GAGEX vs. FSENX

Last updated Jun 4, 2026

GAGEX (Guinness Atkinson Global Energy Fund) and FSENX (Fidelity Select Energy Portfolio) are both Energy Equities funds. Over the past 10 years, GAGEX returned 7.37%/yr vs 9.68%/yr for FSENX. Their correlation of 0.94 suggests significant overlap in exposure. GAGEX charges 1.46%/yr vs 0.77%/yr for FSENX.

Performance

GAGEX vs. FSENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Guinness Atkinson Global Energy Fund (GAGEX) and Fidelity Select Energy Portfolio (FSENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GAGEX having a 33.96% return and FSENX slightly higher at 35.02%. Over the past 10 years, GAGEX has underperformed FSENX with an annualized return of 7.37%, while FSENX has yielded a comparatively higher 9.68% annualized return.

GAGEX

• 1D: 1.30%
• 1M: -3.02%
• YTD: 33.96%
• 6M: 30.60%
• 1Y: 53.08%
• 3Y*: 18.99%
• 5Y*: 17.28%
• 10Y*: 7.37%

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%

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

GAGEX vs. FSENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAGEX Guinness Atkinson Global Energy Fund	33.96%	16.88%	-1.75%	2.66%	34.32%	45.96%	-34.12%	10.45%	-18.96%	-1.04%
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%

Correlation

The correlation between GAGEX and FSENX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 1, 2004	0.94

The correlation between GAGEX and FSENX has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

GAGEX vs. FSENX — Risk / Return Rank

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

GAGEX

GAGEX Risk / Return Rank: 86
GAGEX Sharpe Ratio Rank: 90
GAGEX Sortino Ratio Rank: 78
GAGEX Omega Ratio Rank: 72
GAGEX Calmar Ratio Rank: 96
GAGEX Martin Ratio Rank: 93

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

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.

GAGEX vs. FSENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Guinness Atkinson Global Energy Fund (GAGEX) and Fidelity Select Energy Portfolio (FSENX). 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.

	GAGEX	FSENX	Difference
Sharpe ratio: Return per unit of total volatility	2.99	2.74	+0.25
Sortino ratio: Return per unit of downside risk	3.73	3.47	+0.25
Omega ratio: Gain probability vs. loss probability	1.48	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	6.45	5.42	+1.02
Martin ratio: Return relative to average drawdown	19.92	15.96	+3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAGEX vs. FSENX - Sharpe Ratio Comparison

The current GAGEX Sharpe Ratio is 2.99, which is comparable to the FSENX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of GAGEX and FSENX, 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

	GAGEX	FSENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.99	2.74	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.81	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.31	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.32	-0.08

Drawdowns

GAGEX vs. FSENX - Drawdown Comparison

The maximum GAGEX drawdown since its inception was -78.90%, roughly equal to the maximum FSENX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for GAGEX and FSENX.

Drawdown Indicators

	GAGEX	FSENX	Difference
Max Drawdown Largest peak-to-trough decline	-78.90%	-76.24%	-2.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-9.95%	+1.42%
Max Drawdown (3Y) Largest decline over 3 years	-23.67%	-25.85%	+2.18%
Max Drawdown (5Y) Largest decline over 5 years	-26.42%	-28.02%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-69.98%	-72.11%	+2.13%
Current Drawdown Current decline from peak	-4.80%	-5.09%	+0.29%
Average Drawdown Average peak-to-trough decline	-29.23%	-17.01%	-12.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	3.37%	-0.62%

Volatility

GAGEX vs. FSENX - Volatility Comparison

The current volatility for Guinness Atkinson Global Energy Fund (GAGEX) is 7.20%, while Fidelity Select Energy Portfolio (FSENX) has a volatility of 7.60%. This indicates that GAGEX experiences smaller price fluctuations and is considered to be less risky than FSENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAGEX	FSENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	7.60%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	14.91%	15.35%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	18.43%	19.70%	-1.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.61%	27.26%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.31%	30.96%	-3.65%

GAGEX vs. FSENX - Expense Ratio Comparison

GAGEX has a 1.46% expense ratio, which is higher than FSENX's 0.77% expense ratio.

Dividends

GAGEX vs. FSENX - Dividend Comparison

GAGEX's dividend yield for the trailing twelve months is around 2.11%, more than FSENX's 1.59% 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%
GAGEX Guinness Atkinson Global Energy Fund	2.11%	2.82%	7.08%	4.33%	0.15%	2.59%	3.59%	1.91%	1.72%	1.40%	1.13%	1.33%

Frequently Asked Questions

Can I hold both GAGEX and FSENX in my portfolio?

With a correlation of 0.94, GAGEX and FSENX 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, GAGEX or FSENX?

FSENX has higher volatility (7.60%) compared to GAGEX (7.20%). In terms of maximum drawdown, GAGEX dropped -78.90% vs FSENX's -76.24%.

Which has better risk-adjusted returns?

GAGEX currently has the higher Sharpe Ratio (2.99 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.