Welcome to the Q4 2025 issue of Clean Edge’s quarterly newsletter. This edition highlights the most recent performance of our clean energy, water, and grid indexes and features our two most recent Data Dives: the 2026 Grid Market Map and 2025 Clean Edge Tech Maturation Model. Despite the Trump Administration’s relentless focus on fossil fuels and unabashed assault on wind power, clean tech thrived in 2025. Based on preliminary data from both the International Energy Agency (IEA) and U.S. Energy Information Administration (EIA), solar, wind, and storage are projected to once again contribute more than 90% of new utility-scale electricity capacity additions both globally and in the U.S. in 2025.

Against this backdrop, Nasdaq Clean Edge indexes focused on clean energy and the grid all outperformed the S&P 500 and IXE (Energy Select) over the 12-month period. More specifically, perhaps belying President Trump’s full-throttle campaign to prop up fossil fuels and reflective of the new economic realities of renewables and storage, the top-performing Nasdaq Clean Edge indexes for both the full year and Q4 were clean-energy focused, namely CELSI™ (ex-U.S. clean energy), GWE™ (global wind), and CELS™ (U.S. clean energy).

All returns listed below are total returns, unless otherwise noted.

Q4 2025 INDEX PERFORMANCE (TOTAL RETURN)

On a total return basis, during Q4 2025, the ISE Clean Edge Global Wind Energy™ Index (GWE™), Nasdaq Clean Edge Green Energy™ Index (CELS™), and Clean Edge International Green Energy™ Index (CELSI™) were the top performers, up 7.54%, 6.41%, and 6.01% respectively. During the quarter, the Nasdaq Clean Edge Global Green Income™ Index (GGINC™) was up 1.95% and grid-focused Nasdaq OMX Clean Edge Smart Grid Infrastructure™ Index (QGRD™) and the exclusions-version (QGRDE™) were up 1.86% and 1.92% respectively. The ISE Clean Edge Water™ Index (HHO™) and the Nasdaq Clean Edge Global Water™ Index (GHHO™) declined 2.93% and 1.48% respectively. 

The S&P 500 was up 2.65% and the IXE index (Energy Select) was up 0.98% over the same period.

12-MONTH (2025) INDEX PERFORMANCE (TOTAL RETURN)

On a total return basis, all Nasdaq Clean Edge indexes had positive results over the 12-month period, with all our grid and clean-energy indexes beating out the S&P 500 and IXE index comps. CELSI™ (ex-U.S. clean energy) was the top performer with an increase of 44.31%, followed by GWE™ (global wind), up 38.57% and CELS™ (U.S.-listed clean energy) up 32.04%. QGRD™ (global smart grid and grid infrastructure) and QGRDE™ (exclusions version) increased 30.45% and 30.70% respectively, while GGINC™ (global green income) was up 27.54%. Water and wastewater infrastructure indexes, HHO™ and GHHO™, were up 7.78%, and 9.12%, respectively. 

The S&P 500 was up 17.88% and the IXE index (Energy Select) was up 8.03% over the same period.

First Trust ETFs and UCITS tracking Nasdaq Clean Edge indexes equaled more than $9 billion in assets under management (as of January 5, 2026, based on FactSet Data).

Monthly Thematic Index Returns (%) - 12 Month Period

Over the past 12 months, U.S.-focused clean-energy index CELS™ experienced the greatest volatility, landing in the top spot five times and in the bottom spot four times (notably at the beginning of 2025). Ex-U.S. clean energy (CELSI™) placed in or near the top eight of 12 months, with clean energy, including wind, dominating the top spots. Recent high-performer QGRD™ (global smart grid and grid infrastructure) placed in both the top and bottom spot once, with other placements dispersed widely across the leader board.

2025 Winners and Losers - Index Constituents Ranked by Price Return

Below is a list of the top 10 best and worst constituent performers (ranked by price return in USD) across all Nasdaq Clean Edge Nasdaq indexes during 2025. Top 10 performers reflected a broad diversity of sectors, spanning grid, energy storage, fuel cells, rare earths, solar, and wind.

Clean Edge Insights: Our Latest Data Dives - 2026 Grid Market Map

With the continued expansion of renewable energy, the electrification of transportation and heat, and the rapid growth of data centers to support AI, global demand for electricity is surging. Electricity grids require significant investment to meet this skyrocketing demand. According to Bloomberg New Energy Finance, grid spending is expected to reach $577 billion annually by 2027, up from an estimated $479 billion in 2025. Clean Edge’s 2026 Grid Market Map represents a selection of companies and organizations contributing to the grid across a range of sectors, from transmission & distribution manufacturers and data and software providers to grid enhancing technology innovators and energy storage players. This year we made a number of changes to the market map, including reclassifying players such as Eaton and GE Vernova; removing companies that went bankrupt or changed their business focus, including Sunnova and NGK Insulators; adding companies such as Bloom Energy and KEC International; and bolstering our NGO and trade group section, in particular by adding in European players such as the EU DSO and Eurelectric. As always, this is not an exhaustive list but a high-level survey of established and emerging players.

2025 Clean Edge Tech Maturation Model

In our fifth annual Clean Edge Tech Maturation Model, our team drew on decades of collective industry experience to compare more than 50 clean technologies across energy, transportation, water, and grid sectors. These technologies are ranked by both their stage of development (pre-commercial to mass market availability) and cost competitiveness (low to high). Technologies at the top right of the chart (such as utility-scale solar PV, utility-scale onshore wind, and 100-300 mile-range passenger EVs) are considered fully mature technologies, while those at the bottom left (such as fusion power and all-electric long-haul air travel) are still in the lab and many years from commercial viability, if ever. This year, we’ve added shaded bands which group technologies by their progress in the maturation process: Ready Now, Under Development, and Long Shots. While many technologies follow upwards along the x and y axes as they mature, it’s important to note that some technologies may become available in the mass market but never be cost competitive (or vice versa), due to regulatory pressure or general need (PFAS treatment or nuclear power, for example). To view technological progress by each sector, check out the full model here. As always, we invite your feedback on this year’s model.

Source: Clean Edge

Learn More:

• Nasdaq Introduces Smart Grid Infrastructure Index 
• AI Data Centers and U.S. Grid Stress 
• Waste-to-Energy
• Advanced Waste-to-Energy Solutions
• Carbon Intensity Management 
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• Project Evaluation 

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