Data as of .
PBW vs SMOG: which is really different?
PBW and SMOG hold 14% of their weight in the same names.
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
14% 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 SMOG hold 14% of their money in the same securities at the same weight.
| Holding | PBW | SMOG |
|---|---|---|
| Rivian Automotive Inc | 1.89% | 2.98% |
| Tesla Inc | 1.74% | 8.17% |
| First Solar Inc | 1.52% | 2.94% |
| XPeng Inc | 1.51% | 1.50% |
| Bloom Energy Corp | 1.50% | 6.10% |
| NIO Inc | 1.38% | 1.43% |
| Nextpower Inc | 1.27% | 1.51% |
| Ormat Technologies Inc | 1.54% | 0.91% |
| Brookfield Renewable Corp | 1.45% | 0.74% |
| Enphase Energy Inc | 1.29% | 0.66% |
| QuantumScape Corp | 1.28% | 0.48% |
| Sunrun Inc | 1.14% | 0.28% |
| Only in PBW | Only in SMOG |
|---|---|
| Beta Technologies Inc 2.59% | Iberdrola Sa 8.25% |
| Darling Ingredients Inc 2.39% | Nextera Energy Inc 7.03% |
| Cadeler A/S 2.29% | Enel Spa 6.57% |
| Gevo Inc 2.15% | Byd Co Ltd 5.64% |
| Itron Inc 2.10% | Vestas Wind Systems A/S 4.89% |
| OPAL Fuels Inc 2.04% | Samsung Sdi Co Ltd 4.22% |
| Gentherm Inc 2.01% | Axia Energia Sa 3.48% |
| Preformed Line Products Co 1.95% | Kingspan Group Plc 2.96% |
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 | SMOG | PBW | SMOG | PBW | SMOG | |
| 3 months | −25.8% | −7.7% | −28.1 pts | −9.9 pts | −23.4 pts | −5.2 pts |
| 6 months | −0.1% | +3.1% | −18.1 pts | −14.9 pts | −24.3 pts | −21.1 pts |
| 1 year | +11.1% | +11.5% | −5.5 pts | −5.0 pts | −10.7 pts | −10.2 pts |
| 3 years | −4.3% | +29.0% | −82.7 pts | −49.4 pts | −102.5 pts | −69.2 pts |
| Since launch | −25.2% | +112.2% | −828.8 pts | −691.3 pts | −1715.5 pts | −1578.0 pts |
| PBW Invesco WilderHill Clean Energy ETF Holds 74 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, 18% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | VanEck |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 7.7% | 18.2% |
| Active share vs the S&P 500 | 97.9% | 97.8% |
| In the Nasdaq-100 | 3.2% | 8.1% |
| Holdings | 74 | 55 |
| Top ten, share of the fund | 21.3% | 60.1% |
| Expense ratio | 0.63% | 0.64% |
| Fee for the differing part | 0.64% | 0.65% |
| Total return, 1 year | +11.1% | +11.5% |
| vs the S&P 500 | −5.5 pts | −5.0 pts |
| vs the Nasdaq-100 | −10.7 pts | −10.2 pts |
| Below its high | −74.5% | −23.9% |
| Net assets | $363m | $131m |
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.
SMOG in plain words
By weight, 18% 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 60% of the fund across 55 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +11.5% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 5.0 pts. It sits 23.9% 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, which is mostly different names. 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 18%, 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
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 SMOG, data as of Sep 18, 2026. https://etfiq.com/compare/themes/pbw-vs-smog Free to use with attribution; the underlying files are at Open data.