Equity-based energy exchange traded funds continue to shed the laggard status with which they were saddled last year and it is a diversified mix of funds that are seeing upside.

Over the past month, the First Trust ISE-Revere Natural Gas Index Fund (NYSEArca: FCG) is the best-performing non-leveraged sector ETF with a gain of 11.1%, a performance that bests that of the United States Natural Gas Fund (NYSEArca: UNG). [Equity Nat Gas ETF Finally Beats Commodity]

More traditional energy ETFs are getting on the act as well. Since the beginning of March, the Energy Select Sector SPDR (NYSEArca: XLE), the Fidelity MSCI Energy Index ETF (NYSEArca: FENY), the Vanguard Energy ETF (NYSEArca: VDE) and the iShares U.S. Energy ETF (NYSEArca: IYE) are each up at least 5.3%. [Energy ETFs Top Broader Market]

Since the start of March, investors have poured $572.4 million into XLE and $159.4 million into IYE, indicating low valuations among major energy stocks ranging from Dow components Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) to ConocoPhillips (NYSE: COP), the largest independent oil and natural gas producer in the U.S., have helped spark renewed interest large- and mega-cap energy names.

FENY, which debuted in late October 2013, has raked in $12.8 million since the start of March. That may not sound like much compared to XLE and IYE, but that number is just under of the Fidelity ETF’s current assets under management total.

The bottom line is large-cap energy is seen as a value sector and it is value that investors are rotating into away from momentum and growth. [Value ETFs Have More Upside]

XLE has also soundly outperformed the Dow Jones Industrial Average since the start of March. Exxon and Chevron combine for 29% of that ETF and about 8.5% of the Dow.

Showing Page 1 of 2