FRNW vs. UGA

Last updated Jun 24, 2026

FRNW (Fidelity Clean Energy ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. FRNW is actively managed, while UGA is passively managed. Over the past 3 years, FRNW returned 7.81%/yr vs 18.95%/yr for UGA. At a 0.07 correlation, their price movements are largely independent. FRNW charges 0.39%/yr vs 0.75%/yr for UGA.

Performance

FRNW vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNW achieves a 20.76% return, which is significantly lower than UGA's 64.09% return.

FRNW

• 1D: -3.60%
• 1M: -8.48%
• YTD: 20.76%
• 6M: 19.11%
• 1Y: 63.79%
• 3Y*: 7.81%
• 5Y*: —
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

FRNW vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	20.76%	53.20%	-21.11%	-19.64%	-11.46%	-2.52%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	46.34%	1.44%

Correlation

The correlation between FRNW and UGA is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.07

The correlation between FRNW and UGA shifts across timeframes, from -0.13 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FRNW vs. UGA — Risk / Return Rank

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

FRNW

FRNW Risk / Return Rank: 76
FRNW Sharpe Ratio Rank: 79
FRNW Sortino Ratio Rank: 71
FRNW Omega Ratio Rank: 65
FRNW Calmar Ratio Rank: 86
FRNW Martin Ratio Rank: 79

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.73	+0.66
Sortino ratio: Return per unit of downside risk	3.03	2.25	+0.78
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	4.52	3.17	+1.35
Martin ratio: Return relative to average drawdown	14.82	9.39	+5.43

FRNW vs. UGA - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 2.39, which is higher than the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of FRNW and UGA, 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. UGA - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for FRNW and UGA.

Drawdown Indicators

	FRNW	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-86.59%	+27.22%
Max Drawdown (1Y) Largest decline over 1 year	-14.20%	-18.96%	+4.76%
Max Drawdown (3Y) Largest decline over 3 years	-45.14%	-26.68%	-18.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-12.80%	-18.05%	+5.25%
Average Drawdown Average peak-to-trough decline	-33.06%	-36.69%	+3.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	6.43%	-2.11%

Volatility

FRNW vs. UGA - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 10.92% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.92%	9.24%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	19.84%	30.57%	-10.73%
Volatility (1Y) Calculated over the trailing 1-year period	26.88%	35.22%	-8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.55%	34.45%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.55%	37.22%	-8.67%

FRNW vs. UGA - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

FRNW vs. UGA - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.13%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.13%	1.25%	1.43%	1.30%	0.69%	0.04%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRNW and UGA in my portfolio?

FRNW and UGA have a correlation of -0.13, 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 UGA?

FRNW has higher volatility (10.92%) compared to UGA (9.24%). In terms of maximum drawdown, FRNW dropped -59.37% vs UGA's -86.59%.

Which ETF is better, FRNW or UGA?

On 3-year performance, UGA leads with 18.95% vs 7.81% for FRNW. On fees, FRNW is cheaper at 0.39% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 7.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRNW or UGA?

FRNW is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.

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

FRNW has the higher dividend yield at 1.13%, compared with 0.00% for UGA.

What is the main difference between FRNW and UGA?

FRNW is categorized as Alternative Energy Equities, while UGA is Oil & Gas. They also come from different issuers: Fidelity and Concierge Technologies. Their fees differ too: 0.39% for FRNW and 0.75% for UGA.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.39 vs 1.73), 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.