FNARX vs. FENY

Last updated Jun 23, 2026

FNARX (Fidelity Natural Resources Fund) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds from Fidelity. Over the past 10 years, FNARX returned 10.06%/yr vs 8.68%/yr for FENY. Their correlation of 0.93 suggests significant overlap in exposure. FNARX charges 0.82%/yr vs 0.08%/yr for FENY.

Performance

FNARX vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Natural Resources Fund (FNARX) and Fidelity MSCI Energy Index ETF (FENY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNARX achieves a 16.45% return, which is significantly lower than FENY's 22.78% return. Over the past 10 years, FNARX has outperformed FENY with an annualized return of 10.06%, while FENY has yielded a comparatively lower 8.68% annualized return.

FNARX

• 1D: -1.82%
• 1M: -7.76%
• YTD: 16.45%
• 6M: 16.63%
• 1Y: 30.28%
• 3Y*: 18.66%
• 5Y*: 20.30%
• 10Y*: 10.06%

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%

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

FNARX vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNARX Fidelity Natural Resources Fund	16.45%	28.67%	3.76%	6.41%	41.01%	39.34%	-20.86%	19.09%	-24.28%	-0.11%
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%

Correlation

The correlation between FNARX and FENY is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.93

The correlation between FNARX and FENY shifts across timeframes, from 0.82 (1 year) to 0.93 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNARX vs. FENY — Risk / Return Rank

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

FNARX

FNARX Risk / Return Rank: 48
FNARX Sharpe Ratio Rank: 41
FNARX Sortino Ratio Rank: 37
FNARX Omega Ratio Rank: 35
FNARX Calmar Ratio Rank: 63
FNARX Martin Ratio Rank: 64

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

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.

FNARX vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Natural Resources Fund (FNARX) and Fidelity MSCI Energy Index ETF (FENY). 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.

	FNARX	FENY	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.29	+0.45
Sortino ratio: Return per unit of downside risk	2.36	1.77	+0.59
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.08
Calmar ratio: Return relative to maximum drawdown	2.91	1.89	+1.02
Martin ratio: Return relative to average drawdown	11.76	5.90	+5.86

FNARX vs. FENY - Sharpe Ratio Comparison

The current FNARX Sharpe Ratio is 1.74, which is higher than the FENY Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of FNARX and FENY, 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

FNARX vs. FENY - Drawdown Comparison

The maximum FNARX drawdown since its inception was -71.04%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for FNARX and FENY.

Drawdown Indicators

	FNARX	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-71.04%	-74.35%	+3.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-14.15%	+3.47%
Max Drawdown (3Y) Largest decline over 3 years	-20.64%	-21.47%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.93%	-26.64%	-3.29%
Max Drawdown (10Y) Largest decline over 10 years	-64.10%	-69.07%	+4.97%
Current Drawdown Current decline from peak	-10.68%	-13.08%	+2.40%
Average Drawdown Average peak-to-trough decline	-20.03%	-23.07%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	4.56%	-1.92%

Volatility

FNARX vs. FENY - Volatility Comparison

The current volatility for Fidelity Natural Resources Fund (FNARX) is 6.01%, while Fidelity MSCI Energy Index ETF (FENY) has a volatility of 7.02%. This indicates that FNARX experiences smaller price fluctuations and is considered to be less risky than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNARX	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.01%	7.02%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	16.66%	-2.00%
Volatility (1Y) Calculated over the trailing 1-year period	17.94%	20.85%	-2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.01%	26.43%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.93%	29.83%	-2.90%

FNARX vs. FENY - Expense Ratio Comparison

FNARX has a 0.82% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

FNARX vs. FENY - Dividend Comparison

FNARX's dividend yield for the trailing twelve months is around 1.89%, less than FENY's 2.59% 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%
FNARX Fidelity Natural Resources Fund	1.89%	1.89%	1.51%	1.60%	2.42%	1.46%	1.79%	1.42%	1.17%	1.38%	0.62%	0.78%

Frequently Asked Questions

Can I hold both FNARX and FENY in my portfolio?

FNARX and FENY have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNARX or FENY?

FENY has higher volatility (7.02%) compared to FNARX (6.01%). In terms of maximum drawdown, FNARX dropped -71.04% vs FENY's -74.35%.

Which has better risk-adjusted returns?

FNARX currently has the higher Sharpe Ratio (1.74 vs 1.29), 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.