Data as of .
FRNW vs TAN: which is really different?
FRNW and TAN hold 32% of their weight in the same names, and FRNW returned more over the year.
ETFIQ Off-Index Score: TAN 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
32% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FRNW and TAN hold 32% of their money in the same securities at the same weight.
| Holding | FRNW | TAN |
|---|---|---|
| FIRST SOLAR INC | 3.69% | 9.81% |
| NEXTPOWER INC | 3.32% | 8.84% |
| ENLIGHT RENEWABLE ENERGY LTD | 3.16% | 8.19% |
| ENPHASE ENERGY INC | 2.13% | 6.37% |
| CLEARWAY ENERGY INC | 1.99% | 3.64% |
| SUNRUN INC | 1.88% | 3.86% |
| SOLAREDGE TECHNOLOGIES INC | 1.81% | 3.86% |
| SOLARIA ENERGIA Y MEDIO AMBIENTE SA | 1.54% | 3.42% |
| T1 ENERGY INC | 1.47% | 2.00% |
| SMA SOLAR TECHNOLOGY AG | 1.37% | 3.02% |
| SHOALS TECHNOLOGIES GROUP INC | 1.35% | 2.85% |
| GRENERGY RENOVABLES SA | 1.34% | 2.16% |
| Only in FRNW | Only in TAN |
|---|---|
| GE VERNOVA INC 6.01% | Doral Group Renewable Energy Resources Ltd 4.68% |
| VESTAS WIND SYSTEMS AS 4.74% | HA Sustainable Infrastructure Capital Inc 4.39% |
| BLOOM ENERGY CORP 4.53% | GCL Technology Holdings Ltd 4.35% |
| EDP S.A. 3.74% | OY Nofar Energy Ltd 2.89% |
| ACCIONA SA 2.97% | Energix-Renewable Energies Ltd 2.14% |
| ORSTED A/S 2.93% | Scatec ASA 2.06% |
| NORDEX SE 2.82% | United Renewable Energy Co Ltd/Taiwan 1.85% |
| VERBUND AG 2.33% | Daqo New Energy Corp 1.68% |
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 Jun 30, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FRNW | TAN | FRNW | TAN | FRNW | TAN | |
| 3 months | −12.0% | −24.6% | −14.3 pts | −26.9 pts | −9.6 pts | −22.1 pts |
| 6 months | −2.2% | −17.2% | −20.2 pts | −35.2 pts | −26.4 pts | −41.5 pts |
| 1 year | +16.4% | +6.7% | −0.2 pts | −9.9 pts | −5.4 pts | −15.1 pts |
| 3 years | +33.7% | −15.9% | −44.7 pts | −94.3 pts | −64.5 pts | −114.0 pts |
| Since launch | −9.4% | −41.6% | −95.1 pts | −845.2 pts | −114.0 pts | −1731.9 pts |
| FRNW Fidelity Clean Energy ETF Holds 50 stocks in clean energy, 10% of its weight in S&P 500 companies | TAN Invesco Solar ETF Holds 45 stocks in clean energy, 10% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Fidelity | Invesco |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 9.7% | 9.8% |
| Active share vs the S&P 500 | 99.5% | 100.0% |
| In the Nasdaq-100 | 0.0% | 0.0% |
| Holdings | 50 | 45 |
| Top ten, share of the fund | 37.9% | 58.0% |
| Expense ratio | 0.39% | 0.70% |
| Fee for the differing part | 0.39% | 0.70% |
| Total return, 1 year | +16.4% | +6.7% |
| vs the S&P 500 | −0.2 pts | −9.9 pts |
| vs the Nasdaq-100 | −5.4 pts | −15.1 pts |
| Below its high | −21.7% | −62.3% |
| Net assets | $97m | $953m |
FRNW in plain words
By weight, 10% of FRNW's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 38% of the fund across 50 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +16.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even. It sits 21.7% below its all-time high of Nov 1, 2021.
TAN in plain words
By weight, 10% of TAN's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 58% of the fund across 45 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.7% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 9.9 pts. It sits 62.3% below its all-time high of Feb 9, 2021.
Questions people ask
- Do FRNW and TAN hold the same stocks?
- By their latest filings, 32% 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, FRNW or TAN?
- FRNW has 10% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.
- Which is cheaper, FRNW or TAN?
- FRNW charges 0.39% a year and TAN charges 0.70%, so FRNW 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, FRNW against TAN, data as of Sep 18, 2026. https://etfiq.com/compare/themes/frnw-vs-tan Free to use with attribution; the underlying files are at Open data.