Fidelity Covington ETF (FENI) Performance
FENI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.8% since Dec 31, 2025
- 1 year
- +14.3% total return
- Since first price
- +69.8% since 2023
FENI trailing returns vs SPY, QQQ, AGG
| Period | FENI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.2% | −2.2% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.5% | −1.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +2.5% | +1.0% | +7.8% | +8.4% | −1.5% |
| YTD | +9.8% | +7.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +14.3% | +10.7% | +14.4% | +15.9% | −1.1% |
| Since inceptionNov 20, 2023 | +69.8% | +56.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FENI vs SPY
From Nov 20, 2023: FENI grew to $16,977, SPY to $17,347.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FENI returns by calendar year
2 of 2 full years positive. Best 2025 (+37.3%), worst 2024 (+7.0%). 2026 is year to date.
FENI annual returns table
| Year | FENI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.8% | −11.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +37.3% | −14.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.0% | −9.5% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FENI largest drawdowns
Now 5.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 19, 2025 | −14.2% | Apr 8, 2025 | May 2, 2025 | 20 days | 44 days |
| Feb 25, 2026 | −11.5% | Mar 20, 2026 | Jun 15, 2026 | 23 days | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FENI risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +21.2% |
| Volatility (annualized) | 11.7% |
| Sharpe ratio | 1.35 |
| Sortino ratio | 2.21 |
| Best month | +6.1% |
| Worst month | −7.9% |
| Best 12 months | +40.8% |
| Worst 12 months | +7.0% |
| Positive months | 76% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FENI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 24 | +7.0% | +20.4% | +40.8% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
FENI performance overview
Fidelity Covington ETF (FENI) returned +14.3% over the past year, with distributions reinvested. Since its first recorded price on Nov 20, 2023 it has returned +69.8%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.2%, from Mar 19, 2025 to Apr 8, 2025, and it took 24 days to get back to the old high. Volatility has been 11.7% a year.
Related: FENI chart, FENI holdings, FENI dividends. See the FENI overview for the latest quote and fund facts.
FENI performance FAQ
What is the FENI return over the past year?
FENI returned +14.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.7%.
How much would $10,000 invested in FENI be worth?
$10,000 invested in FENI at its first recorded close on November 20, 2023 would be worth about $16,977 on October 23, 2026 with distributions reinvested.
What was the worst year for FENI?
The worst calendar year was 2024, with a total return of +7.0%. The best was 2025 at +37.3%.
What is the biggest drawdown of FENI?
The largest peak-to-trough decline was −14.2% between March 19, 2025 and April 8, 2025. It recovered to the old high on May 2, 2025, 24 days after the bottom.
How volatile is FENI?
Over the past history FENI had an annualized volatility of 11.7% and a Sharpe ratio of 1.35 (excess return over 1–3 month T-bills per unit of risk).