CTEX vs. FRNW

Last updated Aug 2, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and FRNW (Fidelity Clean Energy ETF) are both Alternative Energy Equities funds. CTEX is passively managed, while FRNW is actively managed. Over the past 3 years, CTEX returned 1.78%/yr vs 4.60%/yr for FRNW. Their correlation of 0.89 means they have usually moved in the same direction. CTEX charges 0.58%/yr vs 0.39%/yr for FRNW.

Performance

CTEX vs. FRNW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and Fidelity Clean Energy ETF (FRNW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTEX achieves a -4.20% return, which is significantly lower than FRNW's 10.45% return.

CTEX

• 1D: 0.05%
• 1M: -16.09%
• 6M: -14.26%
• YTD: -4.20%
• 1Y: 45.57%
• 3Y*: 1.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.23%

FRNW

• 1D: -0.27%
• 1M: -5.87%
• 6M: -0.30%
• YTD: 10.45%
• 1Y: 35.77%
• 3Y*: 4.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.59%

*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)
CTEX ProShares S&P Kensho Cleantech ETF	$35.29K	$31.66K	$63.75K
FRNW Fidelity Clean Energy ETF	$628.98K	$1.05M	$2.64M

CTEX vs. FRNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	-4.20%	67.74%	-20.38%	-10.25%	-20.38%	-4.11%
FRNW Fidelity Clean Energy ETF	10.45%	53.20%	-21.11%	-19.64%	-11.46%	-2.52%

Correlation

The correlation between CTEX and FRNW is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.89

The correlation between CTEX and FRNW has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

CTEX vs. FRNW - Sectors Allocation Comparison

Sectors	CTEX	FRNW
Industrials	45.1%	34.0%
Technology	38.1%	23.1%
Utilities	11.9%	42.0%
Consumer Cyclical	2.6%	-
Energy	2.3%	8.2%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

CTEX vs. FRNW — Risk / Return Rank

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

CTEX

CTEX Risk / Return Rank: 36
CTEX Sharpe Ratio Rank: 37
CTEX Sortino Ratio Rank: 39
CTEX Omega Ratio Rank: 36
CTEX Calmar Ratio Rank: 32
CTEX Martin Ratio Rank: 34

FRNW

FRNW Risk / Return Rank: 48
FRNW Sharpe Ratio Rank: 53
FRNW Sortino Ratio Rank: 52
FRNW Omega Ratio Rank: 47
FRNW Calmar Ratio Rank: 45
FRNW Martin Ratio Rank: 46

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.

CTEX vs. FRNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) and Fidelity Clean Energy ETF (FRNW). 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.

	CTEX	FRNW	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.28	-0.36
Sortino ratio: Return per unit of downside risk	1.44	1.82	-0.39
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.04
Calmar ratio: Return relative to maximum drawdown	1.09	1.60	-0.51
Martin ratio: Return relative to average drawdown	3.44	5.16	-1.72

CTEX vs. FRNW - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 0.91, which is comparable to the FRNW Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of CTEX and FRNW, 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

CTEX vs. FRNW - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, which is greater than FRNW's maximum drawdown of -59.37%. Use the drawdown chart below to compare losses from any high point for CTEX and FRNW.

Drawdown Indicators

	CTEX	FRNW	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-59.37%	-10.94%
Max Drawdown (1Y) Largest decline over 1 year	-39.09%	-22.08%	-17.01%
Max Drawdown (3Y) Largest decline over 3 years	-50.47%	-39.17%	-11.30%
Current Drawdown Current decline from peak	-34.34%	-20.24%	-14.10%
Average Drawdown Average peak-to-trough decline	-41.28%	-32.71%	-8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.38%	6.83%	+5.55%

Volatility

CTEX vs. FRNW - Volatility Comparison

ProShares S&P Kensho Cleantech ETF (CTEX) has a higher volatility of 15.81% compared to Fidelity Clean Energy ETF (FRNW) at 8.48%. This indicates that CTEX's price experiences larger fluctuations and is considered to be riskier than FRNW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTEX	FRNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.81%	8.48%	+7.33%
Volatility (6M) Calculated over the trailing 6-month period	35.40%	20.82%	+14.58%
Volatility (1Y) Calculated over the trailing 1-year period	46.84%	27.75%	+19.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.86%	28.55%	+15.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.86%	28.55%	+15.31%

CTEX vs. FRNW - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is higher than FRNW's 0.39% expense ratio.

Dividends

CTEX vs. FRNW - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 2.18%, more than FRNW's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	2.18%	2.17%	0.57%	0.12%	0.00%	0.00%
FRNW Fidelity Clean Energy ETF	1.24%	1.25%	1.43%	1.30%	0.69%	0.04%

Frequently Asked Questions

Can I hold both CTEX and FRNW in my portfolio?

With a correlation of 0.90, CTEX and FRNW 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, CTEX or FRNW?

CTEX has higher volatility (15.81%) compared to FRNW (8.48%). In terms of maximum drawdown, CTEX dropped -70.31% vs FRNW's -59.37%.

Which ETF is better, CTEX or FRNW?

On 3-year performance, FRNW leads with 4.60% vs 1.78% for CTEX. On fees, FRNW is cheaper at 0.39% per year. On volatility, FRNW has been the lower-risk option at 8.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or FRNW?

Over the 3-year period, FRNW has performed better with a 4.60% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or FRNW?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.58% for CTEX.

Which ETF pays a higher dividend yield, CTEX or FRNW?

CTEX has the higher dividend yield at 2.18%, compared with 1.24% for FRNW.

What is the main difference between CTEX and FRNW?

They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.58% for CTEX and 0.39% for FRNW.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (1.28 vs 0.91), 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.