FCMO.NEO vs. FRNW

Last updated Jun 6, 2026

FCMO.NEO (Fidelity US Momentum ETF) and FRNW (Fidelity Clean Energy ETF) are both exchange-traded funds - FCMO.NEO is a Momentum fund tracking the Fidelity Canada U.S. Momentum Index, while FRNW is a Alternative Energy Equities fund actively managed by Fidelity. FCMO.NEO is passively managed, while FRNW is actively managed. At a 0.22 correlation, their price movements are largely independent. FCMO.NEO charges 0.38%/yr vs 0.39%/yr for FRNW.

Performance

FCMO.NEO vs. FRNW - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Fidelity US Momentum ETF (FCMO.NEO) and Fidelity Clean Energy ETF (FRNW). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FCMO.NEO is traded in CAD, while FRNW is traded in USD. To make them comparable, the FRNW values have been converted to CAD using the latest available exchange rates.

Returns By Period

FCMO.NEO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRNW

• 1D: -5.57%
• 1M: 0.77%
• YTD: 27.61%
• 6M: 25.04%
• 1Y: 76.35%
• 3Y*: 9.06%
• 5Y*: —
• 10Y*: —

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

FCMO.NEO vs. FRNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCMO.NEO Fidelity US Momentum ETF	0.00%	0.00%	30.11%	13.09%	-14.21%	7.04%
FRNW Fidelity Clean Energy ETF	27.61%	46.17%	-14.34%	-21.41%	-5.15%	-2.14%

Correlation

The correlation between FCMO.NEO and FRNW is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.22

The correlation between FCMO.NEO and FRNW shifts across timeframes, from 0.12 (3 years) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FCMO.NEO vs. FRNW — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 85
FRNW Sharpe Ratio Rank: 87
FRNW Sortino Ratio Rank: 79
FRNW Omega Ratio Rank: 76
FRNW Calmar Ratio Rank: 93
FRNW Martin Ratio Rank: 89

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.

FCMO.NEO vs. FRNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity US Momentum ETF (FCMO.NEO) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FCMO.NEO	FRNW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.13	—

Drawdowns

Drawdown Indicators

	FCMO.NEO	FRNW	Difference
Max Drawdown Largest peak-to-trough decline	—	-53.14%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-12.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-40.95%	—
Current Drawdown Current decline from peak	—	-7.45%	—
Average Drawdown Average peak-to-trough decline	—	-27.55%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.98%	—

Volatility

Volatility by Period

	FCMO.NEO	FRNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	25.29%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	26.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	26.06%	—

FCMO.NEO vs. FRNW - Expense Ratio Comparison

FCMO.NEO has a 0.38% expense ratio, which is lower than FRNW's 0.39% expense ratio.

Dividends

FCMO.NEO vs. FRNW - Dividend Comparison

FCMO.NEO has not paid dividends to shareholders, while FRNW's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021
FCMO.NEO Fidelity US Momentum ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FRNW Fidelity Clean Energy ETF	1.00%	1.25%	1.43%	1.30%	0.69%	0.04%

Frequently Asked Questions

Can I hold both FCMO.NEO and FRNW in my portfolio?

FCMO.NEO and FRNW have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FCMO.NEO or FRNW?

On fees, FCMO.NEO is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FCMO.NEO or FRNW?

FCMO.NEO is cheaper with a 0.38% expense ratio, compared with 0.39% for FRNW.

What is the main difference between FCMO.NEO and FRNW?

FCMO.NEO is categorized as Momentum, while FRNW is Alternative Energy Equities. Their fees differ too: 0.38% for FCMO.NEO and 0.39% for FRNW.