VDE vs. FENY

Last updated Jun 24, 2026

VDE (Vanguard Energy ETF) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds - VDE tracks the MSCI US Investable Market Energy 25/50 Index while FENY tracks the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, VDE returned 8.90%/yr vs 8.75%/yr for FENY. With a 1.00 correlation, they move nearly in lockstep. VDE charges 0.09%/yr vs 0.08%/yr for FENY.

Performance

VDE vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Energy ETF (VDE) and Fidelity MSCI Energy Index ETF (FENY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with VDE at 23.55% and FENY at 23.55%. Both investments have delivered pretty close results over the past 10 years, with VDE having a 8.90% annualized return and FENY not far behind at 8.75%.

VDE

• 1D: 0.60%
• 1M: -7.94%
• YTD: 23.55%
• 6M: 24.06%
• 1Y: 31.01%
• 3Y*: 16.13%
• 5Y*: 18.74%
• 10Y*: 8.90%

FENY

• 1D: 0.63%
• 1M: -7.95%
• YTD: 23.55%
• 6M: 24.05%
• 1Y: 30.81%
• 3Y*: 16.13%
• 5Y*: 18.76%
• 10Y*: 8.75%

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

VDE vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDE Vanguard Energy ETF	23.55%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%
FENY Fidelity MSCI Energy Index ETF	23.55%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between VDE 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 24, 2013	1.00

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

VDE vs. FENY - Sectors Allocation Comparison

Sectors	VDE	FENY
Energy	99.5%	99.7%
Basic Materials	0.4%	0.3%
Industrials	0.1%	0.1%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

VDE vs. FENY — Risk / Return Rank

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

VDE

VDE Risk / Return Rank: 43
VDE Sharpe Ratio Rank: 45
VDE Sortino Ratio Rank: 41
VDE Omega Ratio Rank: 40
VDE Calmar Ratio Rank: 45
VDE Martin Ratio Rank: 43

FENY

FENY Risk / Return Rank: 43
FENY Sharpe Ratio Rank: 45
FENY Sortino Ratio Rank: 41
FENY Omega Ratio Rank: 39
FENY Calmar Ratio Rank: 46
FENY Martin Ratio Rank: 43

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.

VDE vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy ETF (VDE) 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.

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.

	VDE	FENY	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.50	+0.01
Sortino ratio: Return per unit of downside risk	2.04	2.02	+0.01
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.19	2.19	+0.01
Martin ratio: Return relative to average drawdown	6.75	6.73	+0.02

VDE vs. FENY - Sharpe Ratio Comparison

The current VDE Sharpe Ratio is 1.51, which is comparable to the FENY Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of VDE 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.

Drawdowns

VDE vs. FENY - Drawdown Comparison

The maximum VDE drawdown since its inception was -74.20%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for VDE and FENY.

Drawdown Indicators

	VDE	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-74.20%	-74.35%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-14.15%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.41%	-21.47%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-26.64%	+0.06%
Max Drawdown (10Y) Largest decline over 10 years	-69.29%	-69.07%	-0.22%
Current Drawdown Current decline from peak	-12.59%	-12.53%	-0.06%
Average Drawdown Average peak-to-trough decline	-19.94%	-23.06%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.61%	4.59%	+0.02%

Volatility

VDE vs. FENY - Volatility Comparison

Vanguard Energy ETF (VDE) and Fidelity MSCI Energy Index ETF (FENY) have volatilities of 7.06% and 7.07%, 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

	VDE	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	7.07%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	16.59%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.80%	20.81%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.37%	26.43%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.94%	29.81%	+0.13%

VDE vs. FENY - Expense Ratio Comparison

VDE has a 0.09% expense ratio, which is higher than FENY's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VDE vs. FENY - Dividend Comparison

VDE's dividend yield for the trailing twelve months is around 2.54%, less than FENY's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.57%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
VDE Vanguard Energy ETF	2.54%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both VDE and FENY in my portfolio?

With a correlation of 1.00, VDE 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, VDE or FENY?

FENY has higher volatility (7.07%) compared to VDE (7.06%). In terms of maximum drawdown, VDE dropped -74.20% vs FENY's -74.35%.

Which ETF is better, VDE or FENY?

On 10-year performance, VDE leads with 8.90% vs 8.75% for FENY. 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, VDE or FENY?

Over the 10-year period, VDE has performed better with a 8.90% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VDE or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.09% for VDE.

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

FENY has the higher dividend yield at 2.57%, compared with 2.54% for VDE.

What is the main difference between VDE and FENY?

VDE tracks MSCI US Investable Market Energy 25/50 Index, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.09% for VDE and 0.08% for FENY.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (1.51 vs 1.50), 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.