FLOWX vs. AQWA

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Water Sustainability Fund (FLOWX) and Global X Clean Water ETF (AQWA).

FLOWX is managed by Fidelity. It was launched on Apr 21, 2020. AQWA is a passively managed fund by Global X that tracks the performance of the Solactive Global Clean Water Industry Index. It was launched on Apr 8, 2021.

Performance

FLOWX vs. AQWA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Water Sustainability Fund (FLOWX) and Global X Clean Water ETF (AQWA). The values are adjusted to include any dividend payments, if applicable.

FLOWX vs. AQWA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FLOWX Fidelity Water Sustainability Fund	1.85%	18.02%	8.78%	18.58%	-19.94%	19.00%
AQWA Global X Clean Water ETF	2.38%	13.15%	4.34%	20.13%	-19.89%	15.85%

Returns By Period

In the year-to-date period, FLOWX achieves a 1.85% return, which is significantly lower than AQWA's 2.38% return.

FLOWX

• 1D: 2.22%
• 1M: -7.81%
• YTD: 1.85%
• 6M: 3.08%
• 1Y: 19.64%
• 3Y*: 13.71%
• 5Y*: 8.66%
• 10Y*: —

AQWA

• 1D: 1.25%
• 1M: -7.26%
• YTD: 2.38%
• 6M: -0.13%
• 1Y: 14.19%
• 3Y*: 11.24%
• 5Y*: —
• 10Y*: —

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

FLOWX vs. AQWA - Expense Ratio Comparison

FLOWX has a 1.00% expense ratio, which is higher than AQWA's 0.50% expense ratio.

FLOWX

Fidelity Water Sustainability Fund

AQWA

Global X Clean Water ETF

Return for Risk

FLOWX vs. AQWA — Risk / Return Rank

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

FLOWX

FLOWX Risk / Return Rank: 68
FLOWX Sharpe Ratio Rank: 69
FLOWX Sortino Ratio Rank: 72
FLOWX Omega Ratio Rank: 61
FLOWX Calmar Ratio Rank: 73
FLOWX Martin Ratio Rank: 67

AQWA

AQWA Risk / Return Rank: 45
AQWA Sharpe Ratio Rank: 46
AQWA Sortino Ratio Rank: 49
AQWA Omega Ratio Rank: 41
AQWA Calmar Ratio Rank: 46
AQWA Martin Ratio Rank: 42

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.

FLOWX vs. AQWA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Water Sustainability Fund (FLOWX) and Global X Clean Water ETF (AQWA). 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.

	FLOWX	AQWA	Difference
Sharpe ratio Return per unit of total volatility	1.27	0.88	+0.38
Sortino ratio Return per unit of downside risk	1.86	1.38	+0.49
Omega ratio Gain probability vs. loss probability	1.25	1.17	+0.08
Calmar ratio Return relative to maximum drawdown	1.80	1.28	+0.52
Martin ratio Return relative to average drawdown	6.69	4.17	+2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLOWX vs. AQWA - Sharpe Ratio Comparison

The current FLOWX Sharpe Ratio is 1.27, which is higher than the AQWA Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of FLOWX and AQWA, 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

	FLOWX	AQWA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	0.88	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.37	+0.39

Correlation

The correlation between FLOWX and AQWA is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FLOWX vs. AQWA - Dividend Comparison

FLOWX's dividend yield for the trailing twelve months is around 2.88%, more than AQWA's 1.44% yield.

	TTM	2025	2024	2023	2022	2021	2020
FLOWX Fidelity Water Sustainability Fund	2.88%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%
AQWA Global X Clean Water ETF	1.44%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%

Drawdowns

FLOWX vs. AQWA - Drawdown Comparison

The maximum FLOWX drawdown since its inception was -30.63%, roughly equal to the maximum AQWA drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for FLOWX and AQWA.

Drawdown Indicators

	FLOWX	AQWA	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-29.44%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.27%	-11.48%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-30.63%	—	—
Current Drawdown Current decline from peak	-8.74%	-8.04%	-0.70%
Average Drawdown Average peak-to-trough decline	-7.36%	-8.27%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.51%	-0.48%

Volatility

FLOWX vs. AQWA - Volatility Comparison

Fidelity Water Sustainability Fund (FLOWX) has a higher volatility of 5.86% compared to Global X Clean Water ETF (AQWA) at 5.57%. This indicates that FLOWX's price experiences larger fluctuations and is considered to be riskier than AQWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLOWX	AQWA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	5.57%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	9.69%	10.03%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	16.19%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	16.67%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	16.67%	+1.49%