GBLD vs. FRNW

Last updated Jun 5, 2026

GBLD (Invesco MSCI Green Building ETF) and FRNW (Fidelity Clean Energy ETF) are both exchange-traded funds - GBLD is a Sustainable fund tracking the MSCI Global Green Building Index, while FRNW is a Alternative Energy Equities fund actively managed by Fidelity. GBLD is passively managed, while FRNW is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.39% expense ratio.

Performance

GBLD vs. FRNW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Green Building ETF (GBLD) and Fidelity Clean Energy ETF (FRNW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GBLD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FRNW

• 1D: -0.59%
• 1M: 4.92%
• YTD: 33.32%
• 6M: 31.14%
• 1Y: 83.54%
• 3Y*: 9.98%
• 5Y*: —
• 10Y*: —

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

GBLD vs. FRNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBLD Invesco MSCI Green Building ETF	4.52%	17.95%	-5.63%	6.39%	-21.69%	1.06%
FRNW Fidelity Clean Energy ETF	33.32%	53.20%	-21.11%	-19.64%	-11.46%	-2.85%

Correlation

The correlation between GBLD and FRNW is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 8, 2021	0.57

Over the past year, the correlation between GBLD and FRNW has dropped to 0.32 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

Return for Risk

GBLD vs. FRNW — 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.

GBLD vs. FRNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Green Building ETF (GBLD) and Fidelity Clean Energy ETF (FRNW). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GBLD	FRNW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.08	—

Drawdowns

Drawdown Indicators

	GBLD	FRNW	Difference
Max Drawdown Largest peak-to-trough decline	—	-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	—	-3.72%	—
Average Drawdown Average peak-to-trough decline	—	-33.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.71%	—

Volatility

Volatility by Period

	GBLD	FRNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.97%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	25.55%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	28.34%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	28.34%	—

GBLD vs. FRNW - Expense Ratio Comparison

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

Dividends

GBLD vs. FRNW - Dividend Comparison

GBLD's dividend yield for the trailing twelve months is around 3.45%, more than FRNW's 0.94% yield.

Position	TTM	2025	2024	2023	2022	2021
FRNW Fidelity Clean Energy ETF	0.94%	1.25%	1.43%	1.30%	0.69%	0.04%
GBLD Invesco MSCI Green Building ETF	3.45%	3.27%	5.34%	6.60%	3.79%	3.16%

Frequently Asked Questions

Can I hold both GBLD and FRNW in my portfolio?

GBLD and FRNW have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBLD or FRNW?

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBLD or FRNW?

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

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

GBLD has the higher dividend yield at 3.45%, compared with 0.94% for FRNW.

What is the main difference between GBLD and FRNW?

GBLD is categorized as Sustainable, while FRNW is Alternative Energy Equities. They also come from different issuers: Invesco and Fidelity.