FSENX vs. FFEM

Last updated Jun 4, 2026

FSENX (Fidelity Select Energy Portfolio) and FFEM (Fidelity Fundamental Emerging Markets ETF) are both funds - FSENX is a Energy Equities fund managed by Fidelity, while FFEM is a Emerging Markets Diversified fund managed by Fidelity. Over the past year, FSENX returned 51.42% vs 68.49% for FFEM. At a 0.15 correlation, their price movements are largely independent. FSENX charges 0.77%/yr vs 0.60%/yr for FFEM.

Performance

FSENX vs. FFEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Energy Portfolio (FSENX) and Fidelity Fundamental Emerging Markets ETF (FFEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSENX achieves a 35.02% return, which is significantly higher than FFEM's 33.06% return.

FSENX

• 1D: 1.38%
• 1M: -2.65%
• YTD: 35.02%
• 6M: 31.99%
• 1Y: 51.42%
• 3Y*: 19.21%
• 5Y*: 22.08%
• 10Y*: 9.68%

FFEM

• 1D: -1.56%
• 1M: 9.73%
• YTD: 33.06%
• 6M: 36.71%
• 1Y: 68.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSENX vs. FFEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSENX Fidelity Select Energy Portfolio	35.02%	10.56%	-8.93%
FFEM Fidelity Fundamental Emerging Markets ETF	33.06%	40.03%	-2.27%

Correlation

The correlation between FSENX and FFEM is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.15

The correlation between FSENX and FFEM shifts across timeframes, from 0.00 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FSENX vs. FFEM — Risk / Return Rank

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

FSENX

FSENX Risk / Return Rank: 79
FSENX Sharpe Ratio Rank: 85
FSENX Sortino Ratio Rank: 70
FSENX Omega Ratio Rank: 61
FSENX Calmar Ratio Rank: 94
FSENX Martin Ratio Rank: 84

FFEM

FFEM Risk / Return Rank: 89
FFEM Sharpe Ratio Rank: 91
FFEM Sortino Ratio Rank: 88
FFEM Omega Ratio Rank: 89
FFEM Calmar Ratio Rank: 88
FFEM Martin Ratio Rank: 89

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.

FSENX vs. FFEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Energy Portfolio (FSENX) and Fidelity Fundamental Emerging Markets ETF (FFEM). 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.

	FSENX	FFEM	Difference
Sharpe ratio: Return per unit of total volatility	2.74	3.19	-0.45
Sortino ratio: Return per unit of downside risk	3.47	4.00	-0.52
Omega ratio: Gain probability vs. loss probability	1.43	1.56	-0.13
Calmar ratio: Return relative to maximum drawdown	5.42	5.07	+0.35
Martin ratio: Return relative to average drawdown	15.96	20.18	-4.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSENX vs. FFEM - Sharpe Ratio Comparison

The current FSENX Sharpe Ratio is 2.74, which is comparable to the FFEM Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of FSENX and FFEM, 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

	FSENX	FFEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	3.19	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	2.21	-1.89

Drawdowns

FSENX vs. FFEM - Drawdown Comparison

The maximum FSENX drawdown since its inception was -76.24%, which is greater than FFEM's maximum drawdown of -16.29%. Use the drawdown chart below to compare losses from any high point for FSENX and FFEM.

Drawdown Indicators

	FSENX	FFEM	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-16.29%	-59.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-13.57%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.11%	—	—
Current Drawdown Current decline from peak	-5.09%	-1.56%	-3.53%
Average Drawdown Average peak-to-trough decline	-17.01%	-2.41%	-14.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	3.41%	-0.04%

Volatility

FSENX vs. FFEM - Volatility Comparison

The current volatility for Fidelity Select Energy Portfolio (FSENX) is 7.60%, while Fidelity Fundamental Emerging Markets ETF (FFEM) has a volatility of 9.03%. This indicates that FSENX experiences smaller price fluctuations and is considered to be less risky than FFEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSENX	FFEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	9.03%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	18.77%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	21.56%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.26%	22.02%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.96%	22.02%	+8.94%

FSENX vs. FFEM - Expense Ratio Comparison

FSENX has a 0.77% expense ratio, which is higher than FFEM's 0.60% expense ratio.

Dividends

FSENX vs. FFEM - Dividend Comparison

FSENX's dividend yield for the trailing twelve months is around 1.59%, more than FFEM's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEM Fidelity Fundamental Emerging Markets ETF	1.22%	1.59%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FSENX Fidelity Select Energy Portfolio	1.59%	1.95%	1.95%	1.98%	2.50%	2.25%	3.43%	1.84%	1.48%	1.74%	0.62%	1.29%

Frequently Asked Questions

Can I hold both FSENX and FFEM in my portfolio?

FSENX and FFEM have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSENX or FFEM?

FFEM has higher volatility (9.03%) compared to FSENX (7.60%). In terms of maximum drawdown, FSENX dropped -76.24% vs FFEM's -16.29%.

Which has better risk-adjusted returns?

FFEM currently has the higher Sharpe Ratio (3.19 vs 2.74), 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.