Do CNRG and PBW hold the same stocks?

By their latest filings, 32% 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, CNRG or PBW?

CNRG has 28% 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.

Data as of Nov 4, 2026.

Thematic ETFs

CNRG vs PBW: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, CNRG returned −14.9% to PBW's −13.3%; 32% of their weight is in the same names.

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Net assets on Nov 3, 2026: $167m for State Street SPDR S&P Kensho Clean Power ETF and $296m for Invesco WilderHill Clean Energy ETF.

CNRG on its own →PBW on its own →

At a glance

27.8%

CNRG in the S&P 500

8.1%

PBW in the S&P 500

−14.9%

CNRG total return, 1 year

−13.3%

PBW total return, 1 year

CNRG · 1 year to Nov 4, 2026 72% of its weight is outside the S&P 500

28% of CNRG's weight is in S&P 500 companies and 72% is outside the index. Holdings as of Nov 3, 2026.

PBW · 1 year to Nov 4, 2026 92% of its weight is outside the S&P 500

8% of PBW's weight is in S&P 500 companies and 92% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

CNRG costs 0.18 points a year less; their one-year returns differ by 1.6 points; PBW is 1.8 times larger.

Points (pts) are percentage points.

CNRG vs PBW: Holdings Overlap & Returns
Measure	CNRG	PBW
Return
Measure	CNRG	PBW
Total return, 1 year	−14.9%	−13.3%
Drawdown
Measure	CNRG	PBW
Below its all-time high	40.7%, high on Feb 9, 2021	77.8%, high on Feb 9, 2021
Against its benchmark
Measure	CNRG	PBW
What it tracks	Clean energy	Clean energy
Against the S&P 500, 1 year	behind by 29.7 pts
Its benchmark, total return, 1 year	+14.8%	+14.8%
Against its benchmark, 1 year	behind by 29.7 pts	behind by 28.1 pts
Cost and size
Measure	CNRG	PBW
Expense ratio	0.45%	0.63%
Net assets, as of Nov 3, 2026	$167m	$296m
Holdings
Measure	CNRG	PBW
Holdings in common	32%

Method

Risk and return

Nov 2, 2018 to Oct 30, 2026 · 417 weekly returns

CNRG PBW

Return

Total return edge CNRG +199.1% +24.6%

Annualized edge CNRG +14.6% +2.8%

Price return edge CNRG +169.1% +6.0%

Risk

Volatility edge CNRG 35.2% 42.4%

Max drawdown edge CNRG −66.2% −88.0%

Downside capture 117.3% 133.7%

Beta 1.26 1.59

Risk-adjusted

Sharpe edge CNRG 0.48 0.21

Sortino edge CNRG 0.74 0.31

Treynor 0.135 0.009

Calmar edge CNRG 0.22 0.03

Against the benchmark

Alpha +0.4% a year −14.2% a year

Alpha t-stat 0.04 −2.78

Information ratio 0.14 −0.33

Tracking error 27.1% 25.8%

Each against its own benchmark: CNRG against VOO, Nov 2, 2018 to Oct 30, 2026; PBW against IWV, Mar 11, 2005 to Oct 30, 2026.

Reading

From Nov 2018 to Oct 2026, CNRG returned more: +199.1% to +24.6%. CNRG swung less: 35.2% to 42.4%. CNRG fell less at its worst: −66.2% to −88.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: CNRG vs PBW: Holdings Overlap & Returns
Measure	CNRG	PBW	Edge	How it is measured
Return
Total return	+199.1%	+24.6%	CNRG	Price change plus distributions, reinvested.
Annualized	+14.6%	+2.8%	CNRG	Total return as a yearly rate.
Price return	+169.1%	+6.0%	CNRG	Price change alone, distributions left out.
Risk
Volatility	35.2%	42.4%	CNRG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.1%	29.3%	CNRG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−66.2%	−88.0%	CNRG	Deepest fall from a high to the low after it.
Upside capture	140.5%	165.9%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	117.3%	133.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.26	1.59	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.43	0.58	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.48	0.21	CNRG	Return above Treasury bills per unit of volatility.
Sortino	0.74	0.31	CNRG	Return above Treasury bills per unit of downside deviation.
Treynor	0.135	0.009		Return above Treasury bills per unit of beta.
Calmar	0.22	0.03	CNRG	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	IWV		The ETF each fund is measured against.
Alpha	+0.4% a year	−14.2% a year	CNRG not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.04	−2.78	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−18.2% to +19.0%	−24.2% to −4.2%	CNRG includes zero	The 95% range for the yearly alpha.
Information ratio	0.14	−0.33		Return against its benchmark per unit of tracking error.
Tracking error	27.1%	25.8%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 417 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

32%

By the books each fund has filed, CNRG and PBW hold 32% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

32% in common

Positions both hold · largest shared weight first CNRG PBW

ARRAY TECHNOLOGIES INC 2.62% 2.35%

NEXTPOWER INC 3.31% 2.33%

JINKO HOLDINGS LTD 2.25% 1.94%

ORMAT TECHNOLOGIES INC 2.66% 1.94%

FIRST SOLAR INC 2.88% 1.85%

TESLA INC 3.19% 1.73%

CANADIAN SOLAR INC 2.56% 1.72%

SHOALS TECHNOLOGIES GROUP A 3.53% 1.67%

SUNRUN INC 2.81% 1.62%

SOLAREDGE TECHNOLOGIES INC 2.33% 1.54%

ENPHASE ENERGY INC 2.32% 1.50%

AMERESCO INC CL A 3.33% 1.48%

Only in one fund ↓

Only in CNRG

CONSTELLATION ENERGY 4.20%

TRANSALTA CORP 4.12%

GE VERNOVA INC 4.08%

AES CORP 3.93%

NEXTERA ENERGY INC 3.82%

AVISTA CORP 3.47%

GENERAC HOLDINGS INC 3.38%

CIA ENERGETICA DE SPON ADR 3.37%

Only in PBW

Cadeler A/S 2.01%

EVgo Inc 2.00%

Universal Display Corp 1.84%

Beta Technologies Inc 1.72%

Itron Inc 1.70%

Brookfield Renewable Corp 1.68%

Quanta Services Inc 1.68%

Solv Energy Inc 1.66%

Check overlap with more funds →

Window by window

Window by window: CNRG vs PBW: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	CNRG	PBW	CNRG	PBW
3 months	−13.7%	−20.4%	−13.6 pts vs VOO	−20.1 pts vs IWV
6 months	−24.1%	−32.9%	−29.1 pts vs VOO	−37.8 pts vs IWV
1 year	−14.9%	−13.3%	−29.7 pts vs VOO	−28.1 pts vs IWV
3 years	+31.6%	+4.1%	−51.7 pts vs VOO	−76.9 pts vs IWV
Since launchNot the same days: CNRG Oct 2018 · PBW Mar 2005	+204.0%	−52.4%	−13.5 pts vs VOO	not measured

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Side by side

CNRG State Street SPDR S&P Kensho Clean Power ETF · Holds 38 stocks in clean energy, 28% of its weight in S&P 500 companies PBW Invesco WilderHill Clean Energy ETF · Holds 73 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 27.8% 8.1%

Active share vs the S&P 500 96.9% 97.9%

In the Nasdaq-100 7.4% 3.3%

Holdings 38 73

Top ten, share of the fund 37.4% 19.7%

Expense ratio 0.45% 0.63%

Fee for the differing part 0.46% 0.64%

Total return, 1 year −14.9% −13.3%

vs its benchmark −29.7 pts vs VOO −28.1 pts vs IWV

Below its high −40.7% −77.8%

Net assets, as of Nov 3, 2026 $167m $296m

As of Nov 4, 2026. Source: ETFIQ.

32% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

CNRG

By weight, 28% 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 37% of the fund across 38 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −14.9% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 29.7 pts. It sits 40.7% below its all-time high of Feb 9, 2021.

PBW

Over the year to Nov 4, 2026 the fund returned −13.3% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 28.1 pts.

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 20% of the fund across 73 positions, as published by its issuer for Nov 3, 2026. It sits 77.8% below its all-time high of Feb 9, 2021.

Questions people ask

Do CNRG and PBW hold the same stocks?: By their latest filings, 32% 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, CNRG or PBW?: CNRG has 28% 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

CNRG vs QCLN CNRG vs PBD CNRG vs TAN CNRG vs ICLN PBW vs QCLN PBW vs TAN PBW vs RNRG PBW vs VCLN

Where to next

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

Sources and dates

CNRG filings on SEC EDGAR ↗

CNRG prospectus with the expense ratio (SEC) ↗

State Street website ↗

PBW filings on SEC EDGAR ↗

PBW prospectus with the expense ratio (SEC) ↗

Invesco page for PBW ↗

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, CNRG against PBW, data as of Nov 4, 2026. https://etfiq.com/compare/themes/cnrg-vs-pbw

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