XAGG vs. FENY

Last updated Jul 18, 2026

XAGG (Eaton Vance Income Opportunities ETF) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - XAGG is a Multisector Bonds fund actively managed by Eaton Vance, while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. XAGG is actively managed, while FENY is passively managed. At a correlation of -0.24, they often move in opposite directions. XAGG charges 0.50%/yr vs 0.08%/yr for FENY.

Performance

XAGG vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Income Opportunities ETF (XAGG) 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, XAGG achieves a 2.38% return, which is significantly lower than FENY's 30.91% return.

XAGG

• 1D: -0.10%
• 1M: 0.12%
• 6M: 1.61%
• YTD: 2.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FENY

• 1D: 1.23%
• 1M: 6.20%
• 6M: 22.50%
• YTD: 30.91%
• 1Y: 37.68%
• 3Y*: 15.83%
• 5Y*: 23.24%
• 10Y*: 9.01%

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

XAGG vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025
XAGG Eaton Vance Income Opportunities ETF	2.38%	1.75%
FENY Fidelity MSCI Energy Index ETF	30.91%	0.64%

Correlation

The correlation between XAGG and FENY is -0.24, 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 (All Time) Calculated using the full available price history since Nov 10, 2025	-0.24

Return for Risk

XAGG vs. FENY — Risk / Return Rank

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

XAGG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FENY

FENY Risk / Return Rank: 62
FENY Sharpe Ratio Rank: 71
FENY Sortino Ratio Rank: 65
FENY Omega Ratio Rank: 61
FENY Calmar Ratio Rank: 64
FENY Martin Ratio Rank: 51

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.

XAGG vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Income Opportunities ETF (XAGG) 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.

	XAGG	FENY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.82	—
Sortino ratio: Return per unit of downside risk	—	2.39	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.53	—
Martin ratio: Return relative to average drawdown	—	6.85	—

Drawdowns

XAGG vs. FENY - Drawdown Comparison

The maximum XAGG drawdown since its inception was -2.88%, smaller than the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for XAGG and FENY.

Drawdown Indicators

	XAGG	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-2.88%	-74.35%	+71.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.47%	—
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	-0.30%	-7.32%	+7.02%
Average Drawdown Average peak-to-trough decline	-0.52%	-23.00%	+22.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.51%	—

Volatility

Volatility by Period

	XAGG	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.45%	20.83%	-17.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	26.31%	-22.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.45%	29.78%	-26.33%

XAGG vs. FENY - Expense Ratio Comparison

XAGG has a 0.50% expense ratio, which is higher than FENY's 0.08% expense ratio.

Dividends

XAGG vs. FENY - Dividend Comparison

XAGG's dividend yield for the trailing twelve months is around 4.45%, more than FENY's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.43%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
XAGG Eaton Vance Income Opportunities ETF	4.45%	1.02%	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 XAGG and FENY in my portfolio?

XAGG and FENY have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAGG or FENY?

On fees, FENY is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAGG or FENY?

FENY is cheaper with a 0.08% expense ratio, compared with 0.50% for XAGG.

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

XAGG has the higher dividend yield at 4.45%, compared with 2.43% for FENY.

What is the main difference between XAGG and FENY?

XAGG is categorized as Multisector Bonds, while FENY is Energy Equities. They also come from different issuers: Eaton Vance and Fidelity. Their fees differ too: 0.50% for XAGG and 0.08% for FENY.