FENY vs. SLV
FENY (Fidelity MSCI Energy Index ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 10 years, FENY returned 9.16%/yr vs 10.57%/yr for SLV. At a 0.16 correlation, their price movements are largely independent. FENY charges 0.08%/yr vs 0.50%/yr for SLV.
Performance
FENY vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, FENY achieves a 31.48% return, which is significantly higher than SLV's -20.86% return. Over the past 10 years, FENY has underperformed SLV with an annualized return of 9.16%, while SLV has yielded a comparatively higher 10.57% annualized return.
FENY
- 1D
- 0.44%
- 1M
- 8.43%
- 6M
- 23.04%
- YTD
- 31.48%
- 1Y
- 39.04%
- 3Y*
- 15.11%
- 5Y*
- 22.96%
- 10Y*
- 9.16%
- ALL TIME*
- 5.42%
SLV
- 1D
- 0.39%
- 1M
- -14.33%
- 6M
- -37.08%
- YTD
- -20.86%
- 1Y
- 47.30%
- 3Y*
- 31.21%
- 5Y*
- 16.83%
- 10Y*
- 10.57%
- ALL TIME*
- 7.03%
FENY vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 31.48% | 7.27% | 6.62% | -0.04% | 62.94% | 55.62% | -33.15% | 9.11% | -19.99% | -2.30% |
SLV iShares Silver Trust | -20.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 5.82% |
Correlation
The correlation between FENY and SLV is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.16 |
The correlation between FENY and SLV shifts across timeframes, from -0.00 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FENY vs. SLV — Risk / Return Rank
FENY
SLV
FENY vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 0.91 | +1.71 |
| Martin ratioReturn relative to average drawdown | 7.08 | 1.85 | +5.23 |
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Drawdowns
FENY vs. SLV - Drawdown Comparison
The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for FENY and SLV.
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Drawdown Indicators
| FENY | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.35% | -76.28% | +1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -52.28% | +37.32% |
Max Drawdown (3Y)Largest decline over 3 years | -21.47% | -52.28% | +30.81% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -52.28% | +25.64% |
Max Drawdown (10Y)Largest decline over 10 years | -69.07% | -52.28% | -16.79% |
Current DrawdownCurrent decline from peak | -6.92% | -51.72% | +44.80% |
Average DrawdownAverage peak-to-trough decline | -23.00% | -44.67% | +21.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.53% | 25.64% | -20.11% |
Volatility
FENY vs. SLV - Volatility Comparison
The current volatility for Fidelity MSCI Energy Index ETF (FENY) is 5.94%, while iShares Silver Trust (SLV) has a volatility of 12.54%. This indicates that FENY experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FENY | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.94% | 12.54% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 16.41% | 56.50% | -40.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.86% | 61.24% | -40.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.25% | 36.87% | -10.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.79% | 32.18% | -2.39% |
FENY vs. SLV - Expense Ratio Comparison
FENY has a 0.08% expense ratio, which is lower than SLV's 0.50% expense ratio.
Dividends
FENY vs. SLV - Dividend Comparison
FENY's dividend yield for the trailing twelve months is around 2.42%, while SLV has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 2.42% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FENY and SLV have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.54%) compared to FENY (5.94%). In terms of maximum drawdown, FENY dropped -74.35% vs SLV's -76.28%.
On 10-year performance, SLV leads with 10.57% vs 9.16% for FENY. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SLV has performed better with a 10.57% return vs 9.16%. 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 0.50% for SLV.
FENY has the higher dividend yield at 2.42%, compared with 0.00% for SLV.
FENY is categorized as Energy Equities, while SLV is Silver. FENY tracks MSCI USA IMI Energy 25/50 Index, while SLV tracks LBMA Silver Price. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.08% for FENY and 0.50% for SLV.
FENY currently has the higher Sharpe Ratio (1.88 vs 0.78), 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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