Data as of .
FRNW vs QCLN: which is really different?
FRNW and QCLN hold 25% of their weight in the same names.
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
25% 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 QCLN hold 25% of their money in the same securities at the same weight.
| Holding | FRNW | QCLN |
|---|---|---|
| FIRST SOLAR INC | 3.69% | 3.96% |
| ENLIGHT RENEWABLE ENERGY LTD | 3.16% | 3.60% |
| ORMAT TECHNOLOGIES INC | 2.23% | 2.06% |
| ENPHASE ENERGY INC | 2.13% | 1.57% |
| ITRON INC | 2.28% | 1.36% |
| PLUG POWER INC | 1.49% | 1.00% |
| SOLAREDGE TECHNOLOGIES INC | 1.81% | 0.73% |
| SUNRUN INC | 1.88% | 0.71% |
| T1 ENERGY INC | 1.47% | 0.42% |
| ARRAY TECHNOLOGIES INC | 1.22% | 0.21% |
| Only in FRNW | Only in QCLN |
|---|---|
| GE VERNOVA INC 6.01% | Bloom Energy Corporation (Class A) 10.51% |
| VESTAS WIND SYSTEMS AS 4.74% | Tesla, Inc. 8.08% |
| BLOOM ENERGY CORP 4.53% | Monolithic Power Systems, Inc. 7.84% |
| EDP S.A. 3.74% | ON Semiconductor Corporation 7.71% |
| NEXTPOWER INC 3.32% | Rivian Automotive, Inc. (Class A) 6.89% |
| ACCIONA SA 2.97% | Nextpower Inc. (Class A) 4.00% |
| ORSTED A/S 2.93% | Advanced Energy Industries, Inc. 3.61% |
| NORDEX SE 2.82% | Albemarle Corporation 3.35% |
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 | QCLN | FRNW | QCLN | FRNW | QCLN | |
| 3 months | −12.0% | −25.6% | −14.3 pts | −27.8 pts | −9.6 pts | −23.1 pts |
| 6 months | −2.2% | +4.5% | −20.2 pts | −13.6 pts | −26.4 pts | −19.8 pts |
| 1 year | +16.4% | +16.1% | −0.2 pts | −0.5 pts | −5.4 pts | −5.7 pts |
| 3 years | +33.7% | +7.8% | −44.7 pts | −70.6 pts | −64.5 pts | −90.4 pts |
| Since launch | −9.4% | +222.2% | −95.1 pts | −581.4 pts | −114.0 pts | −1468.0 pts |
| FRNW Fidelity Clean Energy ETF Holds 50 stocks in clean energy, 10% of its weight in S&P 500 companies | QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund Holds 58 stocks in clean energy, 31% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Fidelity | First Trust |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 9.7% | 30.9% |
| Active share vs the S&P 500 | 99.5% | 97.9% |
| In the Nasdaq-100 | 0.0% | 15.9% |
| Holdings | 50 | 58 |
| Top ten, share of the fund | 37.9% | 59.5% |
| Expense ratio | 0.39% | 0.59% |
| Fee for the differing part | 0.39% | 0.60% |
| Total return, 1 year | +16.4% | +16.1% |
| vs the S&P 500 | −0.2 pts | −0.5 pts |
| vs the Nasdaq-100 | −5.4 pts | −5.7 pts |
| Below its high | −21.7% | −44.6% |
| Net assets | $97m | $546m |
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.
QCLN in plain words
By weight, 31% of QCLN'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 60% of the fund across 58 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +16.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even. It sits 44.6% below its all-time high of Feb 9, 2021.
Questions people ask
- Do FRNW and QCLN hold the same stocks?
- By their latest filings, 25% 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 QCLN?
- FRNW has 10% of its weight in S&P 500 names and QCLN has 31%, so FRNW differs more from the index.
- Which is cheaper, FRNW or QCLN?
- FRNW charges 0.39% a year and QCLN charges 0.59%, 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 QCLN, data as of Sep 18, 2026. https://etfiq.com/compare/themes/frnw-vs-qcln Free to use with attribution; the underlying files are at Open data.