Fidelity Clean Energy ETF (FRNW) Performance
FRNW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.0% since Dec 31, 2025
- 1 year
- −3.5% total return
- 5 years
- −5.4% a year
- Since first price
- −3.9% a year since 2021
FRNW trailing returns vs SPY, QQQ, AGG
| Period | FRNW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.6% | −8.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −13.7% | −13.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −19.7% | −20.4% | +7.8% | +8.4% | −1.5% |
| YTD | −2.0% | −2.9% | +12.3% | +15.1% | −1.0% |
| 1 year | −3.5% | −4.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +45.2%+13.2%/yr | +39.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −24.1%−5.4%/yr | −28.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 7, 2021 | −18.1%−3.9%/yr | −22.6% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FRNW vs SPY
From Oct 7, 2021: FRNW grew to $8,186, SPY to $18,523.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FRNW returns by calendar year
1 of 4 full years positive. Best 2025 (+53.2%), worst 2024 (−21.1%). 2026 is year to date.
FRNW annual returns table
| Year | FRNW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −2.0% | −28.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +53.2% | −19.3% | +17.7% | +20.8% | +7.2% |
| 2024 | −21.1% | −20.4% | +24.9% | +25.6% | +1.3% |
| 2023 | −19.6% | −42.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −11.5% | −26.5% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FRNW largest drawdowns
Now 29.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 1, 2021 | −59.4% | Apr 8, 2025 | not yet | 3.4 years | 5.0 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
FRNW risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +11.3% | −5.3% |
| Volatility (annualized) | 27.8% | 29.0% |
| Sharpe ratio | 0.36 | -0.17 |
| Sortino ratio | 0.56 | -0.24 |
| Best month | +17.5% | +17.5% |
| Worst month | −13.6% | −14.9% |
| Best 12 months | +95.2% | +95.2% |
| Worst 12 months | −21.1% | −35.5% |
| Positive months | 53% | 47% |
| Beta vs S&P 500 | 1.23 | — |
| Correlation with S&P 500 | 0.55 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FRNW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 49 | −35.5% | −6.5% | +95.2% | 41% |
| 3-year (a year) | 25 | −19.3% | −1.3% | +13.4% | 40% |
| 5-year (a year) | 1 | −6.5% | −6.5% | −6.5% | 0% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
FRNW performance overview
Fidelity Clean Energy ETF (FRNW) returned −3.5% over the past year and −5.4% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned −3.9% a year, turning $10,000 into about $8,186. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −59.4%, from Nov 1, 2021 to Apr 8, 2025; the fund has not yet regained that high. FRNW finished 1 of its 4 full calendar years with a gain; the best year was 2025 (+53.2%) and the worst 2024 (−21.1%). Volatility has been 29.0% a year.
Related: FRNW chart, FRNW holdings, FRNW dividends. See the FRNW overview for the latest quote and fund facts.
FRNW performance FAQ
What is the FRNW return over the past year?
FRNW returned −3.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.5%.
What is the average annual return of FRNW?
FRNW has returned −5.4% a year over 5 years, −3.9% a year since October 7, 2021 (total return, distributions reinvested).
How much would $10,000 invested in FRNW be worth?
$10,000 invested in FRNW at its first recorded close on October 7, 2021 would be worth about $8,186 on October 23, 2026 with distributions reinvested.
What was the worst year for FRNW?
The worst calendar year was 2024, with a total return of −21.1%. The best was 2025 at +53.2%.
What is the biggest drawdown of FRNW?
The largest peak-to-trough decline was −59.4% between November 1, 2021 and April 8, 2025. It has not yet recovered to that high; it is 29.2% below its peak.
How volatile is FRNW?
Over the past 3 years FRNW had an annualized volatility of 27.8% and a Sharpe ratio of 0.36 (excess return over 1–3 month T-bills per unit of risk).