FSLEX vs. NAEFX

Last updated Aug 1, 2026

FSLEX (Fidelity Environment and Alternative Energy Fund) and NAEFX (New Alternatives Fund Investor Class) are both Alternative Energy Equities funds. Over the past 10 years, FSLEX returned 13.39%/yr vs 9.35%/yr for NAEFX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. FSLEX charges 0.69%/yr vs 1.28%/yr for NAEFX.

Performance

FSLEX vs. NAEFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Environment and Alternative Energy Fund (FSLEX) and New Alternatives Fund Investor Class (NAEFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSLEX achieves a 9.20% return, which is significantly lower than NAEFX's 13.25% return. Over the past 10 years, FSLEX has outperformed NAEFX with an annualized return of 13.39%, while NAEFX has yielded a comparatively lower 9.35% annualized return.

FSLEX

• 1D: 3.69%
• 1M: -4.09%
• 6M: 5.67%
• YTD: 9.20%
• 1Y: 19.81%
• 3Y*: 18.13%
• 5Y*: 10.27%
• 10Y*: 13.39%
• ALL TIME*: 6.47%

NAEFX

• 1D: 2.45%
• 1M: -2.72%
• 6M: 8.22%
• YTD: 13.25%
• 1Y: 21.08%
• 3Y*: 8.93%
• 5Y*: 1.54%
• 10Y*: 9.35%
• ALL TIME*: 10.41%

*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)
FSLEX Fidelity Environment and Alternative Energy Fund	$0.00	$0.00	$0.00
NAEFX New Alternatives Fund Investor Class	$0.00	$0.00	$0.00

FSLEX vs. NAEFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLEX Fidelity Environment and Alternative Energy Fund	9.20%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	24.94%
NAEFX New Alternatives Fund Investor Class	13.25%	27.81%	-6.26%	-2.74%	-16.08%	-5.02%	61.33%	36.68%	-7.13%	20.92%

Correlation

The correlation between FSLEX and NAEFX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.64

The correlation between FSLEX and NAEFX shifts across timeframes, from 0.63 (10 years) to 0.75 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FSLEX vs. NAEFX — Risk / Return Rank

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

FSLEX

FSLEX Risk / Return Rank: 33
FSLEX Sharpe Ratio Rank: 30
FSLEX Sortino Ratio Rank: 29
FSLEX Omega Ratio Rank: 29
FSLEX Calmar Ratio Rank: 38
FSLEX Martin Ratio Rank: 38

NAEFX

NAEFX Risk / Return Rank: 48
NAEFX Sharpe Ratio Rank: 40
NAEFX Sortino Ratio Rank: 38
NAEFX Omega Ratio Rank: 36
NAEFX Calmar Ratio Rank: 77
NAEFX Martin Ratio Rank: 51

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.

FSLEX vs. NAEFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Environment and Alternative Energy Fund (FSLEX) and New Alternatives Fund Investor Class (NAEFX). 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.

	FSLEX	NAEFX	Difference
Sharpe ratio: Return per unit of total volatility	0.96	1.25	-0.30
Sortino ratio: Return per unit of downside risk	1.39	1.77	-0.38
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio: Return relative to maximum drawdown	1.55	2.57	-1.01
Martin ratio: Return relative to average drawdown	5.39	7.34	-1.95

FSLEX vs. NAEFX - Sharpe Ratio Comparison

The current FSLEX Sharpe Ratio is 0.96, which is comparable to the NAEFX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FSLEX and NAEFX, 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

FSLEX vs. NAEFX - Drawdown Comparison

The maximum FSLEX drawdown since its inception was -50.21%, which is greater than NAEFX's maximum drawdown of -42.74%. Use the drawdown chart below to compare losses from any high point for FSLEX and NAEFX.

Drawdown Indicators

	FSLEX	NAEFX	Difference
Max Drawdown Largest peak-to-trough decline	-50.21%	-42.74%	-7.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.41%	-7.54%	-3.87%
Max Drawdown (3Y) Largest decline over 3 years	-24.04%	-19.10%	-4.94%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	-38.35%	+5.68%
Max Drawdown (10Y) Largest decline over 10 years	-39.77%	-42.74%	+2.97%
Current Drawdown Current decline from peak	-6.94%	-4.95%	-1.99%
Average Drawdown Average peak-to-trough decline	-13.88%	-13.28%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.64%	+0.64%

Volatility

FSLEX vs. NAEFX - Volatility Comparison

Fidelity Environment and Alternative Energy Fund (FSLEX) has a higher volatility of 6.55% compared to New Alternatives Fund Investor Class (NAEFX) at 4.23%. This indicates that FSLEX's price experiences larger fluctuations and is considered to be riskier than NAEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLEX	NAEFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	4.23%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	15.26%	12.85%	+2.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.51%	15.49%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	17.91%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.51%	18.00%	+3.51%

FSLEX vs. NAEFX - Expense Ratio Comparison

FSLEX has a 0.69% expense ratio, which is lower than NAEFX's 1.28% expense ratio.

Dividends

FSLEX vs. NAEFX - Dividend Comparison

FSLEX's dividend yield for the trailing twelve months is around 1.66%, more than NAEFX's 0.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLEX Fidelity Environment and Alternative Energy Fund	1.66%	0.37%	0.41%	0.39%	0.69%	7.74%	6.41%	2.17%	6.39%	6.19%	1.29%	3.01%
NAEFX New Alternatives Fund Investor Class	0.82%	0.93%	1.75%	4.14%	4.37%	4.90%	4.88%	5.35%	6.39%	3.98%	3.48%	0.00%

Frequently Asked Questions

Can I hold both FSLEX and NAEFX in my portfolio?

FSLEX and NAEFX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLEX or NAEFX?

FSLEX has higher volatility (6.55%) compared to NAEFX (4.23%). In terms of maximum drawdown, FSLEX dropped -50.21% vs NAEFX's -42.74%.

Which has better risk-adjusted returns?

NAEFX currently has the higher Sharpe Ratio (1.25 vs 0.96), 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.