FRNW vs. OUNZ

Last updated Jun 16, 2026

FRNW (Fidelity Clean Energy ETF) and OUNZ (VanEck Merk Gold Trust) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while OUNZ is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). FRNW is actively managed, while OUNZ is passively managed. Over the past 3 years, FRNW returned 6.49%/yr vs 29.89%/yr for OUNZ. At a 0.24 correlation, their price movements are largely independent. FRNW charges 0.39%/yr vs 0.25%/yr for OUNZ.

Performance

FRNW vs. OUNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and VanEck Merk Gold Trust (OUNZ). 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 OUNZ's 0.07% return.

FRNW

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

OUNZ

• 1D: 2.54%
• 1M: -5.03%
• YTD: 0.07%
• 6M: 0.22%
• 1Y: 25.45%
• 3Y*: 29.89%
• 5Y*: 18.45%
• 10Y*: 12.42%

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

FRNW vs. OUNZ - 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%
OUNZ VanEck Merk Gold Trust	0.07%	63.95%	26.75%	12.83%	-0.51%	3.58%

Correlation

The correlation between FRNW and OUNZ is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.24

Return for Risk

FRNW vs. OUNZ — 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

OUNZ

OUNZ Risk / Return Rank: 27
OUNZ Sharpe Ratio Rank: 29
OUNZ Sortino Ratio Rank: 26
OUNZ Omega Ratio Rank: 31
OUNZ Calmar Ratio Rank: 24
OUNZ Martin Ratio Rank: 24

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. OUNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and VanEck Merk Gold Trust (OUNZ). 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	OUNZ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	0.94	+1.43
Sortino ratio: Return per unit of downside risk	2.98	1.31	+1.67
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio: Return relative to maximum drawdown	4.50	1.05	+3.45
Martin ratio: Return relative to average drawdown	15.55	3.00	+12.55

FRNW vs. OUNZ - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 2.37, which is higher than the OUNZ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of FRNW and OUNZ, 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. OUNZ - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than OUNZ's maximum drawdown of -24.36%. Use the drawdown chart below to compare losses from any high point for FRNW and OUNZ.

Drawdown Indicators

	FRNW	OUNZ	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-24.36%	-35.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-24.36%	+10.16%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-24.36%	-20.78%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.36%	—
Current Drawdown Current decline from peak	-10.73%	-20.00%	+9.27%
Average Drawdown Average peak-to-trough decline	-33.15%	-7.60%	-25.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	8.54%	-4.44%

Volatility

FRNW vs. OUNZ - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.63% compared to VanEck Merk Gold Trust (OUNZ) at 8.30%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than OUNZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	OUNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	8.30%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	24.01%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	26.98%	27.27%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.51%	18.17%	+10.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.51%	16.11%	+12.40%

FRNW vs. OUNZ - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is higher than OUNZ's 0.25% expense ratio.

Dividends

FRNW vs. OUNZ - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.02%, while OUNZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.02%	1.25%	1.43%	1.30%	0.69%	0.04%
OUNZ VanEck Merk Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRNW and OUNZ in my portfolio?

FRNW and OUNZ have a correlation of 0.31, 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 OUNZ?

FRNW has higher volatility (10.63%) compared to OUNZ (8.30%). In terms of maximum drawdown, FRNW dropped -59.37% vs OUNZ's -24.36%.

Which ETF is better, FRNW or OUNZ?

On 3-year performance, OUNZ leads with 29.89% vs 6.49% for FRNW. On fees, OUNZ is cheaper at 0.25% per year. On volatility, OUNZ has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or OUNZ?

Over the 3-year period, OUNZ has performed better with a 29.89% 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 OUNZ?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.39% for FRNW.

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

FRNW has the higher dividend yield at 1.02%, compared with 0.00% for OUNZ.

What is the main difference between FRNW and OUNZ?

FRNW is categorized as Alternative Energy Equities, while OUNZ is Precious Metals. They also come from different issuers: Fidelity and Merk. Their fees differ too: 0.39% for FRNW and 0.25% for OUNZ.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.37 vs 0.94), 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.