Data as of .
PBW vs QCLN: which is really different?
PBW and QCLN hold 30% of their weight in the same names, and QCLN returned more over the year.
ETFIQ Off-Index Score: PBW 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
30% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, PBW and QCLN hold 30% of their money in the same securities at the same weight.
| Holding | PBW | QCLN |
|---|---|---|
| Rivian Automotive Inc | 1.89% | 6.89% |
| Tesla Inc | 1.74% | 8.08% |
| Ormat Technologies Inc | 1.54% | 2.06% |
| MP Materials Corp | 1.53% | 2.89% |
| First Solar Inc | 1.52% | 3.96% |
| Bloom Energy Corp | 1.50% | 10.51% |
| Monolithic Power Systems Inc | 1.49% | 7.84% |
| Albemarle Corp | 1.38% | 3.35% |
| Itron Inc | 2.10% | 1.36% |
| Advanced Energy Industries Inc | 1.32% | 3.61% |
| Enphase Energy Inc | 1.29% | 1.57% |
| Nextpower Inc | 1.27% | 4.00% |
| Only in PBW | Only in QCLN |
|---|---|
| Beta Technologies Inc 2.59% | ON Semiconductor Corporation 7.71% |
| Darling Ingredients Inc 2.39% | Enlight Renewable Energy Ltd. 3.60% |
| Cadeler A/S 2.29% | Acuity Inc. 3.12% |
| OPAL Fuels Inc 2.04% | Brookfield Renewable Partners LP 3.08% |
| Gentherm Inc 2.01% | Vicor Corporation 2.63% |
| Preformed Line Products Co 1.95% | EnerSys 2.21% |
| REX American Resources Corp 1.91% | Allegro Microsystems, Inc. 2.18% |
| Archer Aviation Inc 1.89% | HA Sustainable Infrastructure Capital, Inc. 1.62% |
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 | |||
|---|---|---|---|---|---|---|
| PBW | QCLN | PBW | QCLN | PBW | QCLN | |
| 3 months | −25.8% | −25.6% | −28.1 pts | −27.8 pts | −23.4 pts | −23.1 pts |
| 6 months | −0.1% | +4.5% | −18.1 pts | −13.6 pts | −24.3 pts | −19.8 pts |
| 1 year | +11.1% | +16.1% | −5.5 pts | −0.5 pts | −10.7 pts | −5.7 pts |
| 3 years | −4.3% | +7.8% | −82.7 pts | −70.6 pts | −102.5 pts | −90.4 pts |
| Since launch | −25.2% | +222.2% | −828.8 pts | −581.4 pts | −1715.5 pts | −1468.0 pts |
| PBW Invesco WilderHill Clean Energy ETF Holds 74 stocks in clean energy, 8% of its weight in S&P 500 companies | QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund Holds 58 stocks in clean energy, 31% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | First Trust |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 7.7% | 30.9% |
| Active share vs the S&P 500 | 97.9% | 97.9% |
| In the Nasdaq-100 | 3.2% | 15.9% |
| Holdings | 74 | 58 |
| Top ten, share of the fund | 21.3% | 59.5% |
| Expense ratio | 0.63% | 0.59% |
| Fee for the differing part | 0.64% | 0.60% |
| Total return, 1 year | +11.1% | +16.1% |
| vs the S&P 500 | −5.5 pts | −0.5 pts |
| vs the Nasdaq-100 | −10.7 pts | −5.7 pts |
| Below its high | −74.5% | −44.6% |
| Net assets | $363m | $546m |
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.
QCLN in plain words
By weight, 31% of QCLN'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 60% of the fund across 58 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +16.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even. It sits 44.6% below its all-time high of Feb 9, 2021.
Questions people ask
- Do PBW and QCLN hold the same stocks?
- By their latest filings, 30% 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, PBW or QCLN?
- PBW has 8% of its weight in S&P 500 names and QCLN has 31%, so PBW differs more from the index.
- Which is cheaper, PBW or QCLN?
- PBW charges 0.63% a year and QCLN charges 0.59%, so QCLN 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, PBW against QCLN, data as of Sep 18, 2026. https://etfiq.com/compare/themes/pbw-vs-qcln Free to use with attribution; the underlying files are at Open data.