Data as of .
FRNW vs PBD: which is really different?
FRNW and PBD hold 27% of their weight in the same names, and PBD returned more over the year.
ETFIQ Off-Index Score: PBD 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
27% 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 PBD hold 27% of their money in the same securities at the same weight.
| Holding | FRNW | PBD |
|---|---|---|
| BLOOM ENERGY CORP | 4.53% | 1.13% |
| CS WIND CORP | 1.10% | 1.09% |
| VERBUND AG | 2.33% | 1.06% |
| MERCURY NZ LTD | 1.84% | 1.05% |
| SOLAREDGE TECHNOLOGIES INC | 1.81% | 1.04% |
| SOLARIA ENERGIA Y MEDIO AMBIENTE SA | 1.54% | 1.02% |
| VESTAS WIND SYSTEMS AS | 4.74% | 0.98% |
| NORDEX SE | 2.82% | 0.97% |
| ERG SPA | 1.51% | 0.97% |
| ACCIONA SA | 2.97% | 0.96% |
| SMA SOLAR TECHNOLOGY AG | 1.37% | 0.95% |
| ORSTED A/S | 2.93% | 0.95% |
| Only in FRNW | Only in PBD |
|---|---|
| GE VERNOVA INC 6.01% | Doosan Fuel Cell Co Ltd 1.34% |
| EDP S.A. 3.74% | Lotte Energy Materials Corp 1.22% |
| NEXTPOWER INC 3.32% | Nibe Industrier AB 1.05% |
| BROOKFIELD RENEWABLE CORP 2.32% | Samsung SDI Co Ltd 1.05% |
| VINCI SA 2.23% | J&V Energy Technology Co Ltd 1.04% |
| MERIDIAN ENERGY LTD 2.18% | LS Electric Co Ltd 1.02% |
| E.ON SE 2.15% | LS Corp 1.00% |
| NORTHLAND POWER INC 2.13% | Fortune Electric Co Ltd 1.00% |
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 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FRNW | PBD | FRNW | PBD | FRNW | PBD | |
| 3 months | −12.0% | −14.9% | −14.3 pts | −17.1 pts | −9.6 pts | −12.4 pts |
| 6 months | −2.2% | −0.8% | −20.2 pts | −18.8 pts | −26.4 pts | −25.0 pts |
| 1 year | +16.4% | +17.0% | −0.2 pts | +0.4 pts | −5.4 pts | −4.8 pts |
| 3 years | +33.7% | +12.7% | −44.7 pts | −65.7 pts | −64.5 pts | −85.5 pts |
| Since launch | −9.4% | +32.1% | −95.1 pts | −771.4 pts | −114.0 pts | −1658.1 pts |
| FRNW Fidelity Clean Energy ETF Holds 50 stocks in clean energy, 10% of its weight in S&P 500 companies | PBD Invesco Global Clean Energy ETF Holds 124 stocks in clean energy, 2% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Fidelity | Invesco |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 9.7% | 1.7% |
| Active share vs the S&P 500 | 99.5% | 99.9% |
| In the Nasdaq-100 | 0.0% | 0.0% |
| Holdings | 50 | 124 |
| Top ten, share of the fund | 37.9% | 11.1% |
| Expense ratio | 0.39% | 0.75% |
| Fee for the differing part | 0.39% | 0.75% |
| Total return, 1 year | +16.4% | +17.0% |
| vs the S&P 500 | −0.2 pts | +0.4 pts |
| vs the Nasdaq-100 | −5.4 pts | −4.8 pts |
| Below its high | −21.7% | −52.6% |
| Net assets | $97m | $118m |
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.
PBD in plain words
By weight, 2% of PBD'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 11% of the fund across 124 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +17.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even. It sits 52.6% below its all-time high of Jan 22, 2021.
Questions people ask
- Do FRNW and PBD hold the same stocks?
- By their latest filings, 27% 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 PBD?
- FRNW has 10% of its weight in S&P 500 names and PBD has 2%, so PBD differs more from the index.
- Which is cheaper, FRNW or PBD?
- FRNW charges 0.39% a year and PBD charges 0.75%, 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, FRNW against PBD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/frnw-vs-pbd Free to use with attribution; the underlying files are at Open data.