FRNW vs. VGUS

Last updated Aug 6, 2026

FRNW (Fidelity Clean Energy ETF) and VGUS (Vanguard Ultra-Short Treasury ETF) are both exchange-traded funds - FRNW is a Alternative Energy Equities fund actively managed by Fidelity, while VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index. FRNW is actively managed, while VGUS is passively managed. Over the past year, FRNW returned 36.02% vs 3.79% for VGUS. Their -0.10 correlation means they have often moved in opposite directions in the past. FRNW charges 0.39%/yr vs 0.07%/yr for VGUS.

Performance

FRNW vs. VGUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Clean Energy ETF (FRNW) and Vanguard Ultra-Short Treasury ETF (VGUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRNW achieves a 11.94% return, which is significantly higher than VGUS's 2.06% return.

FRNW

• 1D: -2.50%
• 1M: -6.69%
• 6M: -0.81%
• YTD: 11.94%
• 1Y: 36.02%
• 3Y*: 6.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.31%

VGUS

• 1D: 0.01%
• 1M: 0.30%
• 6M: 1.74%
• YTD: 2.06%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRNW Fidelity Clean Energy ETF	$669.27K	$963.17K	$2.59M
VGUS Vanguard Ultra-Short Treasury ETF	$6.89M	$7.73M	$10.62M

FRNW vs. VGUS - Yearly Performance Comparison

	2026 (YTD)	2025
FRNW Fidelity Clean Energy ETF	11.94%	54.34%
VGUS Vanguard Ultra-Short Treasury ETF	2.06%	3.78%

Correlation

The correlation between FRNW and VGUS is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	-0.10

Return for Risk

FRNW vs. VGUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FRNW

FRNW Risk / Return Rank: 42
FRNW Sharpe Ratio Rank: 45
FRNW Sortino Ratio Rank: 43
FRNW Omega Ratio Rank: 40
FRNW Calmar Ratio Rank: 41
FRNW Martin Ratio Rank: 41

VGUS

VGUS Risk / Return Rank: 100
VGUS Sharpe Ratio Rank: 100
VGUS Sortino Ratio Rank: 100
VGUS Omega Ratio Rank: 100
VGUS Calmar Ratio Rank: 99
VGUS Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FRNW vs. VGUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Vanguard Ultra-Short Treasury ETF (VGUS). 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	VGUS	Difference
Sharpe ratio: Return per unit of total volatility	1.30	13.12	-11.83
Sortino ratio: Return per unit of downside risk	1.85	36.83	-34.99
Omega ratio: Gain probability vs. loss probability	1.22	11.40	-10.18
Calmar ratio: Return relative to maximum drawdown	1.64	52.28	-50.64
Martin ratio: Return relative to average drawdown	5.09	415.06	-409.97

FRNW vs. VGUS - Sharpe Ratio Comparison

The current FRNW Sharpe Ratio is 1.30, which is lower than the VGUS Sharpe Ratio of 13.12. The chart below compares the historical Sharpe Ratios of FRNW and VGUS, 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. VGUS - Drawdown Comparison

The maximum FRNW drawdown since its inception was -59.37%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for FRNW and VGUS.

Drawdown Indicators

	FRNW	VGUS	Difference
Max Drawdown Largest peak-to-trough decline	-59.37%	-0.07%	-59.30%
Max Drawdown (1Y) Largest decline over 1 year	-22.08%	-0.07%	-22.01%
Max Drawdown (3Y) Largest decline over 3 years	-38.99%	—	—
Current Drawdown Current decline from peak	-19.16%	0.00%	-19.16%
Average Drawdown Average peak-to-trough decline	-32.67%	0.00%	-32.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	0.01%	+7.08%

Volatility

FRNW vs. VGUS - Volatility Comparison

Fidelity Clean Energy ETF (FRNW) has a higher volatility of 8.05% compared to Vanguard Ultra-Short Treasury ETF (VGUS) at 0.05%. This indicates that FRNW's price experiences larger fluctuations and is considered to be riskier than VGUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRNW	VGUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	0.05%	+8.00%
Volatility (6M) Calculated over the trailing 6-month period	20.93%	0.18%	+20.75%
Volatility (1Y) Calculated over the trailing 1-year period	27.94%	0.29%	+27.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.56%	0.33%	+28.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.56%	0.33%	+28.23%

FRNW vs. VGUS - Expense Ratio Comparison

FRNW has a 0.39% expense ratio, which is higher than VGUS's 0.07% expense ratio.

Dividends

FRNW vs. VGUS - Dividend Comparison

FRNW's dividend yield for the trailing twelve months is around 1.22%, less than VGUS's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	1.22%	1.25%	1.43%	1.30%	0.69%	0.04%
VGUS Vanguard Ultra-Short Treasury ETF	3.59%	3.12%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRNW and VGUS in my portfolio?

FRNW and VGUS have a correlation of -0.12, 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 VGUS?

FRNW has higher volatility (8.05%) compared to VGUS (0.05%). In terms of maximum drawdown, FRNW dropped -59.37% vs VGUS's -0.07%.

Which ETF is better, FRNW or VGUS?

On 1-year performance, FRNW leads with 36.02% vs 3.79% for VGUS. On fees, VGUS is cheaper at 0.07% per year. On volatility, VGUS has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRNW or VGUS?

Over the 1-year period, FRNW has performed better with a 36.02% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRNW or VGUS?

VGUS is cheaper with a 0.07% expense ratio, compared with 0.39% for FRNW.

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

VGUS has the higher dividend yield at 3.59%, compared with 1.22% for FRNW.

What is the main difference between FRNW and VGUS?

FRNW is categorized as Alternative Energy Equities, while VGUS is Ultrashort Bond. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.39% for FRNW and 0.07% for VGUS.

Which has better risk-adjusted returns?

VGUS currently has the higher Sharpe Ratio (13.12 vs 1.30), 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.