FRNW vs. HJEN

Last updated Jun 24, 2026

FRNW (Fidelity Clean Energy ETF) and HJEN (Direxion Hydrogen ETF) are both Alternative Energy Equities funds. FRNW is actively managed, while HJEN is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. FRNW charges 0.39%/yr vs 0.45%/yr for HJEN.

Performance

FRNW vs. HJEN - Performance Comparison

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

Returns By Period

FRNW

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

HJEN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRNW vs. HJEN - 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%
HJEN Direxion Hydrogen ETF	0.00%	0.00%	-10.90%	-8.69%	-33.27%	7.31%

Correlation

The correlation between FRNW and HJEN is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.63

The correlation between FRNW and HJEN shifts across timeframes, from 0.44 (3 years) to 0.63 (all time), reflecting how their relationship changes across market environments.

FRNW vs. HJEN - Sectors Allocation Comparison

Sectors	FRNW	HJEN
Utilities	45.2%	-
Industrials	28.3%	31.7%
Energy	20.5%	8.3%
Technology	5.7%	7.6%
Basic Materials	-	9.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	3.3%
Healthcare	-	-
Real Estate	-	-

Return for Risk

FRNW vs. HJEN — 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

HJEN

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. HJEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Direxion Hydrogen ETF (HJEN). 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	HJEN	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

Drawdown Indicators

	FRNW	HJEN	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	—	—
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%	—	—
Average Drawdown Average peak-to-trough decline	-33.06%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	—	—

Volatility

Volatility by Period

	FRNW	HJEN	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%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.55%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	—	—

FRNW vs. HJEN - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than HJEN's 0.45% expense ratio.

Dividends

FRNW vs. HJEN - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.13%, while HJEN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.13%	1.25%	1.43%	1.30%	0.69%	0.04%
HJEN Direxion Hydrogen ETF	0.00%	0.00%	0.91%	1.50%	1.24%	0.76%

Frequently Asked Questions

Can I hold both FRNW and HJEN in my portfolio?

FRNW and HJEN have a correlation of 0.63, 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 HJEN?

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 HJEN?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.45% for HJEN.

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

FRNW has the higher dividend yield at 1.13%, compared with 0.00% for HJEN.

What is the main difference between FRNW and HJEN?

They also come from different issuers: Fidelity and Direxion. Their fees differ too: 0.39% for FRNW and 0.45% for HJEN.