Data as of .
CNRG vs PBW: which is really different?
CNRG and PBW hold 27% of their weight in the same names, and PBW returned more over the year.
ETFIQ Off-Index Score: PBW 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
27% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, CNRG and PBW hold 27% of their money in the same securities at the same weight.
| Holding | CNRG | PBW |
|---|---|---|
| ENERGY VAULT HOLDINGS INC | 3.53% | 1.85% |
| TESLA INC | 2.57% | 1.74% |
| AMERESCO INC CL A | 3.13% | 1.56% |
| ORMAT TECHNOLOGIES INC | 2.42% | 1.54% |
| FIRST SOLAR INC | 2.67% | 1.52% |
| BLOOM ENERGY CORP A | 3.85% | 1.50% |
| PLUG POWER INC | 2.49% | 1.46% |
| CANADIAN SOLAR INC | 2.54% | 1.46% |
| FUELCELL ENERGY INC | 3.79% | 1.45% |
| SHOALS TECHNOLOGIES GROUP A | 2.79% | 1.32% |
| ENPHASE ENERGY INC | 2.33% | 1.29% |
| NEXTPOWER INC | 2.45% | 1.27% |
| Only in CNRG | Only in PBW |
|---|---|
| ARCOSA INC 4.03% | Beta Technologies Inc 2.59% |
| GE VERNOVA INC 3.69% | Darling Ingredients Inc 2.39% |
| CONSTELLATION ENERGY 3.57% | Cadeler A/S 2.29% |
| CIA ENERGETICA DE SPON ADR 3.55% | Gevo Inc 2.15% |
| AES CORP 3.44% | Itron Inc 2.10% |
| TRANSALTA CORP 3.35% | OPAL Fuels Inc 2.04% |
| NEXTERA ENERGY INC 3.21% | Gentherm Inc 2.01% |
| GENERAC HOLDINGS INC 2.94% | Preformed Line Products Co 1.95% |
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 Sep 18, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| CNRG | PBW | CNRG | PBW | CNRG | PBW | |
| 3 months | −22.7% | −25.8% | −24.9 pts | −28.1 pts | −20.2 pts | −23.4 pts |
| 6 months | −2.6% | −0.1% | −20.7 pts | −18.1 pts | −26.9 pts | −24.3 pts |
| 1 year | +9.6% | +11.1% | −6.9 pts | −5.5 pts | −12.1 pts | −10.7 pts |
| 3 years | +26.0% | −4.3% | −52.4 pts | −82.7 pts | −72.2 pts | −102.5 pts |
| Since launch | +226.7% | −25.2% | +12.7 pts | −828.8 pts | −111.2 pts | −1715.5 pts |
| CNRG State Street(R) SPDR(R) S&P Kensho Clean Power ETF Holds 40 stocks in clean energy, 24% of its weight in S&P 500 companies | PBW Invesco WilderHill Clean Energy ETF Holds 74 stocks in clean energy, 8% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | State Street | Invesco |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 24.5% | 7.7% |
| Active share vs the S&P 500 | 96.9% | 97.9% |
| In the Nasdaq-100 | 6.2% | 3.2% |
| Holdings | 40 | 74 |
| Top ten, share of the fund | 35.9% | 21.3% |
| Expense ratio | 0.45% | 0.63% |
| Fee for the differing part | 0.46% | 0.64% |
| Total return, 1 year | +9.6% | +11.1% |
| vs the S&P 500 | −6.9 pts | −5.5 pts |
| vs the Nasdaq-100 | −12.1 pts | −10.7 pts |
| Below its high | −36.3% | −74.5% |
| Net assets | $188m | $363m |
CNRG in plain words
By weight, 24% of CNRG's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 36% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +9.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 6.9 pts. It sits 36.3% below its all-time high of Feb 9, 2021.
PBW in plain words
By weight, 8% of PBW'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 21% of the fund across 74 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +11.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 5.5 pts. It sits 74.5% below its all-time high of Feb 9, 2021.
Questions people ask
- Do CNRG and PBW hold the same stocks?
- By their latest filings, 27% 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, CNRG or PBW?
- CNRG has 24% of its weight in S&P 500 names and PBW has 8%, so PBW differs more from the index.
- Which is cheaper, CNRG or PBW?
- CNRG charges 0.45% a year and PBW charges 0.63%, so CNRG 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, CNRG against PBW, data as of Sep 18, 2026. https://etfiq.com/compare/themes/cnrg-vs-pbw Free to use with attribution; the underlying files are at Open data.