FRDM vs. FENY

Last updated Jul 21, 2026

FRDM (Freedom 100 Emerging Markets ETF) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 5 years, FRDM returned 16.96%/yr vs 22.96%/yr for FENY. At a 0.35 correlation, their price movements are largely independent. FRDM charges 0.49%/yr vs 0.08%/yr for FENY.

Performance

FRDM vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom 100 Emerging Markets ETF (FRDM) 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, FRDM achieves a 26.86% return, which is significantly lower than FENY's 31.48% return.

FRDM

• 1D: -0.48%
• 1M: -14.88%
• 6M: 16.73%
• YTD: 26.86%
• 1Y: 62.81%
• 3Y*: 29.03%
• 5Y*: 16.96%
• 10Y*: —
• ALL TIME*: 16.82%

FENY

• 1D: 0.44%
• 1M: 8.43%
• 6M: 23.04%
• YTD: 31.48%
• 1Y: 39.04%
• 3Y*: 15.11%
• 5Y*: 22.96%
• 10Y*: 9.16%
• ALL TIME*: 5.42%

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

FRDM vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FRDM Freedom 100 Emerging Markets ETF	26.86%	61.27%	1.70%	22.77%	-14.45%	6.13%	16.90%	12.23%
FENY Fidelity MSCI Energy Index ETF	31.48%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	-1.95%

Correlation

The correlation between FRDM and FENY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.35

The correlation between FRDM and FENY shifts across timeframes, from -0.12 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

FRDM vs. FENY - Sectors Allocation Comparison

Sectors	FRDM	FENY
Financial Services	15.3%	-
Technology	8.2%	-
Consumer Cyclical	3.6%	-
Basic Materials	3.4%	0.3%
Real Estate	2.3%	-
Energy	1.7%	99.6%
Utilities	1.2%	0.1%
Consumer Defensive	0.9%	-
Communication Services	0.6%	-
Industrials	0.3%	0.1%
Healthcare	0.1%	-

Return for Risk

FRDM vs. FENY — Risk / Return Rank

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

FRDM

FRDM Risk / Return Rank: 84
FRDM Sharpe Ratio Rank: 87
FRDM Sortino Ratio Rank: 77
FRDM Omega Ratio Rank: 83
FRDM Calmar Ratio Rank: 88
FRDM Martin Ratio Rank: 84

FENY

FENY Risk / Return Rank: 69
FENY Sharpe Ratio Rank: 79
FENY Sortino Ratio Rank: 72
FENY Omega Ratio Rank: 70
FENY Calmar Ratio Rank: 71
FENY Martin Ratio Rank: 56

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.

FRDM vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom 100 Emerging Markets ETF (FRDM) 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.

	FRDM	FENY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.88	+0.25
Sortino ratio: Return per unit of downside risk	2.61	2.46	+0.15
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	3.74	2.62	+1.12
Martin ratio: Return relative to average drawdown	12.45	7.08	+5.37

FRDM vs. FENY - Sharpe Ratio Comparison

The current FRDM Sharpe Ratio is 2.13, which is comparable to the FENY Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of FRDM 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

FRDM vs. FENY - Drawdown Comparison

The maximum FRDM drawdown since its inception was -40.49%, smaller than the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for FRDM and FENY.

Drawdown Indicators

	FRDM	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-74.35%	+33.86%
Max Drawdown (1Y) Largest decline over 1 year	-16.87%	-14.96%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-21.47%	+4.60%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-26.64%	-2.61%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.07%	—
Current Drawdown Current decline from peak	-14.99%	-6.92%	-8.07%
Average Drawdown Average peak-to-trough decline	-7.09%	-23.00%	+15.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	5.53%	-0.47%

Volatility

FRDM vs. FENY - Volatility Comparison

Freedom 100 Emerging Markets ETF (FRDM) has a higher volatility of 12.98% compared to Fidelity MSCI Energy Index ETF (FENY) at 5.94%. This indicates that FRDM's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRDM	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.98%	5.94%	+7.04%
Volatility (6M) Calculated over the trailing 6-month period	27.60%	16.41%	+11.19%
Volatility (1Y) Calculated over the trailing 1-year period	29.70%	20.86%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.10%	26.25%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.48%	29.79%	-6.31%

FRDM vs. FENY - Expense Ratio Comparison

FRDM has a 0.49% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

FRDM vs. FENY - Dividend Comparison

FRDM's dividend yield for the trailing twelve months is around 1.71%, less than FENY's 2.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.42%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
FRDM Freedom 100 Emerging Markets ETF	1.71%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRDM and FENY in my portfolio?

FRDM and FENY have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRDM or FENY?

FRDM has higher volatility (12.98%) compared to FENY (5.94%). In terms of maximum drawdown, FRDM dropped -40.49% vs FENY's -74.35%.

Which ETF is better, FRDM or FENY?

On 5-year performance, FENY leads with 22.96% vs 16.96% for FRDM. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRDM or FENY?

Over the 5-year period, FENY has performed better with a 22.96% return vs 16.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRDM or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.49% for FRDM.

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

FENY has the higher dividend yield at 2.42%, compared with 1.71% for FRDM.

What is the main difference between FRDM and FENY?

FRDM is categorized as Emerging Markets Diversified, while FENY is Energy Equities. FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: Freedom Funds and Fidelity. Their fees differ too: 0.49% for FRDM and 0.08% for FENY.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (2.13 vs 1.88), 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.