Data as of Nov 4, 2026.
PBW vs QCLN: Holdings Overlap & Returns
Over the year to Nov 4, 2026, PBW returned −13.3% to QCLN's +1.6%; 31% of their weight is in the same names.
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Net assets on Nov 3, 2026: $296m for Invesco WilderHill Clean Energy ETF and $489m for First Trust Nasdaq Clean Edge Green Energy Index Fund.
8% of PBW's weight is in S&P 500 companies and 92% is outside the index. Holdings as of Nov 3, 2026.
34% of QCLN's weight is in S&P 500 companies and 67% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
QCLN costs 0.04 points a year less; their one-year returns differ by 14.9 points; QCLN is 1.7 times larger.
Points (pts) are percentage points.
| Measure | PBW | QCLN |
|---|---|---|
| Return | ||
| Total return, 1 year | −13.3% | +1.6% |
| Drawdown | ||
| Below its all-time high | 77.8%, high on Feb 9, 2021 | 47.7%, 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 | behind by 13.2 pts |
| Cost and size | ||
| Expense ratio | 0.63% | 0.59% |
| Net assets, as of Nov 3, 2026 | $296m | $489m |
| Holdings | ||
| Holdings in common | 31% | |
Risk and return
Feb 23, 2007 to Oct 30, 2026 · 1,027 weekly returns · each against IWVFrom Feb 2007 to Oct 2026, QCLN returned more: +126.8% to −63.4%. QCLN swung slightly less: 34.5% to 37.6%. QCLN fell less at its worst: −73.4% to −88.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PBW | QCLN | IWV | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | −63.4% | +126.8% | QCLN | Price change plus distributions, reinvested. | |
| Annualized | −5.0% | +4.2% | QCLN | Total return as a yearly rate. | |
| Price return | −73.8% | +105.9% | QCLN | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 37.6% | 34.5% | QCLN (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 26.8% | 24.3% | QCLN (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −88.0% | −73.4% | QCLN | Deepest fall from a high to the low after it. | |
| Upside capture | 162.8% | 173.8% | 100.0% | QCLN (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 132.1% | 127.5% | 100.0% | QCLN (slight) | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.58 | 1.50 | 1.00 | QCLN lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.59 | 0.63 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.01 | 0.25 | QCLN | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.02 | 0.35 | QCLN | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.003 | 0.057 | 0.100 | QCLN | Return above Treasury bills per unit of beta. |
| Calmar | −0.06 | 0.06 | QCLN | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | IWV | IWV | IWV | The ETF each fund is measured against. | |
| Alpha | −15.3% a year | −6.4% a year | 0.0% | PBW significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −2.80 | −1.36 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −26.0% to −4.6% | −15.7% to +2.9% | QCLN's includes zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.36 | −0.06 | QCLN | Return against its benchmark per unit of tracking error. | |
| Tracking error | 26.4% | 22.8% | 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, 1,027 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PBW and QCLN hold 31% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
31% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | PBW | QCLN | PBW | QCLN |
| 3 months | −20.4% | −11.9% | −20.1 pts vs IWV | −11.6 pts vs IWV |
| 6 months | −32.9% | −25.1% | −37.8 pts vs IWV | −30.0 pts vs IWV |
| 1 year | −13.3% | +1.6% | −28.1 pts vs IWV | −13.2 pts vs IWV |
| 3 years | +4.1% | +27.3% | −76.9 pts vs IWV | −53.7 pts vs IWV |
| Since launchNot the same days: PBW Mar 2005 · QCLN Feb 2007 | −52.4% | +149.5% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
31% 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 −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.
Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 13.2 pts.
By weight, 34% 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 61% of the fund across 57 positions, as published by its issuer for Nov 3, 2026. It sits 47.7% below its all-time high of Feb 9, 2021.
Questions people ask
- Do PBW and QCLN hold the same stocks?
- By their latest filings, 31% 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.
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ETFIQ, PBW against QCLN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/pbw-vs-qcln
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[PBW against QCLN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/pbw-vs-qcln)
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