FRNW vs. RAYS

Last updated Jun 4, 2026

FRNW (Fidelity Clean Energy ETF) and RAYS (Global X Solar ETF) are both Alternative Energy Equities funds. FRNW is actively managed, while RAYS is passively managed. FRNW charges 0.39%/yr vs 0.50%/yr for RAYS.

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.

Returns By Period

FRNW

• 1D: -1.91%
• 1M: 7.89%
• YTD: 34.11%
• 6M: 34.18%
• 1Y: 86.03%
• 3Y*: 10.12%
• 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 - Yearly Performance Comparison

	2026 (YTD)
FRNW Fidelity Clean Energy ETF	19.15%
RAYS Global X Solar ETF	0.00%

FRNW vs. RAYS - Sectors Allocation Comparison

Sectors	FRNW	RAYS
Utilities	43.3%	6.8%
Industrials	30.1%	21.4%
Energy	21.0%	-
Technology	5.5%	66.9%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	4.0%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

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: 90
FRNW Sharpe Ratio Rank: 92
FRNW Sortino Ratio Rank: 88
FRNW Omega Ratio Rank: 83
FRNW Calmar Ratio Rank: 94
FRNW Martin Ratio Rank: 92

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	3.39	—	—
Sortino ratio Return per unit of downside risk	4.06	—	—
Omega ratio Gain probability vs. loss probability	1.51	—	—
Calmar ratio Return relative to maximum drawdown	7.47	—	—
Martin ratio Return relative to average drawdown	23.29	—	—
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	3.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	—	—

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%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.27%	—	—
Current Drawdown Current decline from peak	-3.15%	0.00%	-3.15%
Average Drawdown Average peak-to-trough decline	-33.33%	0.00%	-33.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	—	—

Volatility

Volatility by Period

	FRNW	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.61%	0.00%	+25.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.35%	0.00%	+28.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.35%	0.00%	+28.35%

FRNW vs. RAYS - Expense Ratio Comparison

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

Dividends

FRNW vs. RAYS - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 0.94%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	0.94%	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%

Frequently Asked Questions

Which ETF is better, FRNW or RAYS?

On fees, FRNW is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FRNW or RAYS?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.50% for RAYS.

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

FRNW has the higher dividend yield at 0.94%, compared with 0.00% for RAYS.

What is the main difference between FRNW and RAYS?

They also come from different issuers: Fidelity and Global X. Their fees differ too: 0.39% for FRNW and 0.50% for RAYS.