FRNW vs. PBW

Last updated Jul 18, 2026

FRNW (Fidelity Clean Energy ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while PBW is a Small Cap Growth Equities fund tracking the The WilderHill Clean Energy Index (AMEX). FRNW is actively managed, while PBW is passively managed. Over the past 3 years, FRNW returned 3.65%/yr vs -6.88%/yr for PBW. Their correlation of 0.84 suggests significant overlap in exposure. FRNW charges 0.39%/yr vs 0.61%/yr for PBW.

Performance

FRNW vs. PBW - Performance Comparison

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

Returns By Period

In the year-to-date period, FRNW achieves a 13.47% return, which is significantly higher than PBW's 10.08% return.

FRNW

• 1D: 0.09%
• 1M: -5.57%
• 6M: 5.52%
• YTD: 13.47%
• 1Y: 40.44%
• 3Y*: 3.65%
• 5Y*: —
• 10Y*: —

PBW

• 1D: -0.12%
• 1M: -16.00%
• 6M: -4.79%
• YTD: 10.08%
• 1Y: 43.22%
• 3Y*: -6.88%
• 5Y*: -14.13%
• 10Y*: 7.48%

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

FRNW vs. PBW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	13.47%	53.20%	-21.11%	-19.64%	-11.46%	-2.52%
PBW Invesco WilderHill Clean Energy ETF	10.08%	53.96%	-30.77%	-20.03%	-44.55%	-1.67%

Correlation

The correlation between FRNW and PBW is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.84

The correlation between FRNW and PBW has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

FRNW vs. PBW - Sectors Allocation Comparison

Sectors	FRNW	PBW
Utilities	46.1%	8.4%
Industrials	26.5%	28.0%
Energy	21.1%	12.9%
Technology	5.3%	9.9%
Basic Materials	-	13.5%
Communication Services	-	-
Consumer Cyclical	-	12.7%
Consumer Defensive	-	1.6%
Financial Services	-	1.3%
Healthcare	-	-
Real Estate	-	-

Return for Risk

FRNW vs. PBW — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 53
FRNW Sharpe Ratio Rank: 55
FRNW Sortino Ratio Rank: 52
FRNW Omega Ratio Rank: 47
FRNW Calmar Ratio Rank: 58
FRNW Martin Ratio Rank: 52

PBW

PBW Risk / Return Rank: 34
PBW Sharpe Ratio Rank: 34
PBW Sortino Ratio Rank: 34
PBW Omega Ratio Rank: 32
PBW Calmar Ratio Rank: 36
PBW Martin Ratio Rank: 35

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. PBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Invesco WilderHill Clean Energy ETF (PBW). 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	PBW	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.00	+0.48
Sortino ratio: Return per unit of downside risk	2.05	1.51	+0.54
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.06
Calmar ratio: Return relative to maximum drawdown	2.31	1.52	+0.79
Martin ratio: Return relative to average drawdown	7.01	4.25	+2.76

FRNW vs. PBW - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 1.49, which is higher than the PBW Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of FRNW and PBW, 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. PBW - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for FRNW and PBW.

Drawdown Indicators

	FRNW	PBW	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-89.02%	+29.65%
Max Drawdown (1Y) Largest decline over 1 year	-17.58%	-28.53%	+10.95%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-67.96%	+22.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.02%	—
Current Drawdown Current decline from peak	-18.06%	-72.26%	+54.20%
Average Drawdown Average peak-to-trough decline	-32.82%	-62.93%	+30.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.78%	10.20%	-4.42%

Volatility

FRNW vs. PBW - Volatility Comparison

The current volatility for Fidelity Clean Energy ETF (FRNW) is 9.05%, while Invesco WilderHill Clean Energy ETF (PBW) has a volatility of 13.43%. This indicates that FRNW experiences smaller price fluctuations and is considered to be less risky than PBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	PBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.05%	13.43%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	20.49%	32.32%	-11.83%
Volatility (1Y) Calculated over the trailing 1-year period	27.36%	43.37%	-16.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.55%	43.52%	-14.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	39.11%	-10.56%

FRNW vs. PBW - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than PBW's 0.61% expense ratio.

Dividends

FRNW vs. PBW - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.21%, less than PBW's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRNW Fidelity Clean Energy ETF	1.21%	1.25%	1.43%	1.30%	0.69%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBW Invesco WilderHill Clean Energy ETF	1.41%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%

Frequently Asked Questions

Can I hold both FRNW and PBW in my portfolio?

FRNW and PBW have a correlation of 0.82, 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 PBW?

PBW has higher volatility (13.43%) compared to FRNW (9.05%). In terms of maximum drawdown, FRNW dropped -59.37% vs PBW's -89.02%.

Which ETF is better, FRNW or PBW?

On 3-year performance, FRNW leads with 3.65% vs -6.88% for PBW. On fees, FRNW is cheaper at 0.39% per year. On volatility, FRNW has been the lower-risk option at 9.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or PBW?

Over the 3-year period, FRNW has performed better with a 3.65% return vs -6.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRNW or PBW?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.61% for PBW.

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

PBW has the higher dividend yield at 1.41%, compared with 1.21% for FRNW.

What is the main difference between FRNW and PBW?

FRNW is categorized as Alternative Energy Equities, while PBW is Small Cap Growth Equities. They also come from different issuers: Fidelity and Invesco. Their fees differ too: 0.39% for FRNW and 0.61% for PBW.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (1.49 vs 1.00), 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.