FCLD vs. CLOD

Last updated Aug 2, 2026

FCLD (Fidelity Cloud Computing ETF) and CLOD (Themes Cloud Computing ETF) are both Technology Equities funds - FCLD tracks the Fidelity Cloud Computing Index - Benchmark TR Gross while CLOD tracks the Solactive Cloud Technology Index. Both are passively managed. Over the past year, FCLD returned 45.67% vs -2.27% for CLOD. Their correlation of 0.86 means they have usually moved in the same direction. FCLD charges 0.39%/yr vs 0.35%/yr for CLOD.

Performance

FCLD vs. CLOD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Cloud Computing ETF (FCLD) and Themes Cloud Computing ETF (CLOD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCLD achieves a 33.66% return, which is significantly higher than CLOD's -0.40% return.

FCLD

• 1D: 1.33%
• 1M: 4.17%
• 6M: 35.89%
• YTD: 33.66%
• 1Y: 45.67%
• 3Y*: 24.29%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.63%

CLOD

• 1D: 1.84%
• 1M: 2.61%
• 6M: 10.30%
• YTD: -0.40%
• 1Y: -2.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.71%

*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)
CLOD Themes Cloud Computing ETF	$10.26K	$13.57K	$43.79K
FCLD Fidelity Cloud Computing ETF	$599.13K	$567.95K	$795.73K

FCLD vs. CLOD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FCLD Fidelity Cloud Computing ETF	33.66%	8.19%	21.80%	1.23%
CLOD Themes Cloud Computing ETF	-0.40%	7.53%	21.03%	0.77%

Correlation

The correlation between FCLD and CLOD is 0.83, 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.	0.83
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.86

The correlation between FCLD and CLOD has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

Return for Risk

FCLD vs. CLOD — Risk / Return Rank

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

FCLD

FCLD Risk / Return Rank: 56
FCLD Sharpe Ratio Rank: 58
FCLD Sortino Ratio Rank: 57
FCLD Omega Ratio Rank: 52
FCLD Calmar Ratio Rank: 66
FCLD Martin Ratio Rank: 48

CLOD

CLOD Risk / Return Rank: 8
CLOD Sharpe Ratio Rank: 8
CLOD Sortino Ratio Rank: 8
CLOD Omega Ratio Rank: 8
CLOD Calmar Ratio Rank: 9
CLOD Martin Ratio Rank: 9

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.

FCLD vs. CLOD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Cloud Computing ETF (FCLD) and Themes Cloud Computing ETF (CLOD). 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.

	FCLD	CLOD	Difference
Sharpe ratio: Return per unit of total volatility	1.38	-0.19	+1.57
Sortino ratio: Return per unit of downside risk	1.95	-0.09	+2.03
Omega ratio: Gain probability vs. loss probability	1.23	0.99	+0.24
Calmar ratio: Return relative to maximum drawdown	2.28	-0.16	+2.44
Martin ratio: Return relative to average drawdown	5.48	-0.33	+5.81

FCLD vs. CLOD - Sharpe Ratio Comparison

The current FCLD Sharpe Ratio is 1.38, which is higher than the CLOD Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of FCLD and CLOD, 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

FCLD vs. CLOD - Drawdown Comparison

The maximum FCLD drawdown since its inception was -50.85%, which is greater than CLOD's maximum drawdown of -31.36%. Use the drawdown chart below to compare losses from any high point for FCLD and CLOD.

Drawdown Indicators

	FCLD	CLOD	Difference
Max Drawdown Largest peak-to-trough decline	-50.85%	-31.36%	-19.49%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-31.36%	+13.88%
Max Drawdown (3Y) Largest decline over 3 years	-34.80%	—	—
Current Drawdown Current decline from peak	-4.65%	-10.11%	+5.46%
Average Drawdown Average peak-to-trough decline	-20.08%	-7.87%	-12.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	15.28%	-7.97%

Volatility

FCLD vs. CLOD - Volatility Comparison

Fidelity Cloud Computing ETF (FCLD) has a higher volatility of 6.98% compared to Themes Cloud Computing ETF (CLOD) at 6.11%. This indicates that FCLD's price experiences larger fluctuations and is considered to be riskier than CLOD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCLD	CLOD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	6.11%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	22.27%	22.32%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	28.80%	26.45%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.39%	24.50%	+5.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.39%	24.50%	+5.89%

FCLD vs. CLOD - Expense Ratio Comparison

FCLD has a 0.39% expense ratio, which is higher than CLOD's 0.35% expense ratio.

Dividends

FCLD vs. CLOD - Dividend Comparison

FCLD's dividend yield for the trailing twelve months is around 0.01%, less than CLOD's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021
CLOD Themes Cloud Computing ETF	1.47%	1.47%	0.00%	0.00%	0.00%	0.00%
FCLD Fidelity Cloud Computing ETF	0.01%	0.03%	0.13%	0.17%	0.26%	0.13%

Frequently Asked Questions

Can I hold both FCLD and CLOD in my portfolio?

FCLD and CLOD have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCLD or CLOD?

FCLD has higher volatility (6.98%) compared to CLOD (6.11%). In terms of maximum drawdown, FCLD dropped -50.85% vs CLOD's -31.36%.

Which ETF is better, FCLD or CLOD?

On 1-year performance, FCLD leads with 45.67% vs -2.27% for CLOD. On fees, CLOD is cheaper at 0.35% per year. On volatility, CLOD has been the lower-risk option at 6.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCLD or CLOD?

Over the 1-year period, FCLD has performed better with a 45.67% return vs -2.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCLD or CLOD?

CLOD is cheaper with a 0.35% expense ratio, compared with 0.39% for FCLD.

Which ETF pays a higher dividend yield, FCLD or CLOD?

CLOD has the higher dividend yield at 1.47%, compared with 0.01% for FCLD.

What is the main difference between FCLD and CLOD?

FCLD tracks Fidelity Cloud Computing Index - Benchmark TR Gross, while CLOD tracks Solactive Cloud Technology Index. They also come from different issuers: Fidelity and Themes. Their fees differ too: 0.39% for FCLD and 0.35% for CLOD.

Which has better risk-adjusted returns?

FCLD currently has the higher Sharpe Ratio (1.38 vs -0.19), 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.