ICLNvsFRNWETF Comparison
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iShares Global Clean Energy ETF (ICLN) and Fidelity Clean Energy ETF (FRNW) belong to the same industry segment: Alternative Energy. Both ETFs have the same top 3 sector exposures: Industrials, Utilities and Technology. ICLN is less expensive with a Total Expense Ratio (TER) of 0.38%, versus 0.39% for FRNW. ICLN is up 0.83% year-to-date (YTD) with +$281M in YTD flows. FRNW performs better with 1.69% YTD performance, and +$55M in YTD flows. Run a side-by-side ETF comparison of ICLN and FRNW below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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ICLN vs FRNW performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/21/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ICLN FRNW | -7.14%-7.26% | -11.12%-11.24% | +0.83%+1.69% | +2.03%-0.32% | +30.00%+50.36% | -25.81%-22.30% |
| Flows | ICLN FRNW | +$123M-$2M | -$103M-$4M | +$281M+$55M | +$388M+$60M | -$855M+$59M | -$1.97B+$99M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ICLN FRNW | +24.92%+22.71% | +29.25%+24.46% | +24.49%+24.89% | +26.58%+25.85% |
| Max drawdown | ICLN FRNW | -12.31%-13.32% | -31.11%-26.84% | -31.13%-31.43% | -56.66%-58.56% |
| Max drawdown duration | ICLN FRNW | 92d70d | 141d141d | 631d571d | 1815d1815d |
Trading data
ICLN | FRNW | |
Last sale 10/22/2026 at 1:30 PM | $16.17 | $19.92 |
| Previous close 10/21/2026 | $16.50 | $20.42 |
| Consolidated volume 10/21/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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ICLN | FRNW | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
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Main metrics
Last update 10/22/2026 at 1:30 PM
Live
Closed
ICLN | FRNW | |
|---|---|---|
| Last price | $16.17 | $19.92 |
| 1D performance | -2.00% | -2.45% |
| AuM | $2.09 B | $85.90 M |
| E/R | 0.38% | 0.39% |
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Exposure
Countries
ICLN
USA
35.79%
China
22.2%
Other
42.01%
FRNW
USA
32.87%
Denmark
11.15%
China
9.78%
Germany
7.6%
Spain
7.49%
Other
31.11%
Sectors
ICLN
Industrials
49.97%
Utilities
40.84%
Other
9.2%
FRNW
Industrials
50.38%
Utilities
44.65%
Other
4.97%
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Diversification
ICLN
Total weight of top 15 holdings out of 15
59.42%
FRNW
Total weight of top 15 holdings out of 15
49.91%
Top 15 holdings
Data as of August 31, 2026
ICLN
First Solar, Inc.
7.87%
China Yangtze Power Co., Ltd.
7.75%
Bloom Energy Corp.
7.09%
Nextpower, Inc.
6.53%
Vestas Wind Systems A/S
4.57%
Enphase Energy, Inc.
4.55%
Equatorial SA
3.13%
EDP SA
2.91%
Plug Power, Inc.
2.85%
Chubu Electric Power Co., Inc.
2.67%
Suzlon Energy Ltd.
2.06%
Enlight Renewable Energy Ltd.
2.06%
Clearway Energy, Inc.
1.96%
SolarEdge Technologies, Inc.
1.85%
Ørsted A/S
1.57%
FRNW
Vestas Wind Systems A/S
6.18%
GE Vernova, Inc.
5.25%
EDP SA
4.36%
First Solar, Inc.
3.57%
Bloom Energy Corp.
3.51%
Enlight Renewable Energy Ltd.
3.16%
Ørsted A/S
3.16%
Itron, Inc.
2.87%
VERBUND AG
2.84%
Nordex SE
2.68%
Nextpower, Inc.
2.66%
Acciona SA
2.57%
E.ON SE
2.42%
Ormat Technologies, Inc.
2.37%
Meridian Energy Ltd.
2.30%
Frequently asked questions about ICLN and FRNW
How have the ICLN and FRNW ETFs performed in 2026?
As of October 21, 2026, ICLN is up 0.83% year-to-date (YTD), while FRNW has returned 1.69%. That puts FRNW better performer ahead so far this year.
Which ETF is attracting more investor money: ICLN or FRNW?
Year-to-date, the ICLN ETF saw +$281M in flows, compared to +$55M for FRNW.
Which ETF is more volatile: ICLN or FRNW?
Over the past year, ICLN had a volatility of 29.25%, while FRNW experienced 24.46%.
Which ETF is bigger: ICLN or FRNW?
As of October 21, 2026, ICLN holds $2.09 B in assets under management (AUM), while FRNW manages $85.90 M.
What sectors do the ICLN and FRNW ETFs invest in?
ICLN leans toward sectors like Industrials and Utilities. Meanwhile, FRNW focuses on Industrials and Utilities.
What are the top holdings of the ICLN ETF and FRNW ETF?
ICLN top holdings include First Solar, Inc., China Yangtze Power Co., Ltd. and Bloom Energy Corp.. FRNW holds in its top three: Vestas Wind Systems A/S, GE Vernova, Inc. and EDP SA.
Which ETF is more diversified: ICLN or FRNW?
ICLN holds 103 securities with 59.42% of its assets in the top 15. FRNW has 49 securities and a top 15 weight of 49.91%.
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