Data as of .
FAN vs PBW: which is really different?
FAN and PBW hold 3% of their weight in the same names, and FAN returned more over the year.
ETFIQ Off-Index Score: FAN 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
3% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FAN and PBW hold 3% of their money in the same securities at the same weight.
| Holding | FAN | PBW |
|---|---|---|
| Cadeler A/S | 4.13% | 2.29% |
| American Superconductor Corporation | 0.64% | 1.21% |
| Only in FAN | Only in PBW |
|---|---|
| Nordex SE 8.34% | Beta Technologies Inc 2.59% |
| Orsted A/S 8.05% | Darling Ingredients Inc 2.39% |
| Vestas Wind Systems A/S 7.75% | Gevo Inc 2.15% |
| EDP Renewables SA 7.44% | Itron Inc 2.10% |
| China Longyuan Power Group Corporation L 5.44% | OPAL Fuels Inc 2.04% |
| Canadian Dollar 4.66% | Gentherm Inc 2.01% |
| ERG SpA 4.07% | Preformed Line Products Co 1.95% |
| Goldwind Science & Technology Co., Ltd. 3.21% | REX American Resources Corp 1.91% |
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 | |||
|---|---|---|---|---|---|---|
| FAN | PBW | FAN | PBW | FAN | PBW | |
| 3 months | −5.5% | −25.8% | −7.7 pts | −28.1 pts | −3.0 pts | −23.4 pts |
| 6 months | +1.0% | −0.1% | −17.1 pts | −18.1 pts | −23.3 pts | −24.3 pts |
| 1 year | +26.2% | +11.1% | +9.7 pts | −5.5 pts | +4.5 pts | −10.7 pts |
| 3 years | +57.9% | −4.3% | −20.5 pts | −82.7 pts | −40.3 pts | −102.5 pts |
| Since launch | +110.1% | −25.2% | −693.5 pts | −828.8 pts | −1580.2 pts | −1715.5 pts |
| FAN First Trust Global Wind Energy ETF Holds 56 stocks in clean energy, 6% 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 | First Trust | Invesco |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 6.1% | 7.7% |
| Active share vs the S&P 500 | 99.2% | 97.9% |
| In the Nasdaq-100 | 0.0% | 3.2% |
| Holdings | 56 | 74 |
| Top ten, share of the fund | 56.3% | 21.3% |
| Expense ratio | 0.60% | 0.63% |
| Fee for the differing part | 0.60% | 0.64% |
| Total return, 1 year | +26.2% | +11.1% |
| vs the S&P 500 | +9.7 pts | −5.5 pts |
| vs the Nasdaq-100 | +4.5 pts | −10.7 pts |
| Below its high | −13.8% | −74.5% |
| Net assets | $234m | $363m |
FAN in plain words
By weight, 6% of FAN's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 99%. The top ten holdings are 56% of the fund across 56 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +26.2% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 9.7 pts. It sits 13.8% below its all-time high of May 6, 2026.
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 FAN and PBW hold the same stocks?
- By their latest filings, 3% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, FAN or PBW?
- FAN has 6% of its weight in S&P 500 names and PBW has 8%, so FAN differs more from the index.
- Which is cheaper, FAN or PBW?
- FAN charges 0.60% a year and PBW charges 0.63%, so FAN 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, FAN against PBW, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fan-vs-pbw Free to use with attribution; the underlying files are at Open data.