FLOWX vs. FIW

Last updated Aug 1, 2026

FLOWX (Fidelity Water Sustainability Fund) and FIW (First Trust Water ETF) are both funds - FLOWX is a Energy Equities fund managed by Fidelity, while FIW is a Water Equities fund tracking the ISE Clean Edge Water Index. Over the past 5 years, FLOWX returned 6.59%/yr vs 5.15%/yr for FIW. Their correlation of 0.93 means they have usually moved in the same direction. FLOWX charges 1.00%/yr vs 0.50%/yr for FIW.

Performance

FLOWX vs. FIW - Performance Comparison

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

Returns By Period

In the year-to-date period, FLOWX achieves a 3.38% return, which is significantly higher than FIW's 0.42% return.

FLOWX

• 1D: 0.63%
• 1M: -1.00%
• 6M: -1.86%
• YTD: 3.38%
• 1Y: 8.18%
• 3Y*: 10.79%
• 5Y*: 6.59%
• 10Y*: —
• ALL TIME*: 13.37%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIW First Trust Water ETF	$5.33M	$5.43M	$6.04M
FLOWX Fidelity Water Sustainability Fund	$0.00	$0.00	$0.00

FLOWX vs. FIW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FLOWX Fidelity Water Sustainability Fund	3.38%	18.02%	8.78%	18.58%	-19.94%	28.52%	35.89%
FIW First Trust Water ETF	0.42%	7.20%	8.38%	20.35%	-15.70%	32.00%	46.20%

Correlation

The correlation between FLOWX and FIW is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Apr 16, 2020	0.93

The correlation between FLOWX and FIW has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

Return for Risk

FLOWX vs. FIW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLOWX

FLOWX Risk / Return Rank: 13
FLOWX Sharpe Ratio Rank: 14
FLOWX Sortino Ratio Rank: 14
FLOWX Omega Ratio Rank: 13
FLOWX Calmar Ratio Rank: 13
FLOWX Martin Ratio Rank: 11

FIW

FIW Risk / Return Rank: 12
FIW Sharpe Ratio Rank: 12
FIW Sortino Ratio Rank: 12
FIW Omega Ratio Rank: 11
FIW Calmar Ratio Rank: 12
FIW Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLOWX vs. FIW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Water Sustainability Fund (FLOWX) and First Trust Water ETF (FIW). 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.

	FLOWX	FIW	Difference
Sharpe ratio: Return per unit of total volatility	0.52	0.05	+0.47
Sortino ratio: Return per unit of downside risk	0.82	0.20	+0.62
Omega ratio: Gain probability vs. loss probability	1.10	1.02	+0.07
Calmar ratio: Return relative to maximum drawdown	0.61	0.06	+0.54
Martin ratio: Return relative to average drawdown	1.41	0.15	+1.27

FLOWX vs. FIW - Sharpe Ratio Comparison

The current FLOWX Sharpe Ratio is 0.52, which is higher than the FIW Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of FLOWX and FIW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLOWX vs. FIW - Drawdown Comparison

The maximum FLOWX drawdown since its inception was -30.63%, smaller than the maximum FIW drawdown of -52.75%. Use the drawdown chart below to compare losses from any high point for FLOWX and FIW.

Drawdown Indicators

	FLOWX	FIW	Difference
Max Drawdown Largest peak-to-trough decline	-30.63%	-52.75%	+22.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.84%	-13.81%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-18.32%	+2.19%
Max Drawdown (5Y) Largest decline over 5 years	-30.63%	-28.53%	-2.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.60%	—
Current Drawdown Current decline from peak	-7.37%	-5.82%	-1.55%
Average Drawdown Average peak-to-trough decline	-7.39%	-8.29%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	6.05%	-0.53%

Volatility

FLOWX vs. FIW - Volatility Comparison

The current volatility for Fidelity Water Sustainability Fund (FLOWX) is 4.50%, while First Trust Water ETF (FIW) has a volatility of 5.47%. This indicates that FLOWX experiences smaller price fluctuations and is considered to be less risky than FIW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLOWX	FIW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	5.47%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	12.03%	12.58%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.04%	16.53%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.92%	18.49%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	19.92%	-1.81%

FLOWX vs. FIW - Expense Ratio Comparison

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

Dividends

FLOWX vs. FIW - Dividend Comparison

FLOWX's dividend yield for the trailing twelve months is around 7.05%, more than FIW's 0.72% 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%
FLOWX Fidelity Water Sustainability Fund	7.05%	2.93%	2.51%	0.42%	0.08%	1.41%	1.49%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLOWX and FIW in my portfolio?

FLOWX and FIW have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLOWX or FIW?

FIW has higher volatility (5.47%) compared to FLOWX (4.50%). In terms of maximum drawdown, FLOWX dropped -30.63% vs FIW's -52.75%.

Which has better risk-adjusted returns?

FLOWX currently has the higher Sharpe Ratio (0.52 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.