Data as of .
ACES vs FRNW: which is really different?
ACES and FRNW hold 28% of their weight in the same names, and FRNW returned more over the year.
ETFIQ Off-Index Score: FRNW scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
28% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ACES and FRNW hold 28% of their money in the same securities at the same weight.
| Holding | ACES | FRNW |
|---|---|---|
| First Solar Inc | 6.25% | 3.69% |
| Nextpower Inc | 5.93% | 3.32% |
| Itron Inc | 3.48% | 2.28% |
| Ormat Technologies Inc | 4.84% | 2.23% |
| Northland Power Inc | 4.20% | 2.13% |
| Enphase Energy Inc | 6.53% | 2.13% |
| Clearway Energy Inc | 3.79% | 1.99% |
| Sunrun Inc | 4.18% | 1.88% |
| Boralex Inc | 3.00% | 1.77% |
| Plug Power Inc | 6.04% | 1.49% |
| T1 Energy Inc | 1.95% | 1.47% |
| Shoals Technologies Group Inc | 2.26% | 1.35% |
| Only in ACES | Only in FRNW |
|---|---|
| Brookfield Renewable Partners Lp 4.68% | GE VERNOVA INC 6.01% |
| Ha Sustainable Infrastructure Capital In 4.40% | VESTAS WIND SYSTEMS AS 4.74% |
| Tesla Inc 4.24% | BLOOM ENERGY CORP 4.53% |
| Albemarle Corp 4.17% | EDP S.A. 3.74% |
| Rivian Automotive Inc 4.08% | ENLIGHT RENEWABLE ENERGY LTD 3.16% |
| Eos Energy Enterprises Inc 3.10% | ACCIONA SA 2.97% |
| American Superconductor Corp 2.58% | ORSTED A/S 2.93% |
| Andersons Inc/the 2.48% | NORDEX SE 2.82% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ACES | FRNW | ACES | FRNW | ACES | FRNW | |
| 3 months | −21.4% | −12.0% | −23.6 pts | −14.3 pts | −18.9 pts | −9.6 pts |
| 6 months | −10.0% | −2.2% | −28.0 pts | −20.2 pts | −34.2 pts | −26.4 pts |
| 1 year | −5.9% | +16.4% | −22.4 pts | −0.2 pts | −27.6 pts | −5.4 pts |
| 3 years | −25.4% | +33.7% | −103.8 pts | −44.7 pts | −123.6 pts | −64.5 pts |
| Since launch | +25.2% | −9.4% | −192.9 pts | −95.1 pts | −317.7 pts | −114.0 pts |
| ACES ALPS Clean Energy ETF Holds 37 stocks in clean energy, 15% of its weight in S&P 500 companies | FRNW Fidelity Clean Energy ETF Holds 50 stocks in clean energy, 10% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | ALPS | Fidelity |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 14.7% | 9.7% |
| Active share vs the S&P 500 | 98.1% | 99.5% |
| In the Nasdaq-100 | 4.2% | 0.0% |
| Holdings | 37 | 50 |
| Top ten, share of the fund | 51.3% | 37.9% |
| Expense ratio | 0.55% | 0.39% |
| Fee for the differing part | 0.56% | 0.39% |
| Total return, 1 year | −5.9% | +16.4% |
| vs the S&P 500 | −22.4 pts | −0.2 pts |
| vs the Nasdaq-100 | −27.6 pts | −5.4 pts |
| Below its high | −69.6% | −21.7% |
| Net assets | $145m | $97m |
ACES in plain words
By weight, 15% of ACES's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 51% of the fund across 37 positions, as filed for May 31, 2026. Over the year to Sep 18, 2026 the fund returned −5.9% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 22.4 pts. It sits 69.6% below its all-time high of Feb 9, 2021.
FRNW in plain words
By weight, 10% of FRNW's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 38% of the fund across 50 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +16.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even. It sits 21.7% below its all-time high of Nov 1, 2021.
Questions people ask
- Do ACES and FRNW hold the same stocks?
- By their latest filings, 28% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, ACES or FRNW?
- ACES has 15% of its weight in S&P 500 names and FRNW has 10%, so FRNW differs more from the index.
- Which is cheaper, ACES or FRNW?
- ACES charges 0.55% a year and FRNW charges 0.39%, so FRNW is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ACES against FRNW, data as of Sep 18, 2026. https://etfiq.com/compare/themes/aces-vs-frnw Free to use with attribution; the underlying files are at Open data.