FRNW vs. FAN

Last updated Jun 24, 2026

FRNW (Fidelity Clean Energy ETF) and FAN (First Trust Global Wind Energy ETF) are both Alternative Energy Equities funds. FRNW is actively managed, while FAN is passively managed. Over the past 3 years, FRNW returned 7.81%/yr vs 14.67%/yr for FAN. Their correlation of 0.83 suggests significant overlap in exposure. FRNW charges 0.39%/yr vs 0.62%/yr for FAN.

Performance

FRNW vs. FAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and First Trust Global Wind Energy ETF (FAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with FRNW having a 20.76% return and FAN slightly lower at 20.47%.

FRNW

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

FAN

• 1D: -2.65%
• 1M: -5.81%
• YTD: 20.47%
• 6M: 20.15%
• 1Y: 38.86%
• 3Y*: 14.67%
• 5Y*: 4.21%
• 10Y*: 9.88%

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

FRNW vs. FAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	20.76%	53.20%	-21.11%	-19.64%	-11.46%	-2.52%
FAN First Trust Global Wind Energy ETF	20.47%	40.38%	-8.96%	-3.20%	-13.12%	-0.60%

Correlation

The correlation between FRNW and FAN is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.83

The correlation between FRNW and FAN has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

FRNW vs. FAN - Sectors Allocation Comparison

Sectors	FRNW	FAN
Utilities	45.2%	55.7%
Industrials	28.3%	41.3%
Energy	20.5%	1.1%
Technology	5.7%	-
Basic Materials	-	0.3%
Communication Services	-	-
Consumer Cyclical	-	1.7%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

FRNW vs. FAN — 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

FAN

FAN Risk / Return Rank: 63
FAN Sharpe Ratio Rank: 61
FAN Sortino Ratio Rank: 57
FAN Omega Ratio Rank: 55
FAN Calmar Ratio Rank: 73
FAN Martin Ratio Rank: 67

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. FAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and First Trust Global Wind Energy ETF (FAN). 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	FAN	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.91	+0.47
Sortino ratio: Return per unit of downside risk	3.03	2.57	+0.46
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	4.52	3.51	+1.01
Martin ratio: Return relative to average drawdown	14.82	11.64	+3.18

FRNW vs. FAN - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 2.39, which is comparable to the FAN Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FRNW and FAN, 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

FRNW vs. FAN - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, smaller than the maximum FAN drawdown of -79.94%. Use the drawdown chart below to compare losses from any high point for FRNW and FAN.

Drawdown Indicators

	FRNW	FAN	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-79.94%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-11.13%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-24.46%	-20.68%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.29%	—
Current Drawdown Current decline from peak	-12.80%	-9.44%	-3.36%
Average Drawdown Average peak-to-trough decline	-33.06%	-45.08%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	3.35%	+0.97%

Volatility

FRNW vs. FAN - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.92% compared to First Trust Global Wind Energy ETF (FAN) at 6.87%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than FAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	FAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	6.87%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	19.84%	15.93%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	26.88%	20.41%	+6.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.55%	21.42%	+7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	20.96%	+7.59%

FRNW vs. FAN - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than FAN's 0.62% expense ratio.

Dividends

FRNW vs. FAN - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.13%, more than FAN's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAN First Trust Global Wind Energy ETF	1.03%	1.35%	1.52%	1.71%	1.50%	1.79%	0.84%	2.42%	2.67%	2.59%	6.04%	2.35%
FRNW Fidelity Clean Energy ETF	1.13%	1.25%	1.43%	1.30%	0.69%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRNW and FAN in my portfolio?

FRNW and FAN have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRNW or FAN?

FRNW has higher volatility (10.92%) compared to FAN (6.87%). In terms of maximum drawdown, FRNW dropped -59.37% vs FAN's -79.94%.

Which ETF is better, FRNW or FAN?

On 3-year performance, FAN leads with 14.67% vs 7.81% for FRNW. On fees, FRNW is cheaper at 0.39% per year. On volatility, FAN has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or FAN?

Over the 3-year period, FAN has performed better with a 14.67% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRNW or FAN?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.62% for FAN.

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

FRNW has the higher dividend yield at 1.13%, compared with 1.03% for FAN.

What is the main difference between FRNW and FAN?

They also come from different issuers: Fidelity and First Trust. Their fees differ too: 0.39% for FRNW and 0.62% for FAN.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.39 vs 1.91), 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.