FENY vs. XLE

Last updated Jun 23, 2026

FENY (Fidelity MSCI Energy Index ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both Energy Equities funds - FENY tracks the MSCI USA IMI Energy 25/50 Index while XLE tracks the Energy Select Sector Index. Both are passively managed. Over the past 10 years, FENY returned 8.68%/yr vs 9.29%/yr for XLE. With a 0.99 correlation, they move nearly in lockstep. FENY charges 0.08%/yr vs 0.08%/yr for XLE.

Performance

FENY vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity MSCI Energy Index ETF (FENY) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FENY having a 22.78% return and XLE slightly lower at 22.58%. Over the past 10 years, FENY has underperformed XLE with an annualized return of 8.68%, while XLE has yielded a comparatively higher 9.29% 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%

XLE

• 1D: 1.26%
• 1M: -8.47%
• YTD: 22.58%
• 6M: 23.97%
• 1Y: 26.32%
• 3Y*: 15.44%
• 5Y*: 18.90%
• 10Y*: 9.29%

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

FENY vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XLE State Street Energy Select Sector SPDR ETF	22.58%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between FENY and XLE is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.99

The correlation between FENY and XLE has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

FENY vs. XLE - Sectors Allocation Comparison

Sectors	FENY	XLE
Energy	99.7%	100.0%
Basic Materials	0.3%	-
Industrials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FENY vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FENY

FENY Risk / Return Rank: 36
FENY Sharpe Ratio Rank: 37
FENY Sortino Ratio Rank: 34
FENY Omega Ratio Rank: 33
FENY Calmar Ratio Rank: 39
FENY Martin Ratio Rank: 39

XLE

XLE Risk / Return Rank: 36
XLE Sharpe Ratio Rank: 36
XLE Sortino Ratio Rank: 34
XLE Omega Ratio Rank: 32
XLE Calmar Ratio Rank: 39
XLE Martin Ratio Rank: 38

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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Energy Index ETF (FENY) and State Street Energy Select Sector SPDR ETF (XLE). 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	XLE	Difference
Sharpe ratio: Return per unit of total volatility	1.29	1.26	+0.02
Sortino ratio: Return per unit of downside risk	1.77	1.75	+0.02
Omega ratio: Gain probability vs. loss probability	1.22	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.89	1.88	+0.01
Martin ratio: Return relative to average drawdown	5.90	5.70	+0.20

FENY vs. XLE - Sharpe Ratio Comparison

The current FENY Sharpe Ratio is 1.29, which is comparable to the XLE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of FENY and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FENY vs. XLE - Drawdown Comparison

The maximum FENY drawdown since its inception was -74.35%, roughly equal to the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for FENY and XLE.

Drawdown Indicators

	FENY	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-74.35%	-71.26%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-14.05%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-21.47%	-20.14%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-26.04%	-0.60%
Max Drawdown (10Y) Largest decline over 10 years	-69.07%	-66.81%	-2.26%
Current Drawdown Current decline from peak	-13.08%	-12.96%	-0.12%
Average Drawdown Average peak-to-trough decline	-23.07%	-17.97%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	4.66%	-0.10%

Volatility

FENY vs. XLE - Volatility Comparison

Fidelity MSCI Energy Index ETF (FENY) and State Street Energy Select Sector SPDR ETF (XLE) have volatilities of 7.02% and 7.06%, 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	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.02%	7.06%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	16.66%	16.89%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	20.85%	20.96%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.43%	25.98%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.83%	29.62%	+0.21%

FENY vs. XLE - Expense Ratio Comparison

FENY has a 0.08% expense ratio, which is higher than XLE's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FENY vs. XLE - Dividend Comparison

FENY's dividend yield for the trailing twelve months is around 2.59%, less than XLE's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLE State Street Energy Select Sector SPDR ETF	3.47%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both FENY and XLE in my portfolio?

With a correlation of 0.99, FENY and XLE 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.

Which is riskier, FENY or XLE?

XLE has higher volatility (7.06%) compared to FENY (7.02%). In terms of maximum drawdown, FENY dropped -74.35% vs XLE's -71.26%.

Which ETF is better, FENY or XLE?

On 10-year performance, XLE leads with 9.29% vs 8.68% for FENY. On fees, XLE is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FENY or XLE?

Over the 10-year period, XLE has performed better with a 9.29% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FENY or XLE?

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

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

XLE has the higher dividend yield at 3.47%, compared with 2.59% for FENY.

What is the main difference between FENY and XLE?

FENY tracks MSCI USA IMI Energy 25/50 Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.08% for FENY and 0.08% for XLE.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (1.29 vs 1.26), 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.