OILD vs. FENY

Last updated Jun 5, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - OILD is a Inverse Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy Index. Both are passively managed. Over the past 3 years, OILD returned -48.52%/yr vs 18.33%/yr for FENY. At a correlation of -0.99, they often move in opposite directions. OILD charges 0.95%/yr vs 0.08%/yr for FENY.

Performance

OILD vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) and Fidelity MSCI Energy Index ETF (FENY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILD achieves a -61.34% return, which is significantly lower than FENY's 32.52% return.

OILD

• 1D: -0.10%
• 1M: 3.58%
• YTD: -61.34%
• 6M: -58.10%
• 1Y: -73.93%
• 3Y*: -48.52%
• 5Y*: —
• 10Y*: —

FENY

• 1D: 0.18%
• 1M: -1.83%
• YTD: 32.52%
• 6M: 29.11%
• 1Y: 48.38%
• 3Y*: 18.33%
• 5Y*: 20.52%
• 10Y*: 9.33%

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

OILD vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-61.34%	-41.67%	-14.58%	-19.58%	-90.32%	5.20%
FENY Fidelity MSCI Energy Index ETF	32.52%	7.27%	6.62%	-0.04%	62.94%	-5.96%

Correlation

The correlation between OILD and FENY is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.99
Correlation (3Y) Calculated over the trailing 3-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	-0.99

The correlation between OILD and FENY has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

OILD vs. FENY - Sectors Allocation Comparison

Sectors	OILD	FENY
Energy	100.0%	99.7%
Basic Materials	-	0.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OILD vs. FENY — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 0
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

FENY

FENY Risk / Return Rank: 71
FENY Sharpe Ratio Rank: 75
FENY Sortino Ratio Rank: 67
FENY Omega Ratio Rank: 65
FENY Calmar Ratio Rank: 81
FENY Martin Ratio Rank: 67

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.

OILD vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	FENY	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	2.40	-3.62
Sortino ratio: Return per unit of downside risk	-2.57	3.04	-5.61
Omega ratio: Gain probability vs. loss probability	0.74	1.38	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.96	4.13	-5.08
Martin ratio: Return relative to average drawdown	-1.58	12.10	-13.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILD vs. FENY - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.22, which is lower than the FENY Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of OILD 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

	OILD	FENY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	2.40	-3.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	0.20	-0.95

Drawdowns

OILD vs. FENY - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for OILD and FENY.

Drawdown Indicators

	OILD	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-74.35%	-24.55%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-11.78%	-65.62%
Max Drawdown (3Y) Largest decline over 3 years	-88.53%	-21.47%	-67.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-69.07%	—
Current Drawdown Current decline from peak	-98.74%	-6.18%	-92.56%
Average Drawdown Average peak-to-trough decline	-88.65%	-23.12%	-65.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.83%	4.01%	+42.82%

Volatility

OILD vs. FENY - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 24.24% compared to Fidelity MSCI Energy Index ETF (FENY) at 7.96%. This indicates that OILD's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILD	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	7.96%	+16.28%
Volatility (6M) Calculated over the trailing 6-month period	48.36%	16.26%	+32.10%
Volatility (1Y) Calculated over the trailing 1-year period	61.04%	20.36%	+40.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.35%	26.46%	+52.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.35%	29.79%	+49.56%

OILD vs. FENY - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

OILD vs. FENY - Dividend Comparison

OILD has not paid dividends to shareholders, while FENY's dividend yield for the trailing twelve months is around 2.41%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.41%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILD and FENY in my portfolio?

OILD and FENY have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or FENY?

OILD has higher volatility (24.24%) compared to FENY (7.96%). In terms of maximum drawdown, OILD dropped -98.90% vs FENY's -74.35%.

Which ETF is better, OILD or FENY?

On 3-year performance, FENY leads with 18.33% vs -48.52% for OILD. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 7.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or FENY?

Over the 3-year period, FENY has performed better with a 18.33% return vs -48.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.95% for OILD.

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

FENY has the higher dividend yield at 2.41%, compared with 0.00% for OILD.

What is the main difference between OILD and FENY?

OILD is categorized as Inverse Equities, while FENY is Energy Equities. OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while FENY tracks MSCI USA IMI Energy Index. They also come from different issuers: REX and Fidelity. Their fees differ too: 0.95% for OILD and 0.08% for FENY.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (2.40 vs -1.22), 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.