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GRID vs. CTEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GRID vs. CTEX

Last updated Jun 24, 2026

GRID (First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund) and CTEX (ProShares S&P Kensho Cleantech ETF) are both Alternative Energy Equities funds - GRID tracks the Nasdaq Clean Edge Smart Grid Infrastructure Index while CTEX tracks the S&P Kensho Cleantech Index. Both are passively managed. Over the past 3 years, GRID returned 24.21%/yr vs 11.07%/yr for CTEX. A 0.72 correlation means they provide meaningful diversification when combined. GRID charges 0.70%/yr vs 0.58%/yr for CTEX.

Performance

GRID vs. CTEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) and ProShares S&P Kensho Cleantech ETF (CTEX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GRID achieves a 23.40% return, which is significantly higher than CTEX's 20.77% return.

GRID

1D
-4.46%
1M
-1.96%
YTD
23.40%
6M
22.11%
1Y
42.41%
3Y*
24.21%
5Y*
16.63%
10Y*
19.95%

CTEX

1D
-6.36%
1M
-8.02%
YTD
20.77%
6M
16.43%
1Y
116.42%
3Y*
11.07%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GRID vs. CTEX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		23.40%29.65%15.18%21.57%-13.89%9.61%
CTEX
ProShares S&P Kensho Cleantech ETF		20.77%67.74%-20.38%-10.25%-20.38%-6.68%

Correlation

The correlation between GRID and CTEX is 0.68, 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

0.68

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2021

0.72

The correlation between GRID and CTEX has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

GRID vs. CTEX - Sectors Allocation Comparison

Sectors
GRID
CTEX

Industrials

24.2%
38.2%

Technology

12.5%
6.1%

Utilities

3.9%
16.5%

Consumer Cyclical

2.3%
2.6%

Energy

1.6%
36.3%

Basic Materials

0.0%

-

Communication Services

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Industrials

GRID
24.2%
CTEX
38.2%

Technology

GRID
12.5%
CTEX
6.1%

Utilities

GRID
3.9%
CTEX
16.5%

Consumer Cyclical

GRID
2.3%
CTEX
2.6%

Energy

GRID
1.6%
CTEX
36.3%

Basic Materials

GRID
0.0%
CTEX

-

Communication Services

GRID

-

CTEX

-

Consumer Defensive

GRID

-

CTEX

-

Financial Services

GRID

-

CTEX

-

Healthcare

GRID

-

CTEX

-

Real Estate

GRID

-

CTEX

-

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First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund

ProShares S&P Kensho Cleantech ETF

Often compared with GRID:
GRID vs. ICLNGRID vs. NLRGRID vs. VOOGRID vs. POWRGRID vs. VOLTGRID vs. FIWGRID vs. PAVE
Often compared with CTEX:
CTEX vs. PBWCTEX vs. TIMECTEX vs. CTECCTEX vs. VOOCTEX vs. VTICTEX vs. TINTCTEX vs. XLI

Return for Risk

GRID vs. CTEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GRID
GRID Risk / Return Rank: 6565
Overall Rank
GRID Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
GRID Sortino Ratio Rank: 5757
Sortino Ratio Rank
GRID Omega Ratio Rank: 6060
Omega Ratio Rank
GRID Calmar Ratio Rank: 7474
Calmar Ratio Rank
GRID Martin Ratio Rank: 7272
Martin Ratio Rank
CTEX
CTEX Risk / Return Rank: 7979
Overall Rank
CTEX Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
CTEX Sortino Ratio Rank: 7171
Sortino Ratio Rank
CTEX Omega Ratio Rank: 6969
Omega Ratio Rank
CTEX Calmar Ratio Rank: 9090
Calmar Ratio Rank
CTEX Martin Ratio Rank: 7777
Martin Ratio Rank
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.

GRID vs. CTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) and ProShares S&P Kensho Cleantech ETF (CTEX). 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.

GRIDCTEXDifference
Sharpe ratioReturn per unit of total volatility
2.01
2.65

-0.65

Sortino ratioReturn per unit of downside risk
2.63
2.98

-0.35

Omega ratioGain probability vs. loss probability

1.35

1.38

-0.03

Calmar ratioReturn relative to maximum drawdown

3.63

5.35

-1.71

Martin ratioReturn relative to average drawdown

12.92

13.69

-0.77

GRID vs. CTEX - Sharpe Ratio Comparison

The current GRID Sharpe Ratio is 2.01, which is comparable to the CTEX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of GRID and CTEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GRID vs. CTEX - Drawdown Comparison

The maximum GRID drawdown since its inception was -40.56%, smaller than the maximum CTEX drawdown of -70.31%. Use the drawdown chart below to compare losses from any high point for GRID and CTEX.

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Drawdown Indicators

GRIDCTEXDifference

Max Drawdown

Largest peak-to-trough decline

-40.56%

-70.31%

+29.75%

Max Drawdown (1Y)

Largest decline over 1 year

-11.73%

-21.90%

+10.17%

Max Drawdown (3Y)

Largest decline over 3 years

-20.77%

-56.83%

+36.06%

Max Drawdown (5Y)

Largest decline over 5 years

-29.64%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-40.56%

—

—

Current Drawdown

Current decline from peak

-5.55%

-17.23%

+11.68%

Average Drawdown

Average peak-to-trough decline

-8.42%

-41.61%

+33.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.29%

8.53%

-5.24%

Volatility

GRID vs. CTEX - Volatility Comparison

The current volatility for First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) is 10.12%, while ProShares S&P Kensho Cleantech ETF (CTEX) has a volatility of 19.24%. This indicates that GRID experiences smaller price fluctuations and is considered to be less risky than CTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GRIDCTEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.12%

19.24%

-9.12%

Volatility (6M)

Calculated over the trailing 6-month period

18.23%

32.48%

-14.25%

Volatility (1Y)

Calculated over the trailing 1-year period

21.26%

44.17%

-22.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.37%

43.59%

-22.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.80%

43.59%

-20.79%

GRID vs. CTEX - Expense Ratio Comparison

GRID has a 0.70% expense ratio, which is higher than CTEX's 0.58% expense ratio.

Dividends

GRID vs. CTEX - Dividend Comparison

GRID's dividend yield for the trailing twelve months is around 0.80%, less than CTEX's 1.73% yield.

PositionTTM20252024202320222021202020192018201720162015
CTEX
ProShares S&P Kensho Cleantech ETF		1.73%2.17%0.57%0.12%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GRID
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		0.80%1.01%1.06%1.23%1.26%0.63%0.68%1.26%1.28%1.07%1.07%1.23%

Frequently Asked Questions

GRID and CTEX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CTEX has higher volatility (19.24%) compared to GRID (10.12%). In terms of maximum drawdown, GRID dropped -40.56% vs CTEX's -70.31%.

On 3-year performance, GRID leads with 24.21% vs 11.07% for CTEX. On fees, CTEX is cheaper at 0.58% per year. On volatility, GRID has been the lower-risk option at 10.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, GRID has performed better with a 24.21% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CTEX is cheaper with a 0.58% expense ratio, compared with 0.70% for GRID.

CTEX has the higher dividend yield at 1.73%, compared with 0.80% for GRID.

GRID tracks Nasdaq Clean Edge Smart Grid Infrastructure Index, while CTEX tracks S&P Kensho Cleantech Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.70% for GRID and 0.58% for CTEX.

CTEX currently has the higher Sharpe Ratio (2.65 vs 2.01), 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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