FRNW vs. IYZ
FRNW (Fidelity Clean Energy ETF) and IYZ (iShares U.S. Telecommunications ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while IYZ is a Communications Equities fund tracking the Dow Jones U.S. Select Telecommunications Index. FRNW is actively managed, while IYZ is passively managed. Over the past 3 years, FRNW returned 6.49%/yr vs 27.64%/yr for IYZ. A 0.52 correlation means they provide meaningful diversification when combined. FRNW charges 0.39%/yr vs 0.42%/yr for IYZ.
Performance
FRNW vs. IYZ - Performance Comparison
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Returns By Period
In the year-to-date period, FRNW achieves a 23.62% return, which is significantly lower than IYZ's 28.55% return.
FRNW
- 1D
- 0.40%
- 1M
- -4.24%
- YTD
- 23.62%
- 6M
- 23.50%
- 1Y
- 63.53%
- 3Y*
- 6.49%
- 5Y*
- —
- 10Y*
- —
IYZ
- 1D
- -0.79%
- 1M
- 1.50%
- YTD
- 28.55%
- 6M
- 31.94%
- 1Y
- 57.01%
- 3Y*
- 27.64%
- 5Y*
- 7.66%
- 10Y*
- 5.71%
FRNW vs. IYZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FRNW Fidelity Clean Energy ETF | 23.62% | 53.20% | -21.11% | -19.64% | -11.46% | -2.52% |
IYZ iShares U.S. Telecommunications ETF | 28.55% | 29.28% | 20.53% | 3.90% | -30.29% | 1.27% |
Correlation
The correlation between FRNW and IYZ is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021 | 0.52 |
The correlation between FRNW and IYZ has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.
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Return for Risk
FRNW vs. IYZ — Risk / Return Rank
FRNW
IYZ
FRNW vs. IYZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and iShares U.S. Telecommunications ETF (IYZ). 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 | IYZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.53 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 4.50 | 6.65 | -2.15 |
| Martin ratioReturn relative to average drawdown | 15.55 | 26.10 | -10.55 |
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Drawdowns
FRNW vs. IYZ - Drawdown Comparison
The maximum FRNW drawdown since its inception was -59.37%, smaller than the maximum IYZ drawdown of -77.11%. Use the drawdown chart below to compare losses from any high point for FRNW and IYZ.
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Drawdown Indicators
| FRNW | IYZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.37% | -77.11% | +17.74% |
Max Drawdown (1Y)Largest decline over 1 year | -14.20% | -8.62% | -5.58% |
Max Drawdown (3Y)Largest decline over 3 years | -45.14% | -13.85% | -31.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.74% | — |
Current DrawdownCurrent decline from peak | -10.73% | -5.52% | -5.21% |
Average DrawdownAverage peak-to-trough decline | -33.15% | -40.09% | +6.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.10% | 2.19% | +1.91% |
Volatility
FRNW vs. IYZ - Volatility Comparison
Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.63% compared to iShares U.S. Telecommunications ETF (IYZ) at 8.04%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than IYZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRNW | IYZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.63% | 8.04% | +2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 19.59% | 15.62% | +3.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.98% | 18.64% | +8.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.51% | 18.89% | +9.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.51% | 19.31% | +9.20% |
FRNW vs. IYZ - Expense Ratio Comparison
FRNW has a 0.39% expense ratio, which is lower than IYZ's 0.42% expense ratio.
Dividends
FRNW vs. IYZ - Dividend Comparison
FRNW's dividend yield for the trailing twelve months is around 1.02%, less than IYZ's 1.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRNW Fidelity Clean Energy ETF | 1.02% | 1.25% | 1.43% | 1.30% | 0.69% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IYZ iShares U.S. Telecommunications ETF | 1.91% | 2.04% | 1.94% | 2.27% | 2.55% | 2.51% | 2.60% | 2.36% | 2.15% | 3.54% | 2.27% | 1.98% |
Frequently Asked Questions
FRNW and IYZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRNW has higher volatility (10.63%) compared to IYZ (8.04%). In terms of maximum drawdown, FRNW dropped -59.37% vs IYZ's -77.11%.
On 3-year performance, IYZ leads with 27.64% vs 6.49% for FRNW. On fees, FRNW is cheaper at 0.39% per year. On volatility, IYZ has been the lower-risk option at 8.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IYZ has performed better with a 27.64% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRNW is cheaper with a 0.39% expense ratio, compared with 0.42% for IYZ.
IYZ has the higher dividend yield at 1.91%, compared with 1.02% for FRNW.
FRNW is categorized as Alternative Energy Equities, while IYZ is Communications Equities. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.39% for FRNW and 0.42% for IYZ.
IYZ currently has the higher Sharpe Ratio (3.08 vs 2.37), 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.
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