FSENX vs. XLE

Last updated Jun 4, 2026

FSENX (Fidelity Select Energy Portfolio) and XLE (State Street Energy Select Sector SPDR ETF) are both Energy Equities funds. Over the past 10 years, FSENX returned 9.68%/yr vs 10.22%/yr for XLE. With a 0.96 correlation, they move nearly in lockstep. FSENX charges 0.77%/yr vs 0.08%/yr for XLE.

Performance

FSENX vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Energy Portfolio (FSENX) and State Street Energy Select Sector SPDR ETF (XLE). 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 XLE's 32.17% return. Over the past 10 years, FSENX has underperformed XLE with an annualized return of 9.68%, while XLE has yielded a comparatively higher 10.22% annualized 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%

XLE

• 1D: 1.29%
• 1M: -1.14%
• YTD: 32.17%
• 6M: 29.80%
• 1Y: 45.00%
• 3Y*: 17.46%
• 5Y*: 20.44%
• 10Y*: 10.22%

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

FSENX vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSENX Fidelity Select Energy Portfolio	35.02%	10.56%	4.26%	0.94%	62.98%	55.31%	-32.51%	9.90%	-24.94%	-2.65%
XLE State Street Energy Select Sector SPDR ETF	32.17%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between FSENX and XLE is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.96

The correlation between FSENX and XLE has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

FSENX vs. XLE — 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

XLE

XLE Risk / Return Rank: 63
XLE Sharpe Ratio Rank: 65
XLE Sortino Ratio Rank: 59
XLE Omega Ratio Rank: 56
XLE Calmar Ratio Rank: 73
XLE Martin Ratio Rank: 60

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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Energy Portfolio (FSENX) 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.

	FSENX	XLE	Difference
Sharpe ratio Return per unit of total volatility	2.74	2.21	+0.53
Sortino ratio Return per unit of downside risk	3.47	2.84	+0.64
Omega ratio Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio Return relative to maximum drawdown	5.42	3.75	+1.67
Martin ratio Return relative to average drawdown	15.96	10.92	+5.04
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. XLE - Sharpe Ratio Comparison

The current FSENX Sharpe Ratio is 2.74, which is comparable to the XLE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FSENX 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.

Sharpe Ratios by Period

	FSENX	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	2.21	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.79	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.35	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.31	+0.01

Drawdowns

FSENX vs. XLE - Drawdown Comparison

The maximum FSENX drawdown since its inception was -76.24%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for FSENX and XLE.

Drawdown Indicators

	FSENX	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-71.26%	-4.98%
Max Drawdown (1Y) Largest decline over 1 year	-9.95%	-12.05%	+2.10%
Max Drawdown (3Y) Largest decline over 3 years	-25.85%	-20.14%	-5.71%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-26.04%	-1.98%
Max Drawdown (10Y) Largest decline over 10 years	-72.11%	-66.81%	-5.30%
Current Drawdown Current decline from peak	-5.09%	-6.15%	+1.06%
Average Drawdown Average peak-to-trough decline	-17.01%	-17.98%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	4.14%	-0.77%

Volatility

FSENX vs. XLE - Volatility Comparison

The current volatility for Fidelity Select Energy Portfolio (FSENX) is 7.60%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that FSENX experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSENX	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	8.25%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	16.58%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.70%	20.53%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.26%	26.02%	+1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.96%	29.59%	+1.37%

FSENX vs. XLE - Expense Ratio Comparison

FSENX has a 0.77% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

FSENX vs. XLE - Dividend Comparison

FSENX's dividend yield for the trailing twelve months is around 1.59%, less than XLE's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLE State Street Energy Select Sector SPDR ETF	2.54%	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 FSENX and XLE in my portfolio?

With a correlation of 0.97, FSENX 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, FSENX or XLE?

XLE has higher volatility (8.25%) compared to FSENX (7.60%). In terms of maximum drawdown, FSENX dropped -76.24% vs XLE's -71.26%.

Which has better risk-adjusted returns?

FSENX currently has the higher Sharpe Ratio (2.74 vs 2.21), 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.