FIW vs. SMOG

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Water ETF (FIW) and VanEck Low Carbon Energy ETF (SMOG).

FIW and SMOG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FIW is a passively managed fund by First Trust that tracks the performance of the ISE Clean Edge Water Index. It was launched on May 8, 2007. SMOG is a passively managed fund by VanEck that tracks the performance of the MVIS Global Low Carbon Energy Index. It was launched on May 3, 2007. Both FIW and SMOG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FIW vs. SMOG - Performance Comparison

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

FIW vs. SMOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIW First Trust Water ETF	-3.98%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	24.69%
SMOG VanEck Low Carbon Energy ETF	7.05%	33.36%	-9.33%	1.42%	-29.92%	-2.75%	118.38%	38.86%	-10.18%	22.69%

Returns By Period

In the year-to-date period, FIW achieves a -3.98% return, which is significantly lower than SMOG's 7.05% return. Over the past 10 years, FIW has outperformed SMOG with an annualized return of 12.89%, while SMOG has yielded a comparatively lower 11.23% annualized return.

FIW

• 1D: 0.96%
• 1M: -7.88%
• YTD: -3.98%
• 6M: -7.06%
• 1Y: 3.99%
• 3Y*: 8.37%
• 5Y*: 6.40%
• 10Y*: 12.89%

SMOG

• 1D: 4.10%
• 1M: -1.92%
• YTD: 7.05%
• 6M: 8.67%
• 1Y: 38.69%
• 3Y*: 6.20%
• 5Y*: -1.46%
• 10Y*: 11.23%

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

FIW vs. SMOG - Expense Ratio Comparison

FIW has a 0.54% expense ratio, which is lower than SMOG's 0.61% expense ratio.

SMOG

VanEck Low Carbon Energy ETF

FIW

First Trust Water ETF

Return for Risk

FIW vs. SMOG — Risk / Return Rank

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

FIW

FIW Risk / Return Rank: 18
FIW Sharpe Ratio Rank: 17
FIW Sortino Ratio Rank: 17
FIW Omega Ratio Rank: 16
FIW Calmar Ratio Rank: 19
FIW Martin Ratio Rank: 19

SMOG

SMOG Risk / Return Rank: 86
SMOG Sharpe Ratio Rank: 85
SMOG Sortino Ratio Rank: 86
SMOG Omega Ratio Rank: 81
SMOG Calmar Ratio Rank: 90
SMOG Martin Ratio Rank: 90

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. SMOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) and VanEck Low Carbon Energy ETF (SMOG). 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	SMOG	Difference
Sharpe ratio Return per unit of total volatility	0.21	1.69	-1.48
Sortino ratio Return per unit of downside risk	0.46	2.31	-1.85
Omega ratio Gain probability vs. loss probability	1.05	1.31	-0.25
Calmar ratio Return relative to maximum drawdown	0.33	2.96	-2.63
Martin ratio Return relative to average drawdown	1.04	11.47	-10.43
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. SMOG - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is 0.21, which is lower than the SMOG Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of FIW and SMOG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIW	SMOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	1.69	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	-0.06	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.44	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.06	+0.38

Correlation

The correlation between FIW and SMOG is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FIW vs. SMOG - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.79%, less than SMOG's 1.47% yield.

	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%
SMOG VanEck Low Carbon Energy ETF	1.47%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%

Drawdowns

FIW vs. SMOG - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, smaller than the maximum SMOG drawdown of -84.39%. Use the drawdown chart below to compare losses from any high point for FIW and SMOG.

Drawdown Indicators

	FIW	SMOG	Difference
Max Drawdown Largest peak-to-trough decline	-52.75%	-84.39%	+31.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.74%	-13.04%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	-28.53%	-47.86%	+19.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.60%	-51.10%	+14.50%
Current Drawdown Current decline from peak	-9.95%	-22.64%	+12.69%
Average Drawdown Average peak-to-trough decline	-8.29%	-52.81%	+44.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.37%	+0.64%

Volatility

FIW vs. SMOG - Volatility Comparison

The current volatility for First Trust Water ETF (FIW) is 5.83%, while VanEck Low Carbon Energy ETF (SMOG) has a volatility of 10.07%. This indicates that FIW experiences smaller price fluctuations and is considered to be less risky than SMOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIW	SMOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	10.07%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	15.75%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.65%	23.40%	-4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.30%	25.27%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	25.66%	-5.78%