Data as of Nov 4, 2026.
FRNW vs PBW: Holdings Overlap & Returns
Over the year to Nov 4, 2026, FRNW returned +3.1% to PBW's −13.3%; 24% 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 $296m on Nov 3, 2026 for Invesco WilderHill Clean Energy ETF.
10% of FRNW's weight is in S&P 500 companies and 90% is outside the index. Holdings as of Jun 30, 2026.
8% of PBW's weight is in S&P 500 companies and 92% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
FRNW costs 0.24 points a year less; their one-year returns differ by 16.4 points.
Points (pts) are percentage points.
| Measure | FRNW | PBW |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.1% | −13.3% |
| Drawdown | ||
| Below its all-time high | 22.8%, high on Nov 1, 2021 | 77.8%, high on Feb 9, 2021 |
| Against its benchmark | ||
| What it tracks | Clean energy | Clean energy |
| Its benchmark, total return, 1 year | +14.8% | |
| Against its benchmark, 1 year | behind by 28.1 pts | |
| Cost and size | ||
| Expense ratio | 0.39% | 0.63% |
| Net assets, FRNW as of Sep 30, 2026 and PBW as of Nov 3, 2026 | $91m | $296m |
| Holdings | ||
| Holdings in common | 24% | |
What they share
By the books each fund has filed, FRNW and PBW hold 24% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.
half
24% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FRNW | PBW | FRNW | PBW |
| 3 months | −4.5% | −20.4% | not measured | −20.1 pts vs IWV |
| 6 months | −16.2% | −32.9% | not measured | −37.8 pts vs IWV |
| 1 year | +3.1% | −13.3% | not measured | −28.1 pts vs IWV |
| 3 years | +49.5% | +4.1% | not measured | −76.9 pts vs IWV |
| Since launchNot the same days: FRNW Oct 2021 · PBW Mar 2005 | −10.7% | −52.4% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
24% of the two portfolios are the same securities at the same weight.
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.
Over the year to Nov 4, 2026 the fund returned −13.3% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 28.1 pts.
By weight, 8% of PBW'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 20% of the fund across 73 positions, as published by its issuer for Nov 3, 2026. It sits 77.8% below its all-time high of Feb 9, 2021.
Questions people ask
- Do FRNW and PBW hold the same stocks?
- By their latest filings, 24% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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 PBW, data as of Nov 4, 2026. https://etfiq.com/compare/themes/frnw-vs-pbw
ETFIQ. (Nov 4, 2026). FRNW against PBW. Retrieved from https://etfiq.com/compare/themes/frnw-vs-pbw
[FRNW against PBW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/frnw-vs-pbw)
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