XLE vs. FENY

Last updated Aug 2, 2026

XLE (State Street Energy Select Sector SPDR ETF) and FENY (Fidelity MSCI Energy Index ETF) are both Energy Equities funds - XLE tracks the Energy Select Sector Index while FENY tracks the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, XLE returned 10.52%/yr vs 9.96%/yr for FENY. Their 0.99 correlation means they have historically moved very closely together. XLE charges 0.08%/yr vs 0.08%/yr for FENY.

Performance

XLE vs. FENY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) 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 XLE having a 35.03% return and FENY slightly higher at 35.12%. Over the past 10 years, XLE has outperformed FENY with an annualized return of 10.52%, while FENY has yielded a comparatively lower 9.96% annualized return.

XLE

• 1D: 1.00%
• 1M: 11.89%
• 6M: 18.26%
• YTD: 35.03%
• 1Y: 43.49%
• 3Y*: 14.62%
• 5Y*: 23.67%
• 10Y*: 10.52%
• ALL TIME*: 8.87%

FENY

• 1D: 1.04%
• 1M: 11.58%
• 6M: 18.35%
• YTD: 35.12%
• 1Y: 43.91%
• 3Y*: 14.81%
• 5Y*: 23.67%
• 10Y*: 9.96%
• ALL TIME*: 5.63%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FENY Fidelity MSCI Energy Index ETF	$45.95M	$44.20M	$53.46M
XLE State Street Energy Select Sector SPDR ETF	$1.70B	$1.73B	$1.97B

XLE vs. FENY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLE State Street Energy Select Sector SPDR ETF	35.03%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%
FENY Fidelity MSCI Energy Index ETF	35.12%	7.27%	6.62%	-0.04%	62.94%	55.62%	-33.15%	9.11%	-19.99%	-2.30%

Correlation

The correlation between XLE and FENY is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.99

The correlation between XLE and FENY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

XLE vs. FENY - Sectors Allocation Comparison

Sectors	XLE	FENY
Energy	100.0%	99.6%
Basic Materials	-	0.3%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.1%
Real Estate	-	-
Technology	-	-
Utilities	-	0.1%

Return for Risk

XLE vs. FENY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XLE

XLE Risk / Return Rank: 76
XLE Sharpe Ratio Rank: 84
XLE Sortino Ratio Rank: 79
XLE Omega Ratio Rank: 76
XLE Calmar Ratio Rank: 78
XLE Martin Ratio Rank: 62

FENY

FENY Risk / Return Rank: 76
FENY Sharpe Ratio Rank: 85
FENY Sortino Ratio Rank: 79
FENY Omega Ratio Rank: 77
FENY Calmar Ratio Rank: 78
FENY Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XLE vs. FENY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.

	XLE	FENY	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.97	-0.02
Sortino ratio: Return per unit of downside risk	2.53	2.55	-0.02
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	2.74	2.76	-0.02
Martin ratio: Return relative to average drawdown	7.32	7.45	-0.13

XLE vs. FENY - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.95, which is comparable to the FENY Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of XLE 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

XLE vs. FENY - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, roughly equal to the maximum FENY drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for XLE and FENY.

Drawdown Indicators

	XLE	FENY	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-74.35%	+3.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.98%	-14.96%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-21.47%	+1.33%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	-26.64%	+0.60%
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	-69.07%	+2.26%
Current Drawdown Current decline from peak	-4.13%	-4.34%	+0.21%
Average Drawdown Average peak-to-trough decline	-17.93%	-22.95%	+5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	5.56%	+0.06%

Volatility

XLE vs. FENY - Volatility Comparison

State Street Energy Select Sector SPDR ETF (XLE) and Fidelity MSCI Energy Index ETF (FENY) have volatilities of 5.85% and 5.96%, 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

	XLE	FENY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	5.96%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	16.71%	16.62%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.05%	20.94%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.77%	26.20%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.57%	29.78%	-0.21%

XLE vs. FENY - Expense Ratio Comparison

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

Dividends

XLE vs. FENY - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.55%, more than FENY's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FENY Fidelity MSCI Energy Index ETF	2.35%	3.18%	3.05%	3.33%	3.33%	3.69%	4.60%	6.43%	3.21%	2.94%	2.29%	3.05%
XLE State Street Energy Select Sector SPDR ETF	2.55%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both XLE and FENY in my portfolio?

With a correlation of 0.99, XLE 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, XLE or FENY?

FENY has higher volatility (5.96%) compared to XLE (5.85%). In terms of maximum drawdown, XLE dropped -71.26% vs FENY's -74.35%.

Which ETF is better, XLE or FENY?

On 10-year performance, XLE leads with 10.52% vs 9.96% for FENY. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or FENY?

Over the 10-year period, XLE has performed better with a 10.52% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or FENY?

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

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

XLE has the higher dividend yield at 2.55%, compared with 2.35% for FENY.

What is the main difference between XLE and FENY?

XLE tracks Energy Select Sector Index, while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.08% for XLE and 0.08% for FENY.

Which has better risk-adjusted returns?

FENY currently has the higher Sharpe Ratio (1.97 vs 1.95), 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.