Data as of Nov 4, 2026.
FAN vs PBW: Holdings Overlap & Returns
Over the year to Nov 4, 2026, FAN returned +15.1% to PBW's −13.3%; 3% of their weight is in the same names.
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Net assets on Nov 3, 2026: $190m for First Trust Global Wind Energy ETF and $296m for Invesco WilderHill Clean Energy ETF.
7% of FAN's weight is in S&P 500 companies and 93% is outside the index. Holdings as of Nov 3, 2026.
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
FAN costs 0.03 points a year less; their one-year returns differ by 28.4 points; PBW is 1.6 times larger.
Points (pts) are percentage points.
| Measure | FAN | PBW |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.1% | −13.3% |
| Drawdown | ||
| Below its all-time high | 14.9%, high on May 6, 2026 | 77.8%, high on Feb 9, 2021 |
| Against its benchmark | ||
| What it tracks | Clean energy | Clean energy |
| Its benchmark, total return, 1 year | +14.8% | +14.8% |
| Against its benchmark, 1 year | behind by 28.1 pts | |
| Cost and size | ||
| Expense ratio | 0.60% | 0.63% |
| Net assets, as of Nov 3, 2026 | $190m | $296m |
| Holdings | ||
| Holdings in common | 3% | |
Risk and return
Jul 3, 2008 to Oct 30, 2026 · 956 weekly returns · each against IWVFrom Jul 2008 to Oct 2026, FAN returned more: +10.1% to −60.9%. FAN swung less: 25.0% to 38.0%. FAN fell less at its worst: −78.1% to −88.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FAN | PBW | IWV | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +10.1% | −60.9% | FAN | Price change plus distributions, reinvested. | |
| Annualized | +0.5% | −5.0% | FAN | Total return as a yearly rate. | |
| Price return | −22.1% | −72.0% | FAN | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 25.0% | 38.0% | FAN | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 18.5% | 27.0% | FAN | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −78.1% | −88.0% | FAN | Deepest fall from a high to the low after it. | |
| Upside capture | 77.2% | 161.9% | 100.0% | PBW | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 103.6% | 133.8% | 100.0% | FAN | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.02 | 1.59 | 1.00 | FAN lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.56 | 0.59 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.09 | 0.02 | FAN | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.12 | 0.03 | FAN | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.022 | 0.005 | 0.115 | FAN | Return above Treasury bills per unit of beta. |
| Calmar | 0.01 | −0.06 | FAN | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | IWV | IWV | IWV | The ETF each fund is measured against. | |
| Alpha | −9.5% a year | −17.6% a year | 0.0% | Both significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −2.46 | −3.09 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −17.1% to −1.9% | −28.8% to −6.4% | The 95% range for the yearly alpha. | ||
| Information ratio | −0.56 | −0.41 | PBW | Return against its benchmark per unit of tracking error. | |
| Tracking error | 16.5% | 26.6% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 956 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FAN and PBW hold 3% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
3% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FAN | PBW | FAN | PBW |
| 3 months | −1.5% | −20.4% | −1.2 pts vs IWV | −20.1 pts vs IWV |
| 6 months | −14.9% | −32.9% | −19.8 pts vs IWV | −37.8 pts vs IWV |
| 1 year | +15.1% | −13.3% | +0.3 pts vs IWV | −28.1 pts vs IWV |
| 3 years | +66.8% | +4.1% | −14.2 pts vs IWV | −76.9 pts vs IWV |
| Since launchNot the same days: FAN Jun 2008 · PBW Mar 2005 | +12.2% | −52.4% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
3% of the two portfolios are the same securities at the same weight.
Client brief:
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Over the year to Nov 4, 2026 the fund returned +15.1% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was about even.
By weight, 7% 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 55% of the fund across 45 positions, as published by its issuer for Nov 3, 2026. It sits 14.9% below its all-time high of May 6, 2026.
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 FAN and PBW hold the same stocks?
- By their latest filings, 3% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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, FAN against PBW, data as of Nov 4, 2026. https://etfiq.com/compare/themes/fan-vs-pbw
ETFIQ. (Nov 4, 2026). FAN against PBW. Retrieved from https://etfiq.com/compare/themes/fan-vs-pbw
[FAN against PBW (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/fan-vs-pbw)
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