IYE vs. FENY

Last updated Jun 3, 2026

IYE (iShares U.S. Energy ETF) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds - IYE tracks the Dow Jones U.S. Oil & Gas Index while FENY tracks the MSCI USA IMI Energy Index. Both are passively managed. Over the past 10 years, IYE returned 8.85%/yr vs 9.44%/yr for FENY. With a 1.00 correlation, they move nearly in lockstep. IYE charges 0.42%/yr vs 0.08%/yr for FENY.

Performance

IYE vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Energy ETF (IYE) and Fidelity MSCI Energy Index ETF (FENY). 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 IYE having a 30.17% return and FENY slightly higher at 30.82%. Over the past 10 years, IYE has underperformed FENY with an annualized return of 8.85%, while FENY has yielded a comparatively higher 9.44% annualized return.

IYE

• 1D: 1.15%
• 1M: -1.46%
• YTD: 30.17%
• 6M: 30.04%
• 1Y: 43.96%
• 3Y*: 16.60%
• 5Y*: 19.35%
• 10Y*: 8.85%

FENY

• 1D: 1.19%
• 1M: -2.13%
• YTD: 30.82%
• 6M: 30.66%
• 1Y: 45.77%
• 3Y*: 17.54%
• 5Y*: 20.36%
• 10Y*: 9.44%

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

IYE vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYE iShares U.S. Energy ETF	30.17%	7.33%	6.06%	-2.21%	60.21%	53.42%	-33.49%	10.03%	-19.37%	-1.80%
FENY Fidelity MSCI Energy Index ETF	30.82%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between IYE and FENY is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Oct 25, 2013	1.00

The correlation between IYE and FENY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

IYE vs. FENY - Sectors Allocation Comparison

Sectors	IYE	FENY
Energy	98.9%	99.7%
Technology	1.1%	-
Basic Materials	-	0.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

IYE vs. FENY — Risk / Return Rank

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

IYE

IYE Risk / Return Rank: 64
IYE Sharpe Ratio Rank: 66
IYE Sortino Ratio Rank: 60
IYE Omega Ratio Rank: 58
IYE Calmar Ratio Rank: 75
IYE Martin Ratio Rank: 62

FENY

FENY Risk / Return Rank: 66
FENY Sharpe Ratio Rank: 68
FENY Sortino Ratio Rank: 61
FENY Omega Ratio Rank: 59
FENY Calmar Ratio Rank: 78
FENY Martin Ratio Rank: 65

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.

IYE vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Energy ETF (IYE) 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.

	IYE	FENY	Difference
Sharpe ratio Return per unit of total volatility	2.21	2.26	-0.04
Sortino ratio Return per unit of downside risk	2.85	2.89	-0.04
Omega ratio Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio Return relative to maximum drawdown	3.84	4.04	-0.20
Martin ratio Return relative to average drawdown	11.42	11.99	-0.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYE vs. FENY - Sharpe Ratio Comparison

The current IYE Sharpe Ratio is 2.21, which is comparable to the FENY Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IYE 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.

Sharpe Ratios by Period

	IYE	FENY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.26	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.77	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.32	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.19	+0.06

Drawdowns

IYE vs. FENY - Drawdown Comparison

The maximum IYE drawdown since its inception was -73.74%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for IYE and FENY.

Drawdown Indicators

	IYE	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-73.74%	-74.35%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-11.78%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-20.37%	-21.47%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-25.61%	-26.64%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-68.59%	-69.07%	+0.48%
Current Drawdown Current decline from peak	-7.01%	-7.39%	+0.38%
Average Drawdown Average peak-to-trough decline	-19.36%	-23.13%	+3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.97%	+0.04%

Volatility

IYE vs. FENY - Volatility Comparison

iShares U.S. Energy ETF (IYE) and Fidelity MSCI Energy Index ETF (FENY) have volatilities of 7.85% and 7.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYE	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.85%	7.94%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	16.10%	16.32%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	19.98%	20.40%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.70%	26.46%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.52%	29.80%	-0.28%

IYE vs. FENY - Expense Ratio Comparison

IYE has a 0.42% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

IYE vs. FENY - Dividend Comparison

IYE's dividend yield for the trailing twelve months is around 2.16%, less than FENY's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.44%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
IYE iShares U.S. Energy ETF	2.16%	2.85%	2.75%	2.99%	3.37%	2.98%	4.75%	6.60%	3.16%	2.66%	2.11%	3.39%

Frequently Asked Questions

Can I hold both IYE and FENY in my portfolio?

With a correlation of 1.00, IYE and FENY 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, IYE or FENY?

FENY has higher volatility (7.94%) compared to IYE (7.85%). In terms of maximum drawdown, IYE dropped -73.74% vs FENY's -74.35%.

Which ETF is better, IYE or FENY?

On 10-year performance, FENY leads with 9.44% vs 8.85% for IYE. On fees, FENY is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYE or FENY?

Over the 10-year period, FENY has performed better with a 9.44% return vs 8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYE or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.42% for IYE.

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

FENY has the higher dividend yield at 2.44%, compared with 2.16% for IYE.

What is the main difference between IYE and FENY?

IYE tracks Dow Jones U.S. Oil & Gas Index, while FENY tracks MSCI USA IMI Energy Index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.42% for IYE and 0.08% for FENY.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.26 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.