FRNW vs. GEV

Last updated Jun 4, 2026

FRNW (Fidelity Clean Energy ETF) is Alternative Energy Equities fund actively managed by Fidelity, while GEV (GE Vernova Inc.) is a stock. Over the past year, FRNW returned 86.03% vs 95.04% for GEV. At a 0.43 correlation, their price movements are largely independent.

Performance

FRNW vs. GEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and GE Vernova Inc. (GEV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNW achieves a 34.11% return, which is significantly lower than GEV's 46.98% return.

FRNW

• 1D: -1.91%
• 1M: 7.89%
• YTD: 34.11%
• 6M: 34.18%
• 1Y: 86.03%
• 3Y*: 10.12%
• 5Y*: —
• 10Y*: —

GEV

• 1D: -1.06%
• 1M: -10.67%
• YTD: 46.98%
• 6M: 59.58%
• 1Y: 95.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRNW vs. GEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FRNW Fidelity Clean Energy ETF	34.11%	53.20%	-8.73%
GEV GE Vernova Inc.	46.98%	99.02%	150.80%

Correlation

The correlation between FRNW and GEV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.43

Return for Risk

FRNW vs. GEV — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 90
FRNW Sharpe Ratio Rank: 92
FRNW Sortino Ratio Rank: 88
FRNW Omega Ratio Rank: 83
FRNW Calmar Ratio Rank: 94
FRNW Martin Ratio Rank: 92

GEV

GEV Risk / Return Rank: 87
GEV Sharpe Ratio Rank: 87
GEV Sortino Ratio Rank: 85
GEV Omega Ratio Rank: 83
GEV Calmar Ratio Rank: 92
GEV 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.

FRNW vs. GEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and GE Vernova Inc. (GEV). 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.

	FRNW	GEV	Difference
Sharpe ratio Return per unit of total volatility	3.39	1.97	+1.42
Sortino ratio Return per unit of downside risk	4.06	2.75	+1.31
Omega ratio Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio Return relative to maximum drawdown	7.47	5.46	+2.01
Martin ratio Return relative to average drawdown	23.29	12.49	+10.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRNW vs. GEV - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 3.39, which is higher than the GEV Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FRNW and GEV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FRNW	GEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.39	1.97	+1.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	2.85	-2.76

Drawdowns

FRNW vs. GEV - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than GEV's maximum drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for FRNW and GEV.

Drawdown Indicators

	FRNW	GEV	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-38.29%	-21.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-17.51%	+5.93%
Max Drawdown (3Y) Largest decline over 3 years	-45.27%	—	—
Current Drawdown Current decline from peak	-3.15%	-16.54%	+13.39%
Average Drawdown Average peak-to-trough decline	-33.33%	-6.84%	-26.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	7.64%	-3.93%

Volatility

FRNW vs. GEV - Volatility Comparison

The current volatility for Fidelity Clean Energy ETF (FRNW) is 8.16%, while GE Vernova Inc. (GEV) has a volatility of 12.57%. This indicates that FRNW experiences smaller price fluctuations and is considered to be less risky than GEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	GEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.16%	12.57%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	17.79%	36.64%	-18.85%
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	48.57%	-22.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.35%	52.85%	-24.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.35%	52.85%	-24.50%

Dividends

FRNW vs. GEV - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 0.94%, more than GEV's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	0.94%	1.25%	1.43%	1.30%	0.69%	0.04%
GEV GE Vernova Inc.	0.16%	0.11%	0.08%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRNW and GEV in my portfolio?

FRNW and GEV have a correlation of 0.47, 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 GEV?

GEV has higher volatility (12.57%) compared to FRNW (8.16%). In terms of maximum drawdown, FRNW dropped -59.37% vs GEV's -38.29%.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (3.39 vs 1.97), 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.