Quick Read – FRNW gained 33% YTD, tripling SPY’s 11% return, a performance driven by AI data center power demand rather than traditional clean energy tailwinds. – GEV booked $18.3B in Q1 orders, up 71% organically, including $2.4B in data center electrification that already…
ceeds the total for all of 2025. – GEV now trades at 98x EV/EBITDA and ORA at 70x earnings, meaning buyers today are paying for the data center thesis rather than clean energy. – A $10,000 position in Fidelity Clean Energy ETF (NYSEARCA:FRNW) on the last trading day of 2025 was worth about $13,330 by the close on June 4, 2026, a 33% run in a little over five months. The same money in SPY would have grown to about $11,100, an 11% return over the identical window
FRNW has roughly tripled the S&P 500 year to date, which is the kind of headline that draws a crowd, and almost none of it is happening for the reason the fund’s name suggests. The Arithmetic of a Quiet Fidelity Run FRNW is a small, plain-vanilla index ETF from Fidelity’s Covington Trust lineup, with a 0.39% net expense ratio and just $63.75 million in net assets as of the March 31, 2026 NPORT filing. The fund opened the year at $20.30 and closed June 4 at $27.06.
Over the trailing twelve months the move is even more striking, about 84% versus the S&P 500’s about 27%. Five-year returns tell a more honest story about the category, with FRNW up just about 11% since October 2021 while the S&P 500 returned about 79% over the same horizon. Clean energy has been the place capital went to die for most of this decade.