FRNW vs. JEPQ

Last updated Jun 16, 2026

FRNW (Fidelity Clean Energy ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. FRNW is actively managed, while JEPQ is passively managed. Over the past 3 years, FRNW returned 6.49%/yr vs 20.72%/yr for JEPQ. A 0.55 correlation means they provide meaningful diversification when combined. FRNW charges 0.39%/yr vs 0.35%/yr for JEPQ.

Performance

FRNW vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNW achieves a 23.62% return, which is significantly higher than JEPQ's 10.23% return.

FRNW

• 1D: 0.40%
• 1M: -4.24%
• YTD: 23.62%
• 6M: 23.50%
• 1Y: 63.53%
• 3Y*: 6.49%
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 2.21%
• 1M: 3.31%
• YTD: 10.23%
• 6M: 11.56%
• 1Y: 29.39%
• 3Y*: 20.72%
• 5Y*: —
• 10Y*: —

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

FRNW vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FRNW Fidelity Clean Energy ETF	23.62%	53.20%	-21.11%	-19.64%	1.78%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between FRNW and JEPQ is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.55

The correlation between FRNW and JEPQ shifts across timeframes, from 0.49 (3 years) to 0.62 (1 year), reflecting how their relationship changes across market environments.

FRNW vs. JEPQ - Sectors Allocation Comparison

Sectors	FRNW	JEPQ
Utilities	42.5%	1.1%
Industrials	28.7%	2.8%
Energy	22.5%	0.3%
Technology	6.0%	58.9%
Basic Materials	-	0.9%
Communication Services	-	13.9%
Consumer Cyclical	-	11.8%
Consumer Defensive	-	6.0%
Financial Services	-	0.3%
Healthcare	-	3.9%
Real Estate	-	0.2%

Return for Risk

FRNW vs. JEPQ — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 79
FRNW Sharpe Ratio Rank: 82
FRNW Sortino Ratio Rank: 73
FRNW Omega Ratio Rank: 69
FRNW Calmar Ratio Rank: 87
FRNW Martin Ratio Rank: 84

JEPQ

JEPQ Risk / Return Rank: 81
JEPQ Sharpe Ratio Rank: 81
JEPQ Sortino Ratio Rank: 77
JEPQ Omega Ratio Rank: 85
JEPQ Calmar Ratio Rank: 73
JEPQ Martin Ratio Rank: 86

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. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.31	+0.06
Sortino ratio: Return per unit of downside risk	2.98	3.06	-0.08
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	4.50	3.35	+1.15
Martin ratio: Return relative to average drawdown	15.55	15.94	-0.39

FRNW vs. JEPQ - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 2.37, which is comparable to the JEPQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FRNW and JEPQ, 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. JEPQ - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FRNW and JEPQ.

Drawdown Indicators

	FRNW	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-20.07%	-39.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-8.82%	-5.38%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-20.07%	-25.07%
Current Drawdown Current decline from peak	-10.73%	0.00%	-10.73%
Average Drawdown Average peak-to-trough decline	-33.15%	-3.41%	-29.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	1.85%	+2.25%

Volatility

FRNW vs. JEPQ - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.63% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.42%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	5.42%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	10.44%	+9.15%
Volatility (1Y) Calculated over the trailing 1-year period	26.98%	12.78%	+14.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.51%	16.76%	+11.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.51%	16.76%	+11.75%

FRNW vs. JEPQ - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FRNW vs. JEPQ - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.02%, less than JEPQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.02%	1.25%	1.43%	1.30%	0.69%	0.04%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	10.53%	9.65%	10.03%	9.44%	0.00%

Frequently Asked Questions

Can I hold both FRNW and JEPQ in my portfolio?

FRNW and JEPQ have a correlation of 0.62, 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 JEPQ?

FRNW has higher volatility (10.63%) compared to JEPQ (5.42%). In terms of maximum drawdown, FRNW dropped -59.37% vs JEPQ's -20.07%.

Which ETF is better, FRNW or JEPQ?

On 3-year performance, JEPQ leads with 20.72% vs 6.49% for FRNW. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.72% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRNW or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.39% for FRNW.

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

JEPQ has the higher dividend yield at 10.00%, compared with 1.02% for FRNW.

What is the main difference between FRNW and JEPQ?

FRNW is categorized as Alternative Energy Equities, while JEPQ is Nasdaq-100. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.39% for FRNW and 0.35% for JEPQ.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.37 vs 2.31), 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.