FIW vs. MSEX

Last updated Jun 4, 2026

FIW (First Trust Water ETF) is Water Equities fund tracking the ISE Clean Edge Water Index, while MSEX (Middlesex Water Company) is a stock. Over the past 10 years, FIW returned 12.18%/yr vs 5.09%/yr for MSEX. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

FIW vs. MSEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Water ETF (FIW) and Middlesex Water Company (MSEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIW achieves a -3.78% return, which is significantly lower than MSEX's 4.39% return. Over the past 10 years, FIW has outperformed MSEX with an annualized return of 12.18%, while MSEX has yielded a comparatively lower 5.09% annualized return.

FIW

• 1D: 0.28%
• 1M: -0.84%
• YTD: -3.78%
• 6M: -6.34%
• 1Y: -2.02%
• 3Y*: 7.84%
• 5Y*: 5.36%
• 10Y*: 12.18%

MSEX

• 1D: -1.48%
• 1M: 1.99%
• YTD: 4.39%
• 6M: 2.92%
• 1Y: -7.07%
• 3Y*: -12.26%
• 5Y*: -7.73%
• 10Y*: 5.09%

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

FIW vs. MSEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIW First Trust Water ETF	-3.78%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	24.69%
MSEX Middlesex Water Company	4.39%	-1.65%	-18.00%	-15.19%	-33.75%	68.50%	15.78%	21.12%	36.54%	-4.92%

Correlation

The correlation between FIW and MSEX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 14, 2007	0.52

Over the past year, the correlation between FIW and MSEX has dropped to 0.29 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

FIW vs. MSEX — Risk / Return Rank

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

FIW

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

MSEX

MSEX Risk / Return Rank: 29
MSEX Sharpe Ratio Rank: 31
MSEX Sortino Ratio Rank: 27
MSEX Omega Ratio Rank: 27
MSEX Calmar Ratio Rank: 29
MSEX Martin Ratio Rank: 30

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.

FIW vs. MSEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) and Middlesex Water Company (MSEX). 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.

	FIW	MSEX	Difference
Sharpe ratio Return per unit of total volatility	-0.13	-0.24	+0.10
Sortino ratio Return per unit of downside risk	-0.08	-0.12	+0.04
Omega ratio Gain probability vs. loss probability	0.99	0.98	+0.01
Calmar ratio Return relative to maximum drawdown	-0.15	-0.34	+0.19
Martin ratio Return relative to average drawdown	-0.38	-0.59	+0.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIW vs. MSEX - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is -0.13, which is higher than the MSEX Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of FIW and MSEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIW	MSEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	-0.24	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.25	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.16	+0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.32	+0.11

Drawdowns

FIW vs. MSEX - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum MSEX drawdown of -60.51%. Use the drawdown chart below to compare losses from any high point for FIW and MSEX.

Drawdown Indicators

	FIW	MSEX	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-60.51%	+7.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.81%	-21.04%	+7.23%
Max Drawdown (3Y) Largest decline over 3 years	-18.32%	-44.52%	+26.20%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-60.51%	+31.98%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-60.51%	+23.91%
Current Drawdown Current decline from peak	-9.76%	-52.70%	+42.94%
Average Drawdown Average peak-to-trough decline	-8.30%	-12.84%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	11.99%	-6.66%

Volatility

FIW vs. MSEX - Volatility Comparison

The current volatility for First Trust Water ETF (FIW) is 4.45%, while Middlesex Water Company (MSEX) has a volatility of 4.79%. This indicates that FIW experiences smaller price fluctuations and is considered to be less risky than MSEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIW	MSEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.79%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	17.97%	-6.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	30.20%	-14.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	31.16%	-12.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	32.35%	-12.45%

Dividends

FIW vs. MSEX - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.79%, less than MSEX's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.79%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
MSEX Middlesex Water Company	2.73%	2.74%	2.50%	1.92%	1.50%	1.16%	1.44%	1.54%	1.71%	2.15%	1.88%	2.92%

Frequently Asked Questions

Can I hold both FIW and MSEX in my portfolio?

FIW and MSEX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIW or MSEX?

MSEX has higher volatility (4.79%) compared to FIW (4.45%). In terms of maximum drawdown, FIW dropped -52.75% vs MSEX's -60.51%.

Which has better risk-adjusted returns?

FIW currently has the higher Sharpe Ratio (-0.13 vs -0.24), 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.