FRNW vs. AIPO

Last updated Jun 24, 2026

FRNW (Fidelity Clean Energy ETF) and AIPO (Defiance AI & Power Infrastructure ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while AIPO is a Building & Construction fund tracking the MarketVector™ US Listed AI and Power Infrastructure Index. FRNW is actively managed, while AIPO is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. FRNW charges 0.39%/yr vs 0.69%/yr for AIPO.

Performance

FRNW vs. AIPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and Defiance AI & Power Infrastructure ETF (AIPO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNW achieves a 20.76% return, which is significantly lower than AIPO's 49.55% return.

FRNW

• 1D: -3.60%
• 1M: -8.48%
• YTD: 20.76%
• 6M: 19.11%
• 1Y: 63.79%
• 3Y*: 7.81%
• 5Y*: —
• 10Y*: —

AIPO

• 1D: -4.86%
• 1M: 2.22%
• YTD: 49.55%
• 6M: 45.94%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRNW vs. AIPO - Yearly Performance Comparison

	2026 (YTD)	2025
FRNW Fidelity Clean Energy ETF	20.76%	18.14%
AIPO Defiance AI & Power Infrastructure ETF	49.55%	9.46%

Correlation

The correlation between FRNW and AIPO is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 25, 2025	0.78

FRNW vs. AIPO - Sectors Allocation Comparison

Sectors	FRNW	AIPO
Utilities	45.2%	21.2%
Industrials	28.3%	46.4%
Energy	20.5%	6.1%
Technology	5.7%	18.9%
Basic Materials	-	-
Communication Services	-	0.8%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	5.3%
Healthcare	-	-
Real Estate	-	1.0%

Return for Risk

FRNW vs. AIPO — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 76
FRNW Sharpe Ratio Rank: 79
FRNW Sortino Ratio Rank: 71
FRNW Omega Ratio Rank: 65
FRNW Calmar Ratio Rank: 86
FRNW Martin Ratio Rank: 79

AIPO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

FRNW vs. AIPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Defiance AI & Power Infrastructure ETF (AIPO). 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.

	FRNW	AIPO	Difference
Sharpe ratio: Return per unit of total volatility	2.39	—	—
Sortino ratio: Return per unit of downside risk	3.03	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	4.52	—	—
Martin ratio: Return relative to average drawdown	14.82	—	—

Drawdowns

FRNW vs. AIPO - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than AIPO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for FRNW and AIPO.

Drawdown Indicators

	FRNW	AIPO	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-17.31%	-42.06%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	—	—
Current Drawdown Current decline from peak	-12.80%	-4.86%	-7.94%
Average Drawdown Average peak-to-trough decline	-33.06%	-4.44%	-28.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	—	—

Volatility

Volatility by Period

	FRNW	AIPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.88%	35.59%	-8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.55%	35.59%	-7.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	35.59%	-7.04%

FRNW vs. AIPO - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than AIPO's 0.69% expense ratio.

Dividends

FRNW vs. AIPO - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.13%, more than AIPO's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021
AIPO Defiance AI & Power Infrastructure ETF	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
FRNW Fidelity Clean Energy ETF	1.13%	1.25%	1.43%	1.30%	0.69%	0.04%

Frequently Asked Questions

Can I hold both FRNW and AIPO in my portfolio?

FRNW and AIPO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FRNW or AIPO?

On fees, FRNW is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRNW or AIPO?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.69% for AIPO.

Which ETF pays a higher dividend yield, FRNW or AIPO?

FRNW has the higher dividend yield at 1.13%, compared with 0.01% for AIPO.

What is the main difference between FRNW and AIPO?

FRNW is categorized as Alternative Energy Equities, while AIPO is Building & Construction. They also come from different issuers: Fidelity and Defiance. Their fees differ too: 0.39% for FRNW and 0.69% for AIPO.