FRNW vs. RDIV

Last updated Jun 16, 2026

FRNW (Fidelity Clean Energy ETF) and RDIV (Invesco S&P Ultra Dividend Revenue ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while RDIV is a Mid Cap Value Equities fund tracking the S&P 900 Dividend Revenue-Weighted Index. FRNW is actively managed, while RDIV is passively managed. Over the past 3 years, FRNW returned 6.49%/yr vs 18.46%/yr for RDIV. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.39% expense ratio.

Performance

FRNW vs. RDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and Invesco S&P Ultra Dividend Revenue ETF (RDIV). 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 RDIV's 14.73% return.

FRNW

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

RDIV

• 1D: -1.73%
• 1M: 5.67%
• YTD: 14.73%
• 6M: 12.64%
• 1Y: 29.81%
• 3Y*: 18.46%
• 5Y*: 10.99%
• 10Y*: 11.04%

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

FRNW vs. RDIV - 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%
RDIV Invesco S&P Ultra Dividend Revenue ETF	14.73%	12.36%	15.17%	4.66%	7.16%	6.47%

Correlation

The correlation between FRNW and RDIV is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.46

Over the past year, the correlation between FRNW and RDIV has dropped to 0.24 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

FRNW vs. RDIV - Sectors Allocation Comparison

Sectors	FRNW	RDIV
Utilities	42.5%	6.2%
Industrials	28.7%	-
Energy	22.5%	17.3%
Technology	6.0%	6.2%
Basic Materials	-	0.5%
Communication Services	-	8.8%
Consumer Cyclical	-	15.0%
Consumer Defensive	-	14.6%
Financial Services	-	17.8%
Healthcare	-	6.8%
Real Estate	-	7.3%

Return for Risk

FRNW vs. RDIV — 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

RDIV

RDIV Risk / Return Rank: 84
RDIV Sharpe Ratio Rank: 78
RDIV Sortino Ratio Rank: 83
RDIV Omega Ratio Rank: 74
RDIV Calmar Ratio Rank: 94
RDIV Martin Ratio Rank: 89

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. RDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Invesco S&P Ultra Dividend Revenue ETF (RDIV). 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	RDIV	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.26	+0.11
Sortino ratio: Return per unit of downside risk	2.98	3.33	-0.35
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	4.50	6.18	-1.68
Martin ratio: Return relative to average drawdown	15.55	18.36	-2.81

FRNW vs. RDIV - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 2.37, which is comparable to the RDIV Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of FRNW and RDIV, 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. RDIV - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than RDIV's maximum drawdown of -49.97%. Use the drawdown chart below to compare losses from any high point for FRNW and RDIV.

Drawdown Indicators

	FRNW	RDIV	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-49.97%	-9.40%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-4.84%	-9.36%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-17.91%	-27.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.97%	—
Current Drawdown Current decline from peak	-10.73%	-1.73%	-9.00%
Average Drawdown Average peak-to-trough decline	-33.15%	-5.85%	-27.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.10%	1.63%	+2.47%

Volatility

FRNW vs. RDIV - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.63% compared to Invesco S&P Ultra Dividend Revenue ETF (RDIV) at 4.07%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than RDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	RDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.63%	4.07%	+6.56%
Volatility (6M) Calculated over the trailing 6-month period	19.59%	8.83%	+10.76%
Volatility (1Y) Calculated over the trailing 1-year period	26.98%	13.26%	+13.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.51%	17.56%	+10.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.51%	21.90%	+6.61%

FRNW vs. RDIV - Expense Ratio Comparison

Both FRNW and RDIV have an expense ratio of 0.39%.

Dividends

FRNW vs. RDIV - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.02%, less than RDIV's 3.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRNW Fidelity Clean Energy ETF	1.02%	1.25%	1.43%	1.30%	0.69%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RDIV Invesco S&P Ultra Dividend Revenue ETF	3.57%	3.94%	4.08%	3.93%	3.44%	3.31%	4.93%	3.84%	4.32%	4.26%	2.20%	4.49%

Frequently Asked Questions

Can I hold both FRNW and RDIV in my portfolio?

FRNW and RDIV have a correlation of 0.24, 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 RDIV?

FRNW has higher volatility (10.63%) compared to RDIV (4.07%). In terms of maximum drawdown, FRNW dropped -59.37% vs RDIV's -49.97%.

Which ETF is better, FRNW or RDIV?

On 3-year performance, RDIV leads with 18.46% vs 6.49% for FRNW. Both ETFs have the same 0.39% expense ratio. On volatility, RDIV has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or RDIV?

Over the 3-year period, RDIV has performed better with a 18.46% 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 RDIV?

FRNW and RDIV have the same expense ratio: 0.39% per year.

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

RDIV has the higher dividend yield at 3.57%, compared with 1.02% for FRNW.

What is the main difference between FRNW and RDIV?

FRNW is categorized as Alternative Energy Equities, while RDIV is Mid Cap Value Equities. They also come from different issuers: Fidelity and Invesco.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.37 vs 2.26), 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.