FNARX vs. VENAX

Last updated Aug 1, 2026

FNARX (Fidelity Natural Resources Fund) and VENAX (Vanguard Energy Index Fund Admiral Shares) are both Energy Equities funds. Over the past 10 years, FNARX returned 11.17%/yr vs 10.01%/yr for VENAX. Their 0.95 correlation means they have historically moved very closely together. FNARX charges 0.69%/yr vs 0.10%/yr for VENAX.

Performance

FNARX vs. VENAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FNARX achieves a 24.42% return, which is significantly lower than VENAX's 33.62% return. Over the past 10 years, FNARX has outperformed VENAX with an annualized return of 11.17%, while VENAX has yielded a comparatively lower 10.01% annualized return.

FNARX

• 1D: 1.40%
• 1M: 8.41%
• 6M: 11.26%
• YTD: 24.42%
• 1Y: 42.38%
• 3Y*: 17.31%
• 5Y*: 22.57%
• 10Y*: 11.17%
• ALL TIME*: 8.51%

VENAX

• 1D: 0.72%
• 1M: 10.41%
• 6M: 17.04%
• YTD: 33.62%
• 1Y: 42.35%
• 3Y*: 14.21%
• 5Y*: 23.30%
• 10Y*: 10.01%
• ALL TIME*: 8.26%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FNARX Fidelity Natural Resources Fund	$0.00	$0.00	$0.00
VENAX Vanguard Energy Index Fund Admiral Shares	$0.00	$0.00	$0.00

FNARX vs. VENAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNARX Fidelity Natural Resources Fund	24.42%	28.67%	3.76%	6.41%	41.01%	39.34%	-20.86%	19.09%	-24.28%	-0.11%
VENAX Vanguard Energy Index Fund Admiral Shares	33.62%	7.29%	6.57%	0.05%	62.94%	55.57%	-33.27%	9.36%	-19.90%	-2.39%

Correlation

The correlation between FNARX and VENAX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 29, 2004	0.95

The correlation between FNARX and VENAX shifts across timeframes, from 0.82 (1 year) to 0.95 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FNARX vs. VENAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FNARX

FNARX Risk / Return Rank: 84
FNARX Sharpe Ratio Rank: 89
FNARX Sortino Ratio Rank: 83
FNARX Omega Ratio Rank: 81
FNARX Calmar Ratio Rank: 87
FNARX Martin Ratio Rank: 81

VENAX

VENAX Risk / Return Rank: 72
VENAX Sharpe Ratio Rank: 80
VENAX Sortino Ratio Rank: 73
VENAX Omega Ratio Rank: 71
VENAX Calmar Ratio Rank: 80
VENAX Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FNARX vs. VENAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Natural Resources Fund (FNARX) and Vanguard Energy Index Fund Admiral Shares (VENAX). 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	VENAX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.87	+0.33
Sortino ratio: Return per unit of downside risk	2.88	2.43	+0.45
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	3.02	2.60	+0.43
Martin ratio: Return relative to average drawdown	9.64	6.99	+2.65

FNARX vs. VENAX - Sharpe Ratio Comparison

The current FNARX Sharpe Ratio is 2.20, which is comparable to the VENAX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FNARX and VENAX, 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. VENAX - Drawdown Comparison

The maximum FNARX drawdown since its inception was -71.04%, roughly equal to the maximum VENAX drawdown of -74.42%. Use the drawdown chart below to compare losses from any high point for FNARX and VENAX.

Drawdown Indicators

	FNARX	VENAX	Difference
Max Drawdown Largest peak-to-trough decline	-71.04%	-74.42%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.19%	-15.05%	+1.86%
Max Drawdown (3Y) Largest decline over 3 years	-20.64%	-21.44%	+0.80%
Max Drawdown (5Y) Largest decline over 5 years	-29.93%	-26.59%	-3.34%
Max Drawdown (10Y) Largest decline over 10 years	-64.10%	-69.58%	+5.48%
Current Drawdown Current decline from peak	-4.57%	-5.47%	+0.90%
Average Drawdown Average peak-to-trough decline	-19.99%	-19.91%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	5.60%	-1.47%

Volatility

FNARX vs. VENAX - Volatility Comparison

The current volatility for Fidelity Natural Resources Fund (FNARX) is 4.51%, while Vanguard Energy Index Fund Admiral Shares (VENAX) has a volatility of 6.12%. This indicates that FNARX experiences smaller price fluctuations and is considered to be less risky than VENAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNARX	VENAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	6.12%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	14.60%	16.67%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	20.99%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.80%	26.17%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.79%	30.22%	-3.43%

FNARX vs. VENAX - Expense Ratio Comparison

FNARX has a 0.69% expense ratio, which is higher than VENAX's 0.10% expense ratio.

Dividends

FNARX vs. VENAX - Dividend Comparison

FNARX's dividend yield for the trailing twelve months is around 1.76%, less than VENAX's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNARX Fidelity Natural Resources Fund	1.76%	1.89%	1.51%	1.60%	2.42%	1.46%	1.79%	1.42%	1.17%	1.38%	0.62%	0.78%
VENAX Vanguard Energy Index Fund Admiral Shares	2.42%	3.10%	3.24%	3.34%	3.65%	3.80%	4.76%	3.41%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both FNARX and VENAX in my portfolio?

FNARX and VENAX 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 VENAX?

VENAX has higher volatility (6.12%) compared to FNARX (4.51%). In terms of maximum drawdown, FNARX dropped -71.04% vs VENAX's -74.42%.

Which has better risk-adjusted returns?

FNARX currently has the higher Sharpe Ratio (2.20 vs 1.87), 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.