AQWA vs. FLOWX

Last updated Jun 24, 2026

AQWA (Global X Clean Water ETF) and FLOWX (Fidelity Water Sustainability Fund) are both funds - AQWA is a Water Equities fund tracking the Solactive Global Clean Water Industry Index, while FLOWX is a Energy Equities fund managed by Fidelity. Over the past 5 years, AQWA returned 5.21%/yr vs 7.86%/yr for FLOWX. Their correlation of 0.90 suggests significant overlap in exposure. AQWA charges 0.50%/yr vs 1.00%/yr for FLOWX.

Performance

AQWA vs. FLOWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Clean Water ETF (AQWA) and Fidelity Water Sustainability Fund (FLOWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQWA achieves a 0.45% return, which is significantly lower than FLOWX's 1.08% return.

AQWA

• 1D: -0.81%
• 1M: 0.95%
• YTD: 0.45%
• 6M: -0.87%
• 1Y: 1.37%
• 3Y*: 9.09%
• 5Y*: 5.21%
• 10Y*: —

FLOWX

• 1D: -0.25%
• 1M: 1.44%
• YTD: 1.08%
• 6M: 0.03%
• 1Y: 7.58%
• 3Y*: 12.36%
• 5Y*: 7.86%
• 10Y*: —

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

AQWA vs. FLOWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AQWA Global X Clean Water ETF	0.45%	13.15%	4.34%	20.13%	-19.89%	15.67%
FLOWX Fidelity Water Sustainability Fund	1.08%	18.02%	8.78%	18.58%	-19.94%	19.75%

Correlation

The correlation between AQWA and FLOWX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 12, 2021	0.90

The correlation between AQWA and FLOWX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

AQWA vs. FLOWX — Risk / Return Rank

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

AQWA

AQWA Risk / Return Rank: 9
AQWA Sharpe Ratio Rank: 10
AQWA Sortino Ratio Rank: 9
AQWA Omega Ratio Rank: 9
AQWA Calmar Ratio Rank: 10
AQWA Martin Ratio Rank: 10

FLOWX

FLOWX Risk / Return Rank: 8
FLOWX Sharpe Ratio Rank: 8
FLOWX Sortino Ratio Rank: 8
FLOWX Omega Ratio Rank: 8
FLOWX Calmar Ratio Rank: 8
FLOWX Martin Ratio Rank: 7

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.

AQWA vs. FLOWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water ETF (AQWA) and Fidelity Water Sustainability Fund (FLOWX). 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.

	AQWA	FLOWX	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.62	-0.53
Sortino ratio: Return per unit of downside risk	0.24	0.96	-0.72
Omega ratio: Gain probability vs. loss probability	1.03	1.12	-0.09
Calmar ratio: Return relative to maximum drawdown	0.11	0.71	-0.60
Martin ratio: Return relative to average drawdown	0.26	1.83	-1.57

AQWA vs. FLOWX - Sharpe Ratio Comparison

The current AQWA Sharpe Ratio is 0.10, which is lower than the FLOWX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of AQWA and FLOWX, 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

AQWA vs. FLOWX - Drawdown Comparison

The maximum AQWA drawdown since its inception was -29.44%, roughly equal to the maximum FLOWX drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for AQWA and FLOWX.

Drawdown Indicators

	AQWA	FLOWX	Difference
Max Drawdown Largest peak-to-trough decline	-29.44%	-30.63%	+1.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.34%	-12.84%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-16.13%	+1.58%
Max Drawdown (5Y) Largest decline over 5 years	-29.44%	-30.63%	+1.19%
Current Drawdown Current decline from peak	-9.77%	-9.43%	-0.34%
Average Drawdown Average peak-to-trough decline	-8.28%	-7.39%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.39%	4.98%	+0.41%

Volatility

AQWA vs. FLOWX - Volatility Comparison

Global X Clean Water ETF (AQWA) and Fidelity Water Sustainability Fund (FLOWX) have volatilities of 4.43% and 4.36%, 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

	AQWA	FLOWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	4.36%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	11.18%	11.56%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	14.64%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	17.87%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.65%	18.15%	-1.50%

AQWA vs. FLOWX - Expense Ratio Comparison

AQWA has a 0.50% expense ratio, which is lower than FLOWX's 1.00% expense ratio.

Dividends

AQWA vs. FLOWX - Dividend Comparison

AQWA's dividend yield for the trailing twelve months is around 1.46%, less than FLOWX's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AQWA Global X Clean Water ETF	1.46%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%
FLOWX Fidelity Water Sustainability Fund	2.90%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%

Frequently Asked Questions

Can I hold both AQWA and FLOWX in my portfolio?

With a correlation of 0.93, AQWA and FLOWX 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, AQWA or FLOWX?

AQWA has higher volatility (4.43%) compared to FLOWX (4.36%). In terms of maximum drawdown, AQWA dropped -29.44% vs FLOWX's -30.63%.

Which has better risk-adjusted returns?

FLOWX currently has the higher Sharpe Ratio (0.62 vs 0.10), 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.