FRNW vs. RAYS

Last updated Apr 2, 2026

Compare and contrast key facts about Fidelity Clean Energy ETF (FRNW) and Global X Solar ETF (RAYS).

FRNW and RAYS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FRNW is an actively managed fund by Fidelity. It was launched on Oct 5, 2021. RAYS is a passively managed fund by Global X that tracks the performance of the Solactive Solar Index. It was launched on Sep 8, 2021.

Performance

FRNW vs. RAYS - Performance Comparison

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

FRNW vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
FRNW Fidelity Clean Energy ETF	1.60%
RAYS Global X Solar ETF	0.00%

Returns By Period

FRNW

• 1D: 0.43%
• 1M: 0.89%
• YTD: 14.35%
• 6M: 15.90%
• 1Y: 81.48%
• 3Y*: 2.60%
• 5Y*: —
• 10Y*: —

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FRNW vs. RAYS - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than RAYS's 0.50% expense ratio.

RAYS

Global X Solar ETF

FRNW

Fidelity Clean Energy ETF

Return for Risk

FRNW vs. RAYS — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 97
FRNW Sharpe Ratio Rank: 97
FRNW Sortino Ratio Rank: 97
FRNW Omega Ratio Rank: 95
FRNW Calmar Ratio Rank: 98
FRNW Martin Ratio Rank: 97

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. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Global X Solar ETF (RAYS). 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.

	FRNW	RAYS	Difference
Sharpe ratio Return per unit of total volatility	3.02	—	—
Sortino ratio Return per unit of downside risk	3.64	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	7.20	—	—
Martin ratio Return relative to average drawdown	21.15	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FRNW	RAYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	—	—

Dividends

FRNW vs. RAYS - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.10%, while RAYS has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.10%	1.25%	1.43%	1.30%	0.69%	0.04%
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

FRNW vs. RAYS - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for FRNW and RAYS.

Drawdown Indicators

	FRNW	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	0.00%	-59.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	—	—
Current Drawdown Current decline from peak	-17.42%	0.00%	-17.42%
Average Drawdown Average peak-to-trough decline	-34.23%	0.00%	-34.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	—	—

Volatility

Volatility by Period

	FRNW	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.10%	0.00%	+27.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.45%	0.00%	+28.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	0.00%	+28.45%