Do PBD and TAN hold the same stocks?

By their latest filings, 18% 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 TAN?

PBD has 2% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.

Which is cheaper, PBD or TAN?

PBD charges 0.75% a year and TAN charges 0.70%, so TAN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

PBD vs TAN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, PBD returned −2.1% to TAN's −4.5%; 18% 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 $937m for Invesco Solar ETF.

PBD on its own →TAN on its own →

At a glance

1.9%

PBD in the S&P 500

9.7%

TAN in the S&P 500

−2.1%

PBD total return, 1 year

−4.5%

TAN 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.

TAN · 1 year to Nov 4, 2026 90% of its weight is outside the S&P 500

10% of TAN's weight is in S&P 500 companies and 90% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

TAN costs 0.05 points a year less; their one-year returns differ by 2.4 points; TAN is 9.5 times larger.

Points (pts) are percentage points.

PBD vs TAN: Holdings Overlap & Returns
Measure	PBD	TAN
Return
Measure	PBD	TAN
Total return, 1 year	−2.1%	−4.5%
Drawdown
Measure	PBD	TAN
Below its all-time high	56.6%, high on Jan 22, 2021	79.0%, high on May 16, 2008
Against its benchmark
Measure	PBD	TAN
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year	+16.9%	+15.0%
Against its benchmark, 1 year	behind by 19.0 pts	behind by 19.5 pts
Cost and size
Measure	PBD	TAN
Expense ratio	0.75%	0.70%
Net assets, as of Nov 3, 2026	$99m	$937m
Holdings
Measure	PBD	TAN
Holdings in common	18%

Method

Risk and return

Apr 25, 2008 to Oct 30, 2026 · 966 weekly returns

PBD TAN

Return

Total return edge PBD −28.6% −79.4%

Annualized edge PBD −1.8% −8.1%

Price return edge PBD −45.8% −84.8%

Risk

Volatility edge PBD 29.5% 44.6%

Max drawdown edge PBD −75.6% −95.3%

Downside capture 114.0% 131.7%

Beta 1.23 1.63

Risk-adjusted

Sharpe edge PBD 0.04 0.00

Sortino edge PBD 0.05 0.00

Treynor 0.013 0.000

Calmar edge PBD −0.02 −0.09

Against the benchmark

Alpha −4.2% a year −13.0% a year

Alpha t-stat −1.07 −1.69

Information ratio −0.17 −0.23

Tracking error 18.0% 34.9%

Each against its own benchmark: PBD against EFA, Jun 22, 2007 to Oct 30, 2026; TAN against ACWI, Apr 25, 2008 to Oct 30, 2026.

Reading

From Apr 2008 to Oct 2026, PBD returned more: −28.6% to −79.4%. PBD swung less: 29.5% to 44.6%. PBD fell less at its worst: −75.6% to −95.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PBD vs TAN: Holdings Overlap & Returns
Measure	PBD	TAN	Edge	How it is measured
Return
Total return	−28.6%	−79.4%	PBD	Price change plus distributions, reinvested.
Annualized	−1.8%	−8.1%	PBD	Total return as a yearly rate.
Price return	−45.8%	−84.8%	PBD	Price change alone, distributions left out.
Risk
Volatility	29.5%	44.6%	PBD	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	21.7%	31.3%	PBD	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−75.6%	−95.3%	PBD	Deepest fall from a high to the low after it.
Upside capture	126.1%	160.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	114.0%	131.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.23	1.63	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.66	0.45	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.04	0.00	PBD	Return above Treasury bills per unit of volatility.
Sortino	0.05	0.00	PBD	Return above Treasury bills per unit of downside deviation.
Treynor	0.013	0.000		Return above Treasury bills per unit of beta.
Calmar	−0.02	−0.09	PBD	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	EFA	ACWI		The ETF each fund is measured against.
Alpha	−4.2% a year	−13.0% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−1.07	−1.69	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−12.0% to +3.5%	−28.0% to +2.0%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.17	−0.23		Return against its benchmark per unit of tracking error.
Tracking error	18.0%	34.9%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 966 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

18%

By the books each fund has filed, PBD and TAN hold 18% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

18% in common

Positions both hold · largest shared weight first PBD TAN

SolarEdge Technologies Inc 1.10% 3.96%

Shoals Technologies Group Inc 1.09% 3.12%

Array Technologies Inc 1.00% 1.80%

Solaria Energia y Medio Ambiente SA 1.00% 3.18%

HA Sustainable Infrastructure Capital Inc 0.99% 5.20%

Scatec ASA 0.95% 1.61%

Sunrun Inc 0.93% 4.27%

SMA Solar Technology AG 0.92% 2.07%

Xinyi Solar Holdings Ltd 0.90% 2.65%

First Solar Inc 0.90% 9.66%

Energix-Renewable Energies Ltd 0.87% 2.05%

West Holdings Corp 0.86% 0.99%

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%

EVgo Inc 1.21%

NFI Group Inc 1.15%

Samsung SDI Co Ltd 1.10%

Only in TAN

Nextpower Inc 12.58%

Doral Group Renewable Energy Resources Ltd 4.88%

Clearway Energy Inc 4.49%

GCL Technology Holdings Ltd 3.71%

United Renewable Energy Co Ltd 1.92%

Daqo New Energy Corp 1.72%

T1 Energy Inc 1.38%

ReNew Energy Global PLC 1.32%

Check overlap with more funds →

Window by window

Window by window: PBD vs TAN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PBD	TAN	PBD	TAN
3 months	−12.4%	−10.7%	−10.8 pts vs EFA	−9.4 pts vs ACWI
6 months	−27.2%	−24.3%	−29.7 pts vs EFA	−26.9 pts vs ACWI
1 year	−2.1%	−4.5%	−19.0 pts vs EFA	−19.5 pts vs ACWI
3 years	+17.1%	+3.0%	−49.7 pts vs EFA	−74.6 pts vs ACWI
Since launchNot the same days: PBD Jun 2007 · TAN Apr 2008	−17.6%	−76.1%	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 TAN Invesco Solar ETF · Holds 37 stocks in clean energy, 10% of its weight in S&P 500 companies

Issuer Invesco Invesco

Theme Clean energy Clean energy

In the S&P 500 1.9% 9.7%

Active share vs the S&P 500 99.9% 100.0%

In the Nasdaq-100 0.0% 0.0%

Holdings 111 37

Top ten, share of the fund 12.2% 63.1%

Expense ratio 0.75% 0.70%

Fee for the differing part 0.75% 0.70%

Total return, 1 year −2.1% −4.5%

vs its benchmark −19.0 pts vs EFA −19.5 pts vs ACWI

Below its high −56.6% −79.0%

Net assets, as of Nov 3, 2026 $99m $937m

As of Nov 4, 2026. Source: ETFIQ.

18% 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.

TAN

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 63% of the fund across 37 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −4.5% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was behind by 19.5 pts. It sits 79.0% below its all-time high of May 16, 2008.

Questions people ask

Do PBD and TAN hold the same stocks?: By their latest filings, 18% 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 TAN?: PBD has 2% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.
Which is cheaper, PBD or TAN?: PBD charges 0.75% a year and TAN charges 0.70%, so TAN is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBD vs SMOG PBD vs QCLN PBD vs ICLN PBD vs PBW TAN vs CNRG TAN vs FAN TAN vs VCLN TAN vs FRNW

Where to next

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

Sources and dates

PBD and TAN filings on SEC EDGAR ↗

PBD prospectus with the expense ratio (SEC) ↗

Invesco page for PBD ↗

TAN prospectus with the expense ratio (SEC) ↗

Invesco page for TAN ↗

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 TAN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/pbd-vs-tan

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