Do FRNW and ICLN hold the same stocks?

By their latest filings, 29% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, FRNW or ICLN?

FRNW has 10% of its weight in S&P 500 names and ICLN has 9%, so ICLN differs more from the index.

Which is cheaper, FRNW or ICLN?

FRNW charges 0.39% a year and ICLN charges 0.38%, so ICLN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

FRNW vs ICLN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FRNW returned +3.1% to ICLN's −2.3%; 29% of their weight is in the same names.

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Net assets: $91m on Sep 30, 2026 for Fidelity Clean Energy ETF, and $2.1bn on Nov 4, 2026 for iShares Global Clean Energy ETF.

FRNW on its own →ICLN on its own →

At a glance

9.7%

FRNW in the S&P 500

8.8%

ICLN in the S&P 500

+3.1%

FRNW total return, 1 year

−2.3%

ICLN total return, 1 year

FRNW · 1 year to Nov 4, 2026 90% of its weight is outside the S&P 500

10% of FRNW's weight is in S&P 500 companies and 90% is outside the index. Holdings as of Jun 30, 2026.

ICLN · 1 year to Nov 4, 2026 91% of its weight is outside the S&P 500

9% of ICLN's weight is in S&P 500 companies and 91% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ICLN costs 0.01 points a year less; their one-year returns differ by 5.4 points.

FRNW vs ICLN: Holdings Overlap & Returns
Measure	FRNW	ICLN
Return
Measure	FRNW	ICLN
Total return, 1 year	+3.1%	−2.3%
Drawdown
Measure	FRNW	ICLN
Below its all-time high	22.8%, high on Nov 1, 2021	54.7%, high on Jun 25, 2008
Benchmark
Measure	FRNW	ICLN
What it tracks	Clean energy	Clean energy
Cost and size
Measure	FRNW	ICLN
Expense ratio	0.39%	0.38%
Net assets, FRNW as of Sep 30, 2026 and ICLN as of Nov 4, 2026	$91m	$2.1bn
Holdings
Measure	FRNW	ICLN
Holdings in common	29%

Method

What they share

29%

By the books each fund has filed, FRNW and ICLN hold 29% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

29% in common

Positions both hold · largest shared weight first FRNW ICLN

BLOOM ENERGY CORP 4.51% 6.23%

FIRST SOLAR INC 3.68% 8.75%

NEXTPOWER INC 3.31% 9.29%

ENPHASE ENERGY INC 2.12% 2.85%

CLEARWAY ENERGY INC 1.98% 2.21%

ENLIGHT RENEWABLE ENERGY LTD 3.15% 1.96%

ORSTED A/S 2.92% 1.54%

NORDEX SE 2.81% 1.45%

SOLAREDGE TECHNOLOGIES INC 1.81% 1.44%

PLUG POWER INC 1.49% 1.40%

SHOALS TECHNOLOGIES GROUP INC 1.35% 1.01%

EDP RENEWABLES SA 1.95% 0.80%

Only in one fund ↓

Only in FRNW

GE VERNOVA INC 5.99%

VESTAS WIND SYSTEMS AS 4.73%

EDP S.A. 3.72%

ACCIONA SA 2.96%

BROOKFIELD RENEWABLE CORP 2.31%

ITRON INC 2.27%

ORMAT TECHNOLOGIES INC 2.23%

VINCI SA 2.22%

Only in ICLN

IBERDROLA 6.71%

CHINA YANGTZE POWER LTD A 5.59%

AXIA ENERGIA SA 3.84%

VESTAS WIND SYSTEMS 3.32%

ORMAT TECH INC 3.08%

CHUBU ELECTRIC POWER INC 2.70%

EDP ENERGIAS DE PORTUGAL 2.26%

EQUATORIAL SA 1.93%

Check overlap with more funds →

Window by window

Window by window: FRNW vs ICLN: Holdings Overlap & Returns
	Total return
Window	FRNW	ICLN
3 months	−4.5%	−8.3%
6 months	−16.2%	−21.9%
1 year	+3.1%	−2.3%
3 years	+49.5%	+27.1%
Since launchNot the same days: FRNW Oct 2021 · ICLN Jun 2008	−10.7%	−54.7%

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Side by side

FRNW Fidelity Clean Energy ETF · Holds 50 stocks in clean energy, 10% of its weight in S&P 500 companies ICLN iShares Global Clean Energy ETF · Holds 106 stocks in clean energy, 9% of its weight in S&P 500 companies

Issuer Fidelity iShares

Theme Clean energy Clean energy

In the S&P 500 9.7% 8.8%

Active share vs the S&P 500 99.5% 100.0%

In the Nasdaq-100 0.0% 0.0%

Holdings 50 106

Top ten, share of the fund 37.8% 52.4%

Expense ratio 0.39% 0.38%

Fee for the differing part 0.39% 0.38%

Total return, 1 year +3.1% −2.3%

vs its benchmark not measured not measured

Below its high −22.8% −54.7%

Net assets, FRNW as of Sep 30, 2026 and ICLN as of Nov 4, 2026 $91m $2.1bn

As of Nov 4, 2026. Source: ETFIQ.

29% of the two portfolios are the same securities at the same weight.

Alert

About each fund

FRNW

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 Nov 4, 2026 the fund returned +3.1% with distributions reinvested. It sits 22.8% below its all-time high of Nov 1, 2021.

ICLN

By weight, 9% of ICLN'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 52% of the fund across 106 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested. It sits 54.7% below its all-time high of Jun 25, 2008.

Questions people ask

Do FRNW and ICLN hold the same stocks?: By their latest filings, 29% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, FRNW or ICLN?: FRNW has 10% of its weight in S&P 500 names and ICLN has 9%, so ICLN differs more from the index.
Which is cheaper, FRNW or ICLN?: FRNW charges 0.39% a year and ICLN charges 0.38%, so ICLN is cheaper. Fees come from each fund's prospectus.

Other comparisons

FRNW vs HYDR FRNW vs TAN FRNW vs QCLN FRNW vs PBW ICLN vs PBD ICLN vs KGRN ICLN vs PBW ICLN vs QCLN

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →FRNW on its own →ICLN on its own →FRNW dividend history →FRNW holdings →ICLN dividend history →ICLN holdings →Method →Standards and sources →

Sources and dates

FRNW filings on SEC EDGAR ↗

FRNW prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

ICLN filings on SEC EDGAR ↗

ICLN prospectus with the expense ratio (SEC) ↗

iShares page for ICLN ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FRNW against ICLN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/frnw-vs-icln

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.