Do PBD and PBW hold the same stocks?

By their latest filings, 20% 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, PBD or PBW?

PBD has 2% of its weight in S&P 500 names and PBW has 8%, so PBD differs more from the index.

Which is cheaper, PBD or PBW?

PBD charges 0.75% a year and PBW charges 0.63%, so PBW is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

PBD vs PBW: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, PBD returned −2.1% to PBW's −13.3%; 20% of their weight is in the same names.

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Net assets on Nov 3, 2026: $99m for Invesco Global Clean Energy ETF and $296m for Invesco WilderHill Clean Energy ETF.

PBD on its own →PBW on its own →

At a glance

1.9%

PBD in the S&P 500

8.1%

PBW in the S&P 500

−2.1%

PBD total return, 1 year

−13.3%

PBW total return, 1 year

PBD · 1 year to Nov 4, 2026 98% of its weight is outside the S&P 500

2% of PBD's weight is in S&P 500 companies and 98% 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

PBW costs 0.12 points a year less; their one-year returns differ by 11.2 points; PBW is 3.0 times larger.

Points (pts) are percentage points.

PBD vs PBW: Holdings Overlap & Returns
Measure	PBD	PBW
Return
Measure	PBD	PBW
Total return, 1 year	−2.1%	−13.3%
Drawdown
Measure	PBD	PBW
Below its all-time high	56.6%, high on Jan 22, 2021	77.8%, high on Feb 9, 2021
Against its benchmark
Measure	PBD	PBW
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year	+16.9%	+14.8%
Against its benchmark, 1 year	behind by 19.0 pts	behind by 28.1 pts
Cost and size
Measure	PBD	PBW
Expense ratio	0.75%	0.63%
Net assets, as of Nov 3, 2026	$99m	$296m
Holdings
Measure	PBD	PBW
Holdings in common	20%

Method

Risk and return

Jun 22, 2007 to Oct 30, 2026 · 1,010 weekly returns

PBD PBW

Return

Total return edge PBD −23.5% −65.4%

Annualized edge PBD −1.4% −5.3%

Price return edge PBD −42.0% −75.2%

Risk

Volatility edge PBD 29.7% 37.9%

Max drawdown edge PBD −77.8% −88.0%

Downside capture 114.0% 133.7%

Beta 1.23 1.59

Risk-adjusted

Sharpe edge PBD 0.05 0.01

Sortino edge PBD 0.07 0.01

Treynor 0.013 0.009

Calmar edge PBD −0.02 −0.06

Against the benchmark

Alpha −4.2% a year −14.2% a year

Alpha t-stat −1.07 −2.78

Information ratio −0.17 −0.33

Tracking error 18.0% 25.8%

Each against its own benchmark: PBD against EFA, Jun 22, 2007 to Oct 30, 2026; PBW against IWV, Mar 11, 2005 to Oct 30, 2026.

Reading

From Jun 2007 to Oct 2026, PBD returned more: −23.5% to −65.4%. PBD swung less: 29.7% to 37.9%. PBD fell less at its worst: −77.8% to −88.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PBD vs PBW: Holdings Overlap & Returns
Measure	PBD	PBW	Edge	How it is measured
Return
Total return	−23.5%	−65.4%	PBD	Price change plus distributions, reinvested.
Annualized	−1.4%	−5.3%	PBD	Total return as a yearly rate.
Price return	−42.0%	−75.2%	PBD	Price change alone, distributions left out.
Risk
Volatility	29.7%	37.9%	PBD	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	21.8%	27.0%	PBD	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−77.8%	−88.0%	PBD	Deepest fall from a high to the low after it.
Upside capture	126.1%	165.9%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	114.0%	133.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.23	1.59	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.66	0.58	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.05	0.01	PBD	Return above Treasury bills per unit of volatility.
Sortino	0.07	0.01	PBD	Return above Treasury bills per unit of downside deviation.
Treynor	0.013	0.009		Return above Treasury bills per unit of beta.
Calmar	−0.02	−0.06	PBD	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	EFA	IWV		The ETF each fund is measured against.
Alpha	−4.2% a year	−14.2% a year	PBD not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−1.07	−2.78	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−12.0% to +3.5%	−24.2% to −4.2%	PBD includes zero	The 95% range for the yearly alpha.
Information ratio	−0.17	−0.33		Return against its benchmark per unit of tracking error.
Tracking error	18.0%	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, 1,010 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

20%

By the books each fund has filed, PBD and PBW hold 20% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

20% in common

Positions both hold · largest shared weight first PBD PBW

EVgo Inc 1.21% 2.00%

SolarEdge Technologies Inc 1.10% 1.54%

Universal Display Corp 1.09% 1.84%

Shoals Technologies Group Inc 1.09% 1.67%

Itron Inc 1.05% 1.70%

Bloom Energy Corp 1.01% 1.31%

Array Technologies Inc 1.00% 2.35%

Rivian Automotive Inc 0.94% 1.41%

Sunrun Inc 0.93% 1.62%

XPeng Inc 0.90% 1.49%

First Solar Inc 0.90% 1.85%

Ormat Technologies Inc 0.89% 1.94%

Only in one fund ↓

Only in PBD

SES AI Corp 1.38%

Verbund AG 1.30%

Lotte Energy Materials Corp 1.29%

Landis+Gyr Group AG 1.27%

Nibe Industrier AB 1.26%

NFI Group Inc 1.15%

Samsung SDI Co Ltd 1.10%

Tamura Corp 1.09%

Only in PBW

Nextpower Inc 2.33%

Cadeler A/S 2.01%

Tesla Inc 1.73%

Beta Technologies Inc 1.72%

Brookfield Renewable Corp 1.68%

Quanta Services Inc 1.68%

Solv Energy Inc 1.66%

MYR Group Inc 1.62%

Check overlap with more funds →

Window by window

Window by window: PBD vs PBW: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PBD	PBW	PBD	PBW
3 months	−12.4%	−20.4%	−10.8 pts vs EFA	−20.1 pts vs IWV
6 months	−27.2%	−32.9%	−29.7 pts vs EFA	−37.8 pts vs IWV
1 year	−2.1%	−13.3%	−19.0 pts vs EFA	−28.1 pts vs IWV
3 years	+17.1%	+4.1%	−49.7 pts vs EFA	−76.9 pts vs IWV
Since launchNot the same days: PBD Jun 2007 · PBW Mar 2005	−17.6%	−52.4%	not measured	not measured

Open this comparison in the app →

Side by side

PBD Invesco Global Clean Energy ETF · Holds 111 stocks in clean energy, 2% 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 Invesco Invesco

Theme Clean energy Clean energy

In the S&P 500 1.9% 8.1%

Active share vs the S&P 500 99.9% 97.9%

In the Nasdaq-100 0.0% 3.3%

Holdings 111 73

Top ten, share of the fund 12.2% 19.7%

Expense ratio 0.75% 0.63%

Fee for the differing part 0.75% 0.64%

Total return, 1 year −2.1% −13.3%

vs its benchmark −19.0 pts vs EFA −28.1 pts vs IWV

Below its high −56.6% −77.8%

Net assets, as of Nov 3, 2026 $99m $296m

As of Nov 4, 2026. Source: ETFIQ.

20% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

PBD

By weight, 2% of PBD'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 12% of the fund across 111 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.1% with distributions reinvested against +16.9% for its benchmark, the MSCI EAFE Index, so a holder was behind by 19.0 pts. It sits 56.6% below its all-time high of Jan 22, 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 PBD and PBW hold the same stocks?: By their latest filings, 20% 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, PBD or PBW?: PBD has 2% of its weight in S&P 500 names and PBW has 8%, so PBD differs more from the index.
Which is cheaper, PBD or PBW?: PBD charges 0.75% a year and PBW charges 0.63%, so PBW is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBD vs FAN PBD vs QCLN PBD vs CNRG PBD vs ACES PBW vs ACES PBW vs SMOG PBW vs CNRG PBW vs FAN

Where to next

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

Sources and dates

PBD filings on SEC EDGAR ↗

PBD prospectus with the expense ratio (SEC) ↗

Invesco page for PBD ↗

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

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