Do FRNW and QCLN hold the same stocks?

By their latest filings, 25% 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 QCLN?

FRNW has 10% of its weight in S&P 500 names and QCLN has 34%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

FRNW vs QCLN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FRNW returned +3.1% to QCLN's +1.6%; 25% 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 $489m on Nov 3, 2026 for First Trust Nasdaq Clean Edge Green Energy Index Fund.

FRNW on its own →QCLN on its own →

At a glance

9.7%

FRNW in the S&P 500

33.5%

QCLN in the S&P 500

+3.1%

FRNW total return, 1 year

+1.6%

QCLN 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.

QCLN · 1 year to Nov 4, 2026 67% of its weight is outside the S&P 500

34% of QCLN's weight is in S&P 500 companies and 67% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

FRNW costs 0.20 points a year less; their one-year returns differ by 1.5 points.

Points (pts) are percentage points.

FRNW vs QCLN: Holdings Overlap & Returns
Measure	FRNW	QCLN
Return
Measure	FRNW	QCLN
Total return, 1 year	+3.1%	+1.6%
Drawdown
Measure	FRNW	QCLN
Below its all-time high	22.8%, high on Nov 1, 2021	47.7%, high on Feb 9, 2021
Against its benchmark
Measure	FRNW	QCLN
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	FRNW	QCLN
Expense ratio	0.39%	0.59%
Net assets, FRNW as of Sep 30, 2026 and QCLN as of Nov 3, 2026	$91m	$489m
Holdings
Measure	FRNW	QCLN
Holdings in common	25%

Method

Risk and return

Oct 15, 2021 to Oct 30, 2026 · 263 weekly returns

FRNW QCLN

Return

Total return edge FRNW −21.8% −34.1%

Annualized edge FRNW −4.7% −7.9%

Price return edge FRNW −26.0% −35.4%

Risk

Volatility edge FRNW 26.5% 35.7%

Max drawdown edge FRNW −56.6% −67.6%

Risk-adjusted

Sharpe edge QCLN −0.20 −0.16

Sortino edge QCLN −0.28 −0.23

Calmar edge FRNW −0.08 −0.12

Reading

From Oct 2021 to Oct 2026, FRNW returned more: −21.8% to −34.1%. FRNW swung less: 26.5% to 35.7%. FRNW fell less at its worst: −56.6% to −67.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: FRNW vs QCLN: Holdings Overlap & Returns
Measure	FRNW	QCLN	Edge	How it is measured
Return
Total return	−21.8%	−34.1%	FRNW	Price change plus distributions, reinvested.
Annualized	−4.7%	−7.9%	FRNW	Total return as a yearly rate.
Price return	−26.0%	−35.4%	FRNW	Price change alone, distributions left out.
Risk
Volatility	26.5%	35.7%	FRNW	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	18.7%	25.6%	FRNW	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−56.6%	−67.6%	FRNW	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.20	−0.16	QCLN	Return above Treasury bills per unit of volatility.
Sortino	−0.28	−0.23	QCLN	Return above Treasury bills per unit of downside deviation.
Calmar	−0.08	−0.12	FRNW	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 263 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

25%

By the books each fund has filed, FRNW and QCLN hold 25% 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

25% in common

Positions both hold · largest shared weight first FRNW QCLN

BLOOM ENERGY CORP 4.51% 8.90%

FIRST SOLAR INC 3.68% 3.95%

NEXTPOWER INC 3.31% 5.02%

ENLIGHT RENEWABLE ENERGY LTD 3.15% 3.27%

ORMAT TECHNOLOGIES INC 2.23% 2.09%

ITRON INC 2.27% 1.55%

CLEARWAY ENERGY INC 1.98% 1.51%

ENPHASE ENERGY INC 2.12% 1.45%

SUNRUN INC 1.87% 0.76%

SOLAREDGE TECHNOLOGIES INC 1.81% 0.73%

PLUG POWER INC 1.49% 0.71%

RENEW ENERGY GLOBAL PLC 1.23% 0.61%

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%

ORSTED A/S 2.92%

NORDEX SE 2.81%

VERBUND AG 2.32%

BROOKFIELD RENEWABLE CORP 2.31%

Only in QCLN

Tesla, Inc. 9.29%

Monolithic Power Systems, Inc. 8.99%

ON Semiconductor Corporation 8.41%

Rivian Automotive, Inc. (Class A) 6.42%

Acuity Inc. 3.58%

Advanced Energy Industries, Inc. 3.45%

Brookfield Renewable Partners LP 3.29%

Albemarle Corporation 2.87%

Check overlap with more funds →

Window by window

Window by window: FRNW vs QCLN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	FRNW	QCLN	FRNW	QCLN
3 months	−4.5%	−11.9%	not measured	−11.6 pts vs IWV
6 months	−16.2%	−25.1%	not measured	−30.0 pts vs IWV
1 year	+3.1%	+1.6%	not measured	−13.2 pts vs IWV
3 years	+49.5%	+27.3%	not measured	−53.7 pts vs IWV
Since launchNot the same days: FRNW Oct 2021 · QCLN Feb 2007	−10.7%	+149.5%	not measured	not measured

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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 QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund · Holds 57 stocks in clean energy, 34% of its weight in S&P 500 companies

Issuer Fidelity First Trust

Theme Clean energy Clean energy

In the S&P 500 9.7% 33.5%

Active share vs the S&P 500 99.5% 97.9%

In the Nasdaq-100 0.0% 18.3%

Holdings 50 57

Top ten, share of the fund 37.8% 61.3%

Expense ratio 0.39% 0.59%

Fee for the differing part 0.39% 0.60%

Total return, 1 year +3.1% +1.6%

vs its benchmark not measured −13.2 pts vs IWV

Below its high −22.8% −47.7%

Net assets, FRNW as of Sep 30, 2026 and QCLN as of Nov 3, 2026 $91m $489m

As of Nov 4, 2026. Source: ETFIQ.

25% of the two portfolios are the same securities at the same weight.

Client brief

No client brief for this pair: the two funds' holdings are dated 126 days apart.

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.

QCLN

Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 13.2 pts.

By weight, 34% 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 61% of the fund across 57 positions, as published by its issuer for Nov 3, 2026. It sits 47.7% 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. 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 34%, 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

FRNW vs PBW FRNW vs ICLN FRNW vs HYDR FRNW vs CCSO QCLN vs SMOG QCLN vs RNRG QCLN vs TAN QCLN vs VCLN

Where to next

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

Sources and dates

FRNW filings on SEC EDGAR ↗

FRNW prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

QCLN filings on SEC EDGAR ↗

QCLN prospectus with the expense ratio (SEC) ↗

First Trust page for QCLN ↗

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 QCLN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/frnw-vs-qcln

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