Data as of .
FRNW vs ICLN: which is really different?
FRNW and ICLN hold 31% of their weight in the same names, and ICLN returned more over the year.
ETFIQ Off-Index Score: ICLN 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
31% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FRNW and ICLN hold 31% of their money in the same securities at the same weight.
| Holding | FRNW | ICLN |
|---|---|---|
| NEXTPOWER INC | 3.32% | 6.36% |
| ORSTED A/S | 2.93% | 1.55% |
| EDP RENEWABLES SA | 1.96% | 0.79% |
| VERBUND AG | 2.33% | 0.61% |
| ARRAY TECHNOLOGIES INC | 1.22% | 0.56% |
| SMA SOLAR TECHNOLOGY AG | 1.37% | 0.38% |
| MERIDIAN ENERGY LTD | 2.18% | 0.22% |
| Only in FRNW | Only in ICLN |
|---|---|
| GE VERNOVA INC 6.01% | BLOOM ENERGY CLASS A 9.06% |
| VESTAS WIND SYSTEMS AS 4.74% | CHINA YANGTZE POWER LTD A 7.78% |
| BLOOM ENERGY CORP 4.53% | FIRST SOLAR 7.58% |
| EDP S.A. 3.74% | VESTAS WIND SYSTEMS 4.33% |
| FIRST SOLAR INC 3.69% | ENPHASE ENERGY 4.29% |
| ENLIGHT RENEWABLE ENERGY LTD 3.16% | EQUATORIAL SA 3.36% |
| ACCIONA SA 2.97% | EDP ENERGIAS DE PORTUGAL 2.93% |
| NORDEX SE 2.82% | PLUG POWER 2.74% |
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 Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FRNW | ICLN | FRNW | ICLN | FRNW | ICLN | |
| 3 months | −12.0% | −16.8% | −14.3 pts | −19.0 pts | −9.6 pts | −14.3 pts |
| 6 months | −2.2% | −2.5% | −20.2 pts | −20.5 pts | −26.4 pts | −26.8 pts |
| 1 year | +16.4% | +18.0% | −0.2 pts | +1.4 pts | −5.4 pts | −3.8 pts |
| 3 years | +33.7% | +18.6% | −44.7 pts | −59.8 pts | −64.5 pts | −79.5 pts |
| Since launch | −9.4% | +9.3% | −95.1 pts | −794.3 pts | −114.0 pts | −1681.0 pts |
| 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 138 stocks in clean energy, 8% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Fidelity | iShares |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 9.7% | 7.7% |
| Active share vs the S&P 500 | 99.5% | 100.0% |
| In the Nasdaq-100 | 0.0% | 0.0% |
| Holdings | 50 | 138 |
| Top ten, share of the fund | 37.9% | 51.9% |
| Expense ratio | 0.39% | 0.38% |
| Fee for the differing part | 0.39% | 0.38% |
| Total return, 1 year | +16.4% | +18.0% |
| vs the S&P 500 | −0.2 pts | +1.4 pts |
| vs the Nasdaq-100 | −5.4 pts | −3.8 pts |
| Below its high | −21.7% | −43.5% |
| Net assets | $97m | $2.1bn |
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.
ICLN in plain words
By weight, 8% 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 138 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +18.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 1.4 pts. It sits 43.5% below its all-time high of Jan 7, 2021.
Questions people ask
- Do FRNW and ICLN hold the same stocks?
- By their latest filings, 31% 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, FRNW or ICLN?
- FRNW has 10% of its weight in S&P 500 names and ICLN has 8%, 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
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, FRNW against ICLN, data as of Sep 18, 2026. https://etfiq.com/compare/themes/frnw-vs-icln Free to use with attribution; the underlying files are at Open data.