NAEFX vs. FSLEX

Last updated Jun 24, 2026

NAEFX (New Alternatives Fund Investor Class) and FSLEX (Fidelity Environment and Alternative Energy Fund) are both Alternative Energy Equities funds. Over the past 10 years, NAEFX returned 10.94%/yr vs 14.99%/yr for FSLEX. A 0.63 correlation means they provide meaningful diversification when combined. NAEFX charges 1.28%/yr vs 0.79%/yr for FSLEX.

Performance

NAEFX vs. FSLEX - Performance Comparison

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

Returns By Period

In the year-to-date period, NAEFX achieves a 18.57% return, which is significantly higher than FSLEX's 16.90% return. Over the past 10 years, NAEFX has underperformed FSLEX with an annualized return of 10.94%, while FSLEX has yielded a comparatively higher 14.99% annualized return.

NAEFX

• 1D: 0.79%
• 1M: 1.05%
• YTD: 18.57%
• 6M: 18.28%
• 1Y: 30.14%
• 3Y*: 11.33%
• 5Y*: 3.01%
• 10Y*: 10.94%

FSLEX

• 1D: 0.91%
• 1M: 3.06%
• YTD: 16.90%
• 6M: 14.49%
• 1Y: 32.52%
• 3Y*: 23.03%
• 5Y*: 12.94%
• 10Y*: 14.99%

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

NAEFX vs. FSLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAEFX New Alternatives Fund Investor Class	18.57%	27.81%	-6.26%	-2.74%	-16.08%	-5.02%	61.33%	36.68%	-7.13%	20.92%
FSLEX Fidelity Environment and Alternative Energy Fund	16.90%	20.38%	20.01%	26.29%	-26.05%	30.30%	21.56%	26.86%	-13.49%	24.94%

Correlation

The correlation between NAEFX and FSLEX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.63

The correlation between NAEFX and FSLEX has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Return for Risk

NAEFX vs. FSLEX — Risk / Return Rank

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

NAEFX

NAEFX Risk / Return Rank: 62
NAEFX Sharpe Ratio Rank: 57
NAEFX Sortino Ratio Rank: 51
NAEFX Omega Ratio Rank: 49
NAEFX Calmar Ratio Rank: 88
NAEFX Martin Ratio Rank: 66

FSLEX

FSLEX Risk / Return Rank: 58
FSLEX Sharpe Ratio Rank: 57
FSLEX Sortino Ratio Rank: 48
FSLEX Omega Ratio Rank: 48
FSLEX Calmar Ratio Rank: 71
FSLEX Martin Ratio Rank: 66

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.

NAEFX vs. FSLEX - Risk-Adjusted Trends Comparison

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

	NAEFX	FSLEX	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.06	0.00
Sortino ratio: Return per unit of downside risk	2.77	2.70	+0.07
Omega ratio: Gain probability vs. loss probability	1.35	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	4.12	3.09	+1.02
Martin ratio: Return relative to average drawdown	11.99	12.11	-0.12

NAEFX vs. FSLEX - Sharpe Ratio Comparison

The current NAEFX Sharpe Ratio is 2.05, which is comparable to the FSLEX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of NAEFX and FSLEX, 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

NAEFX vs. FSLEX - Drawdown Comparison

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

Drawdown Indicators

	NAEFX	FSLEX	Difference
Max Drawdown Largest peak-to-trough decline	-42.74%	-50.21%	+7.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.54%	-11.41%	+3.87%
Max Drawdown (3Y) Largest decline over 3 years	-24.39%	-24.04%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-38.35%	-32.67%	-5.68%
Max Drawdown (10Y) Largest decline over 10 years	-42.74%	-39.77%	-2.97%
Current Drawdown Current decline from peak	-0.48%	-0.38%	-0.10%
Average Drawdown Average peak-to-trough decline	-13.38%	-13.91%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.91%	-0.33%

Volatility

NAEFX vs. FSLEX - Volatility Comparison

The current volatility for New Alternatives Fund Investor Class (NAEFX) is 4.83%, while Fidelity Environment and Alternative Energy Fund (FSLEX) has a volatility of 6.86%. This indicates that NAEFX experiences smaller price fluctuations and is considered to be less risky than FSLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAEFX	FSLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.83%	6.86%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	13.70%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	17.20%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	20.80%	-2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	21.54%	-3.49%

NAEFX vs. FSLEX - Expense Ratio Comparison

NAEFX has a 1.28% expense ratio, which is higher than FSLEX's 0.79% expense ratio.

Dividends

NAEFX vs. FSLEX - Dividend Comparison

NAEFX's dividend yield for the trailing twelve months is around 0.78%, less than FSLEX's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLEX Fidelity Environment and Alternative Energy Fund	1.55%	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	0.78%	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 NAEFX and FSLEX in my portfolio?

NAEFX and FSLEX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAEFX or FSLEX?

FSLEX has higher volatility (6.86%) compared to NAEFX (4.83%). In terms of maximum drawdown, NAEFX dropped -42.74% vs FSLEX's -50.21%.

Which has better risk-adjusted returns?

FSLEX currently has the higher Sharpe Ratio (2.06 vs 2.05), 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.