Do PBW and SMOG hold the same stocks?

By their latest filings, 14% 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, PBW or SMOG?

PBW has 8% of its weight in S&P 500 names and SMOG has 20%, so PBW differs more from the index.

Which is cheaper, PBW or SMOG?

PBW charges 0.63% a year and SMOG charges 0.64%, so PBW is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

PBW vs SMOG: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, PBW returned −13.3% to SMOG's +2.7%; 14% 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 $126m for VanEck Low Carbon Energy ETF.

PBW on its own →SMOG on its own →

At a glance

8.1%

PBW in the S&P 500

20.0%

SMOG in the S&P 500

−13.3%

PBW total return, 1 year

+2.7%

SMOG total return, 1 year

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.

SMOG · 1 year to Nov 4, 2026 80% of its weight is outside the S&P 500

20% of SMOG's weight is in S&P 500 companies and 80% is outside the index. Holdings as of Nov 2, 2026.

Pair scorecard

PBW costs 0.01 points a year less; their one-year returns differ by 16.0 points; PBW is 2.3 times larger.

Points (pts) are percentage points.

PBW vs SMOG: Holdings Overlap & Returns
Measure	PBW	SMOG
Return
Measure	PBW	SMOG
Total return, 1 year	−13.3%	+2.7%
Drawdown
Measure	PBW	SMOG
Below its all-time high	77.8%, high on Feb 9, 2021	24.9%, high on Jan 22, 2021
Against its benchmark
Measure	PBW	SMOG
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year	+14.8%	+15.0%
Against its benchmark, 1 year	behind by 28.1 pts	behind by 12.3 pts
Cost and size
Measure	PBW	SMOG
Expense ratio	0.63%	0.64%
Net assets, as of Nov 3, 2026	$296m	$126m
Holdings
Measure	PBW	SMOG
Holdings in common	14%

Method

Risk and return

May 18, 2007 to Oct 30, 2026 · 1,015 weekly returns

PBW SMOG

Return

Total return edge SMOG −63.1% +30.3%

Annualized edge SMOG −5.0% +1.4%

Price return edge SMOG −73.6% +7.8%

Risk

Volatility edge SMOG 37.8% 30.2%

Max drawdown edge SMOG (slight) −88.0% −83.8%

Downside capture 133.7% 119.9%

Beta 1.59 1.34

Risk-adjusted

Sharpe edge SMOG 0.01 0.15

Sortino edge SMOG 0.02 0.20

Treynor 0.009 0.022

Calmar edge SMOG −0.06 0.02

Against the benchmark

Alpha −14.2% a year −7.9% a year

Alpha t-stat −2.78 −2.08

Information ratio −0.33 −0.29

Tracking error 25.8% 17.4%

Each against its own benchmark: PBW against IWV, Mar 11, 2005 to Oct 30, 2026; SMOG against ACWI, Apr 4, 2008 to Oct 30, 2026.

Reading

From May 2007 to Oct 2026, SMOG returned more: +30.3% to −63.1%. SMOG swung less: 30.2% to 37.8%. SMOG fell slightly less at its worst: −83.8% to −88.0%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PBW vs SMOG: Holdings Overlap & Returns
Measure	PBW	SMOG	Edge	How it is measured
Return
Total return	−63.1%	+30.3%	SMOG	Price change plus distributions, reinvested.
Annualized	−5.0%	+1.4%	SMOG	Total return as a yearly rate.
Price return	−73.6%	+7.8%	SMOG	Price change alone, distributions left out.
Risk
Volatility	37.8%	30.2%	SMOG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	26.9%	22.1%	SMOG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−88.0%	−83.8%	SMOG (slight)	Deepest fall from a high to the low after it.
Upside capture	165.9%	132.8%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	133.7%	119.9%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.59	1.34	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.58	0.70	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.01	0.15	SMOG	Return above Treasury bills per unit of volatility.
Sortino	0.02	0.20	SMOG	Return above Treasury bills per unit of downside deviation.
Treynor	0.009	0.022		Return above Treasury bills per unit of beta.
Calmar	−0.06	0.02	SMOG	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	IWV	ACWI		The ETF each fund is measured against.
Alpha	−14.2% a year	−7.9% a year		Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−2.78	−2.08	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−24.2% to −4.2%	−15.3% to −0.4%	Not an edge	The 95% range for the yearly alpha.
Information ratio	−0.33	−0.29		Return against its benchmark per unit of tracking error.
Tracking error	25.8%	17.4%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,015 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

14%

By the books each fund has filed, PBW and SMOG hold 14% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

14% in common

Positions both hold · largest shared weight first PBW SMOG

Nextpower Inc 2.33% 1.87%

First Solar Inc 1.85% 2.90%

Tesla Inc 1.73% 9.28%

XPeng Inc 1.49% 1.42%

Rivian Automotive Inc 1.41% 2.74%

Bloom Energy Corp 1.31% 5.10%

NIO Inc 1.38% 1.30%

Ormat Technologies Inc 1.94% 0.91%

Brookfield Renewable Corp 1.68% 0.79%

Enphase Energy Inc 1.50% 0.60%

QuantumScape Corp 1.34% 0.41%

Sunrun Inc 1.62% 0.30%

Only in one fund ↓

Only in PBW

Array Technologies Inc 2.35%

Cadeler A/S 2.01%

EVgo Inc 2.00%

Jinko Holdings Ltd 1.94%

Universal Display Corp 1.84%

Beta Technologies Inc 1.72%

Canadian Solar Inc 1.72%

Itron Inc 1.70%

Only in SMOG

Iberdrola Sa 9.10%

Nextera Energy Inc 7.64%

Enel Spa 6.99%

Byd Co Ltd 5.17%

Vestas Wind Systems A/S 4.72%

Samsung Sdi Co Ltd 4.13%

Kingspan Group Plc 2.99%

Axia Energia Sa 2.92%

Check overlap with more funds →

Window by window

Window by window: PBW vs SMOG: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PBW	SMOG	PBW	SMOG
3 months	−20.4%	−2.8%	−20.1 pts vs IWV	−1.5 pts vs ACWI
6 months	−32.9%	−13.7%	−37.8 pts vs IWV	−16.3 pts vs ACWI
1 year	−13.3%	+2.7%	−28.1 pts vs IWV	−12.3 pts vs ACWI
3 years	+4.1%	+40.4%	−76.9 pts vs IWV	−37.2 pts vs ACWI
Since launchNot the same days: PBW Mar 2005 · SMOG May 2007	−52.4%	+35.1%	not measured	not measured

Open this comparison in the app →

Side by side

PBW Invesco WilderHill Clean Energy ETF · Holds 73 stocks in clean energy, 8% of its weight in S&P 500 companies SMOG VanEck Low Carbon Energy ETF · Holds 55 stocks in clean energy, 20% of its weight in S&P 500 companies

Issuer Invesco VanEck

Theme Clean energy Clean energy

In the S&P 500 8.1% 20.0%

Active share vs the S&P 500 97.9% 97.8%

In the Nasdaq-100 3.3% 9.4%

Holdings 73 55

Top ten, share of the fund 19.7% 58.2%

Expense ratio 0.63% 0.64%

Fee for the differing part 0.64% 0.65%

Total return, 1 year −13.3% +2.7%

vs its benchmark −28.1 pts vs IWV −12.3 pts vs ACWI

Below its high −77.8% −24.9%

Net assets, as of Nov 3, 2026 $296m $126m

As of Nov 4, 2026. Source: ETFIQ.

14% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

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.

SMOG

By weight, 20% of SMOG'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 58% of the fund across 55 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +2.7% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was behind by 12.3 pts. It sits 24.9% below its all-time high of Jan 22, 2021.

Questions people ask

Do PBW and SMOG hold the same stocks?: By their latest filings, 14% 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, PBW or SMOG?: PBW has 8% of its weight in S&P 500 names and SMOG has 20%, so PBW differs more from the index.
Which is cheaper, PBW or SMOG?: PBW charges 0.63% a year and SMOG charges 0.64%, so PBW is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBW vs CNRG PBW vs FAN PBW vs QCLN PBW vs RNRG SMOG vs CCSO SMOG vs CTEC SMOG vs FAN SMOG vs QCLN

Where to next

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

Sources and dates

PBW filings on SEC EDGAR ↗

PBW prospectus with the expense ratio (SEC) ↗

Invesco page for PBW ↗

SMOG filings on SEC EDGAR ↗

SMOG prospectus with the expense ratio (SEC) ↗

VanEck website ↗

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

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