FRNW vs. WDC
FRNW (Fidelity Clean Energy ETF) is Alternative Energy Equities fund actively managed by Fidelity, while WDC (Western Digital Corporation) is a stock. Over the past 3 years, FRNW returned 6.70%/yr vs 164.18%/yr for WDC. At a 0.42 correlation, their price movements are largely independent.
Performance
FRNW vs. WDC - Performance Comparison
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Returns By Period
In the year-to-date period, FRNW achieves a 23.12% return, which is significantly lower than WDC's 227.01% return.
FRNW
- 1D
- 1.22%
- 1M
- -4.62%
- YTD
- 23.12%
- 6M
- 22.47%
- 1Y
- 62.88%
- 3Y*
- 6.70%
- 5Y*
- —
- 10Y*
- —
WDC
- 1D
- 6.35%
- 1M
- 16.82%
- YTD
- 227.01%
- 6M
- 219.46%
- 1Y
- 913.38%
- 3Y*
- 164.18%
- 5Y*
- 58.50%
- 10Y*
- 33.87%
FRNW vs. WDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FRNW Fidelity Clean Energy ETF | 23.12% | 53.20% | -21.11% | -19.64% | -11.46% | -2.52% |
WDC Western Digital Corporation | 227.01% | 283.68% | 13.86% | 65.99% | -51.62% | 15.56% |
Correlation
The correlation between FRNW and WDC is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021 | 0.42 |
The correlation between FRNW and WDC has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.
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Return for Risk
FRNW vs. WDC — Risk / Return Rank
FRNW
WDC
FRNW vs. WDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Clean Energy ETF (FRNW) and Western Digital Corporation (WDC). 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 | WDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -11.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.95 | -0.58 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 44.74 | -40.26 |
| Martin ratioReturn relative to average drawdown | 15.67 | 151.81 | -136.15 |
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Drawdowns
FRNW vs. WDC - Drawdown Comparison
The maximum FRNW drawdown since its inception was -59.37%, smaller than the maximum WDC drawdown of -96.20%. Use the drawdown chart below to compare losses from any high point for FRNW and WDC.
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Drawdown Indicators
| FRNW | WDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.37% | -96.20% | +36.83% |
Max Drawdown (1Y)Largest decline over 1 year | -14.20% | -20.59% | +6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -45.14% | -49.65% | +4.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -58.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.49% | — |
Current DrawdownCurrent decline from peak | -11.09% | -5.22% | -5.87% |
Average DrawdownAverage peak-to-trough decline | -33.17% | -52.07% | +18.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.05% | 6.06% | -2.01% |
Volatility
FRNW vs. WDC - Volatility Comparison
The current volatility for Fidelity Clean Energy ETF (FRNW) is 10.63%, while Western Digital Corporation (WDC) has a volatility of 21.76%. This indicates that FRNW experiences smaller price fluctuations and is considered to be less risky than WDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FRNW | WDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.63% | 21.76% | -11.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.61% | 53.55% | -33.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.92% | 65.47% | -38.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.52% | 48.86% | -20.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.52% | 48.62% | -20.10% |
Dividends
FRNW vs. WDC - Dividend Comparison
FRNW's dividend yield for the trailing twelve months is around 1.02%, more than WDC's 0.09% 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% |
WDC Western Digital Corporation | 0.09% | 0.19% | 0.00% | 0.00% | 0.00% | 0.00% | 1.81% | 2.36% | 5.41% | 2.51% | 2.94% | 3.33% |
Frequently Asked Questions
FRNW and WDC have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WDC has higher volatility (21.76%) compared to FRNW (10.63%). In terms of maximum drawdown, FRNW dropped -59.37% vs WDC's -96.20%.
WDC currently has the higher Sharpe Ratio (14.07 vs 2.36), 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.
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