XCLN.TO vs. FRNW
XCLN.TO (iShares Global Clean Energy Index ETF) and FRNW (Fidelity Clean Energy ETF) are both Alternative Energy Equities funds. XCLN.TO is passively managed, while FRNW is actively managed. Over the past 3 years, XCLN.TO returned 8.97%/yr vs 11.40%/yr for FRNW. At a 0.49 correlation, their price movements are largely independent. XCLN.TO charges 0.35%/yr vs 0.39%/yr for FRNW.
Performance
XCLN.TO vs. FRNW - Performance Comparison
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Different Trading Currencies
XCLN.TO is traded in CAD, while FRNW is traded in USD. To make them comparable, the FRNW values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XCLN.TO achieves a 43.07% return, which is significantly higher than FRNW's 35.82% return.
XCLN.TO
- 1D
- -0.93%
- 1M
- 14.72%
- YTD
- 43.07%
- 6M
- 37.48%
- 1Y
- 84.30%
- 3Y*
- 8.97%
- 5Y*
- —
- 10Y*
- —
FRNW
- 1D
- -1.51%
- 1M
- 10.04%
- YTD
- 35.82%
- 6M
- 33.67%
- 1Y
- 88.43%
- 3Y*
- 11.40%
- 5Y*
- —
- 10Y*
- —
XCLN.TO vs. FRNW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XCLN.TO iShares Global Clean Energy Index ETF | 43.07% | 37.41% | -19.86% | -21.98% | 13.22% |
FRNW Fidelity Clean Energy ETF | 35.82% | 46.17% | -14.34% | -21.41% | 8.81% |
Correlation
The correlation between XCLN.TO and FRNW is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 3, 2022 | 0.49 |
Over the past year, XCLN.TO and FRNW have become more correlated (0.71) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
XCLN.TO vs. FRNW — Risk / Return Rank
XCLN.TO
FRNW
XCLN.TO vs. FRNW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy Index ETF (XCLN.TO) 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.
| XCLN.TO | FRNW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.54 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 7.00 | 7.17 | -0.16 |
| Martin ratioReturn relative to average drawdown | 19.91 | 22.44 | -2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCLN.TO | FRNW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.15 | 3.61 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.18 | +0.15 |
Drawdowns
XCLN.TO vs. FRNW - Drawdown Comparison
The maximum XCLN.TO drawdown since its inception was -49.29%, smaller than the maximum FRNW drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for XCLN.TO and FRNW.
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Drawdown Indicators
| XCLN.TO | FRNW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.29% | -53.14% | +3.85% |
Max Drawdown (1Y)Largest decline over 1 year | -12.10% | -12.40% | +0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -39.31% | -40.95% | +1.64% |
Current DrawdownCurrent decline from peak | -0.98% | -1.51% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -25.54% | -27.59% | +2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 3.95% | +0.30% |
Volatility
XCLN.TO vs. FRNW - Volatility Comparison
iShares Global Clean Energy Index ETF (XCLN.TO) has a higher volatility of 10.50% compared to Fidelity Clean Energy ETF (FRNW) at 8.04%. This indicates that XCLN.TO's price experiences larger fluctuations and is considered to be riskier than FRNW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCLN.TO | FRNW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.50% | 8.04% | +2.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.24% | 17.29% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.95% | 24.72% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.50% | 25.97% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.50% | 25.97% | -0.47% |
XCLN.TO vs. FRNW - Expense Ratio Comparison
XCLN.TO has a 0.35% expense ratio, which is lower than FRNW's 0.39% expense ratio.
Dividends
XCLN.TO vs. FRNW - Dividend Comparison
XCLN.TO's dividend yield for the trailing twelve months is around 1.04%, 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% |
XCLN.TO iShares Global Clean Energy Index ETF | 1.04% | 1.49% | 1.24% | 1.15% | 0.39% | 0.00% |
Frequently Asked Questions
XCLN.TO and FRNW have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCLN.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCLN.TO is cheaper with a 0.35% expense ratio, compared with 0.39% for FRNW.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.35% for XCLN.TO and 0.39% for FRNW.
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