FIW vs. MSEX
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 12.38%/yr vs 5.43%/yr for MSEX. Their 0.51 correlation means they have sometimes moved together and sometimes differently.
Performance
FIW vs. MSEX - Performance Comparison
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Returns By Period
In the year-to-date period, FIW achieves a 0.42% return, which is significantly lower than MSEX's 15.19% return. Over the past 10 years, FIW has outperformed MSEX with an annualized return of 12.38%, while MSEX has yielded a comparatively lower 5.43% annualized return.
FIW
- 1D
- 0.20%
- 1M
- -0.27%
- 6M
- -3.23%
- YTD
- 0.42%
- 1Y
- 1.34%
- 3Y*
- 6.99%
- 5Y*
- 5.15%
- 10Y*
- 12.38%
- ALL TIME*
- 9.98%
MSEX
- 1D
- 2.67%
- 1M
- -0.43%
- 6M
- 10.88%
- YTD
- 15.19%
- 1Y
- 12.34%
- 3Y*
- -8.48%
- 5Y*
- -9.05%
- 10Y*
- 5.43%
- ALL TIME*
- 10.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.33M | $5.43M | $6.04M | |
| $6.97M | $11.03M | $8.63M |
FIW vs. MSEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIW First Trust Water ETF | 0.42% | 7.20% | 8.38% | 20.35% | -15.70% | 32.00% | 21.15% | 37.37% | -9.23% | 24.69% |
MSEX Middlesex Water Company | 15.19% | -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 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.46 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since May 11, 2007 | 0.51 |
Over the past year, the correlation between FIW and MSEX has dropped to 0.30 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
FIW vs. MSEX — Risk / Return Rank
FIW
MSEX
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.
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.
| FIW | MSEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.11 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 0.67 | -0.61 |
| Martin ratioReturn relative to average drawdown | 0.15 | 1.16 | -1.02 |
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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.
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Drawdown Indicators
| FIW | MSEX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -43.09% | +24.77% |
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 DrawdownCurrent decline from peak | -5.82% | -47.81% | +41.99% |
Average DrawdownAverage peak-to-trough decline | -8.29% | -13.01% | +4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 12.11% | -6.06% |
Volatility
FIW vs. MSEX - Volatility Comparison
The current volatility for First Trust Water ETF (FIW) is 5.47%, while Middlesex Water Company (MSEX) has a volatility of 7.79%. 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.
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Volatility by Period
| FIW | MSEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 7.79% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 12.58% | 18.68% | -6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.53% | 30.22% | -13.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 30.45% | -11.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.92% | 32.33% | -12.41% |
Dividends
FIW vs. MSEX - Dividend Comparison
FIW's dividend yield for the trailing twelve months is around 0.72%, less than MSEX's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIW First Trust Water ETF | 0.72% | 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 | 2.48% | 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
FIW and MSEX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSEX has higher volatility (7.79%) compared to FIW (5.47%). In terms of maximum drawdown, FIW dropped -52.75% vs MSEX's -60.51%.
MSEX currently has the higher Sharpe Ratio (0.47 vs 0.05), 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.
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