FENY vs. TPZ
FENY (Fidelity MSCI Energy Index ETF) and TPZ (Tortoise Electrification Infrastructure ETF) are both Energy Equities funds. FENY is passively managed, while TPZ is actively managed. Over the past 10 years, FENY returned 8.82%/yr vs 8.62%/yr for TPZ. A 0.57 correlation means they provide meaningful diversification when combined. FENY charges 0.08%/yr vs 0.85%/yr for TPZ.
Performance
FENY vs. TPZ - Performance Comparison
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Returns By Period
In the year-to-date period, FENY achieves a 29.32% return, which is significantly higher than TPZ's 10.28% return. Both investments have delivered pretty close results over the past 10 years, with FENY having a 8.82% annualized return and TPZ not far behind at 8.62%.
FENY
- 1D
- 0.80%
- 1M
- 3.75%
- 6M
- 21.33%
- YTD
- 29.32%
- 1Y
- 36.92%
- 3Y*
- 15.86%
- 5Y*
- 22.94%
- 10Y*
- 8.82%
TPZ
- 1D
- 0.03%
- 1M
- 2.16%
- 6M
- 7.44%
- YTD
- 10.28%
- 1Y
- 13.35%
- 3Y*
- 25.21%
- 5Y*
- 18.00%
- 10Y*
- 8.62%
FENY vs. TPZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 29.32% | 7.27% | 6.62% | -0.04% | 62.94% | 55.62% | -33.15% | 9.11% | -19.99% | -2.30% |
TPZ Tortoise Electrification Infrastructure ETF | 10.28% | 5.67% | 53.88% | 20.72% | 2.44% | 29.31% | -27.84% | 15.61% | -16.12% | -0.30% |
Correlation
The correlation between FENY and TPZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013 | 0.57 |
Over the past year, the correlation between FENY and TPZ has dropped to 0.32 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
FENY vs. TPZ — Risk / Return Rank
FENY
TPZ
FENY vs. TPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and Tortoise Electrification Infrastructure ETF (TPZ). 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 | TPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.13 | +0.35 |
| Martin ratioReturn relative to average drawdown | 6.74 | 4.70 | +2.03 |
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Drawdowns
FENY vs. TPZ - Drawdown Comparison
The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum TPZ drawdown of -78.17%. Use the drawdown chart below to compare losses from any high point for FENY and TPZ.
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Drawdown Indicators
| FENY | TPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.35% | -78.17% | +3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -6.29% | -8.67% |
Max Drawdown (3Y)Largest decline over 3 years | -21.47% | -17.78% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -26.64% | -17.78% | -8.86% |
Max Drawdown (10Y)Largest decline over 10 years | -69.07% | -77.04% | +7.97% |
Current DrawdownCurrent decline from peak | -8.45% | -2.59% | -5.86% |
Average DrawdownAverage peak-to-trough decline | -23.01% | -11.88% | -11.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 2.84% | +2.66% |
Volatility
FENY vs. TPZ - Volatility Comparison
Fidelity MSCI Energy Index ETF (FENY) has a higher volatility of 6.06% compared to Tortoise Electrification Infrastructure ETF (TPZ) at 3.91%. This indicates that FENY's price experiences larger fluctuations and is considered to be riskier than TPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FENY | TPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.06% | 3.91% | +2.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.53% | 10.78% | +5.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.83% | 13.76% | +7.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.31% | 17.69% | +8.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 27.70% | +2.08% |
FENY vs. TPZ - Expense Ratio Comparison
FENY has a 0.08% expense ratio, which is lower than TPZ's 0.85% expense ratio.
Dividends
FENY vs. TPZ - Dividend Comparison
FENY's dividend yield for the trailing twelve months is around 2.46%, less than TPZ's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FENY Fidelity MSCI Energy Index ETF | 2.46% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
TPZ Tortoise Electrification Infrastructure ETF | 3.69% | 3.99% | 5.88% | 8.99% | 9.52% | 4.77% | 8.80% | 8.84% | 9.41% | 7.28% | 6.88% | 9.68% |
Frequently Asked Questions
FENY and TPZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FENY has higher volatility (6.06%) compared to TPZ (3.91%). In terms of maximum drawdown, FENY dropped -74.35% vs TPZ's -78.17%.
On 10-year performance, FENY leads with 8.82% vs 8.62% for TPZ. On fees, FENY is cheaper at 0.08% per year. On volatility, TPZ has been the lower-risk option at 3.91%. 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 8.82% return vs 8.62%. 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 0.85% for TPZ.
TPZ has the higher dividend yield at 3.69%, compared with 2.46% for FENY.
They also come from different issuers: Fidelity and Tortoise. Their fees differ too: 0.08% for FENY and 0.85% for TPZ.
FENY currently has the higher Sharpe Ratio (1.78 vs 0.97), 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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