratio Rank: 3333
Omega Ratio Rank
IYE Calmar Ratio Rank: 3939
Calmar Ratio Rank
IYE Martin Ratio Rank: 3838
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. IYE - 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. Energy ETF (IYE). 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.

FENYIYEDifference
Sharpe ratioReturn per unit of total volatility
1.29
1.27

+0.01

Sortino ratioReturn per unit of downside risk
1.77
1.76

+0.01

Omega ratioGain probability vs. loss probability

1.22

1.21

0.00

Calmar ratioReturn relative to maximum drawdown

1.89

1.88

+0.01

Martin ratioReturn relative to average drawdown

5.90

5.73

+0.17

FENY vs. IYE - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 1.29, which is comparable to the IYE Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FENY and IYE, 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. IYE - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum IYE drawdown of -73.74%. Use the drawdown chart below to compare losses from any high point for FENY and IYE.

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Drawdown Indicators

FENYIYEDifference

Max Drawdown

Largest peak-to-trough decline

-74.35%

-73.74%

-0.61%

Max Drawdown (1Y)

Largest decline over 1 year

-14.15%

-13.81%

-0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-21.47%

-20.37%

-1.10%

Max Drawdown (5Y)

Largest decline over 5 years

-26.64%

-25.61%

-1.03%

Max Drawdown (10Y)

Largest decline over 10 years

-69.07%

-68.59%

-0.48%

Current Drawdown

Current decline from peak

-13.08%

-12.65%

-0.43%

Average Drawdown

Average peak-to-trough decline

-23.07%

-19.34%

-3.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.56%

4.55%

+0.01%

Volatility

FENY vs. IYE - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) and iShares U.S. Energy ETF (IYE) have volatilities of 7.02% and 6.89%, 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.

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Volatility by Period

FENYIYEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.02%

6.89%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

16.66%

16.48%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

20.85%

20.43%

+0.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.43%

25.66%

+0.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.83%

29.55%

+0.28%

FENY vs. IYE - Expense Ratio Comparison

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

Dividends

FENY vs. IYE - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.59%, more than IYE's 2.33% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IYE
iShares U.S. Energy ETF		2.33%2.85%2.75%2.99%3.37%2.98%4.75%6.60%3.16%2.66%2.11%3.39%

Frequently Asked Questions

With a correlation of 1.00, FENY and IYE 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.

FENY has higher volatility (7.02%) compared to IYE (6.89%). In terms of maximum drawdown, FENY dropped -74.35% vs IYE's -73.74%.

On 10-year performance, FENY leads with 8.68% vs 8.12% for IYE. On fees, FENY is cheaper at 0.08% per year. On volatility, IYE has been the lower-risk option at 6.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FENY has performed better with a 8.68% return vs 8.12%. 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 IYE.

FENY has the higher dividend yield at 2.59%, compared with 2.33% for IYE.

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

FENY currently has the higher Sharpe Ratio (1.29 vs 1.27), 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.

Portfolio Optimizer

Find the right allocation for FENY and IYE

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