FENY vs. XES

Last updated Jun 4, 2026

FENY (Fidelity MSCI Energy Index ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy Index while XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, FENY returned 9.57%/yr vs -2.47%/yr for XES. Their correlation of 0.87 suggests significant overlap in exposure. FENY charges 0.08%/yr vs 0.35%/yr for XES.

Performance

FENY vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 XES's 50.69% return. Over the past 10 years, FENY has outperformed XES with an annualized return of 9.57%, while XES has yielded a comparatively lower -2.47% 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%

XES

• 1D: -0.56%
• 1M: -4.59%
• YTD: 50.69%
• 6M: 43.67%
• 1Y: 97.14%
• 3Y*: 19.81%
• 5Y*: 13.75%
• 10Y*: -2.47%

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

FENY vs. XES - 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%
XES SPDR S&P Oil & Gas Equipment & Services ETF	50.69%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between FENY and XES is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	0.87

The correlation between FENY and XES shifts across timeframes, from 0.74 (1 year) to 0.87 (10 years), reflecting how their relationship changes across market environments.

FENY vs. XES - Sectors Allocation Comparison

Sectors	FENY	XES
Energy	99.7%	97.5%
Basic Materials	0.2%	-
Industrials	0.1%	2.5%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FENY vs. XES — 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

XES

XES Risk / Return Rank: 89
XES Sharpe Ratio Rank: 91
XES Sortino Ratio Rank: 85
XES Omega Ratio Rank: 79
XES Calmar Ratio Rank: 96
XES Martin Ratio Rank: 94

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. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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	XES	Difference
Sharpe ratio: Return per unit of total volatility	2.24	3.23	-0.99
Sortino ratio: Return per unit of downside risk	2.87	3.86	-0.98
Omega ratio: Gain probability vs. loss probability	1.36	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	3.87	9.93	-6.06
Martin ratio: Return relative to average drawdown	11.41	26.79	-15.38
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. XES - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 2.24, which is lower than the XES Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of FENY and XES, 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	XES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	3.23	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.35	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	-0.05	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	-0.07	+0.27

Drawdowns

FENY vs. XES - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for FENY and XES.

Drawdown Indicators

	FENY	XES	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-95.65%	+21.30%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	-9.84%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-45.95%	+24.48%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-45.95%	+19.31%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-91.23%	+22.16%
Current Drawdown Current decline from peak	-6.35%	-70.90%	+64.55%
Average Drawdown Average peak-to-trough decline	-23.12%	-54.36%	+31.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	3.64%	+0.35%

Volatility

FENY vs. XES - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) and SPDR S&P Oil & Gas Equipment & Services ETF (XES) have volatilities of 7.96% and 8.22%, 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.

Volatility by Period

	FENY	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.96%	8.22%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	20.52%	-4.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	30.50%	-10.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.46%	39.04%	-12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.80%	45.04%	-15.24%

FENY vs. XES - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is lower than XES's 0.35% expense ratio.

Dividends

FENY vs. XES - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.41%, more than XES's 1.12% 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%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.12%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Frequently Asked Questions

Can I hold both FENY and XES in my portfolio?

FENY and XES have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FENY or XES?

XES has higher volatility (8.22%) compared to FENY (7.96%). In terms of maximum drawdown, FENY dropped -74.35% vs XES's -95.65%.

Which ETF is better, FENY or XES?

On 10-year performance, FENY leads with 9.57% vs -2.47% for XES. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 7.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENY or XES?

Over the 10-year period, FENY has performed better with a 9.57% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENY or XES?

FENY is cheaper with a 0.08% expense ratio, compared with 0.35% for XES.

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

FENY has the higher dividend yield at 2.41%, compared with 1.12% for XES.

What is the main difference between FENY and XES?

FENY tracks MSCI USA IMI Energy Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FENY and 0.35% for XES.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.23 vs 2.24), 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.