Do PBW and TAN hold the same stocks?

By their latest filings, 16% 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 TAN?

PBW has 8% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.

Which is cheaper, PBW or TAN?

PBW charges 0.63% a year and TAN charges 0.70%, so PBW is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

PBW vs TAN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, PBW returned −13.3% to TAN's −4.5%; 16% 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 $937m for Invesco Solar ETF.

PBW on its own →TAN on its own →

At a glance

8.1%

PBW in the S&P 500

9.7%

TAN in the S&P 500

−13.3%

PBW total return, 1 year

−4.5%

TAN 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.

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

PBW costs 0.07 points a year less; their one-year returns differ by 8.8 points; TAN is 3.2 times larger.

Points (pts) are percentage points.

PBW vs TAN: Holdings Overlap & Returns
Measure	PBW	TAN
Return
Measure	PBW	TAN
Total return, 1 year	−13.3%	−4.5%
Drawdown
Measure	PBW	TAN
Below its all-time high	77.8%, high on Feb 9, 2021	79.0%, high on May 16, 2008
Against its benchmark
Measure	PBW	TAN
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 19.5 pts
Cost and size
Measure	PBW	TAN
Expense ratio	0.63%	0.70%
Net assets, as of Nov 3, 2026	$296m	$937m
Holdings
Measure	PBW	TAN
Holdings in common	16%

Method

Risk and return

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

PBW TAN

Return

Total return edge PBW −67.0% −79.4%

Annualized edge PBW −5.8% −8.1%

Price return edge PBW (slight) −76.4% −84.8%

Risk

Volatility edge PBW 38.0% 44.6%

Max drawdown edge PBW (slight) −88.0% −95.3%

Downside capture 133.7% 131.7%

Beta 1.59 1.63

Risk-adjusted

Sharpe edge TAN (slight) 0.00 0.00

Sortino edge TAN (slight) −0.01 0.00

Treynor 0.009 0.000

Calmar edge PBW −0.07 −0.09

Against the benchmark

Alpha −14.2% a year −13.0% a year

Alpha t-stat −2.78 −1.69

Information ratio −0.33 −0.23

Tracking error 25.8% 34.9%

Each against its own benchmark: PBW against IWV, Mar 11, 2005 to Oct 30, 2026; TAN against ACWI, Apr 25, 2008 to Oct 30, 2026.

Reading

From Apr 2008 to Oct 2026, PBW returned more: −67.0% to −79.4%. PBW swung less: 38.0% to 44.6%. PBW fell slightly less at its worst: −88.0% to −95.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: PBW vs TAN: Holdings Overlap & Returns
Measure	PBW	TAN	Edge	How it is measured
Return
Total return	−67.0%	−79.4%	PBW	Price change plus distributions, reinvested.
Annualized	−5.8%	−8.1%	PBW	Total return as a yearly rate.
Price return	−76.4%	−84.8%	PBW (slight)	Price change alone, distributions left out.
Risk
Volatility	38.0%	44.6%	PBW	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	27.1%	31.3%	PBW	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−88.0%	−95.3%	PBW (slight)	Deepest fall from a high to the low after it.
Upside capture	165.9%	160.4%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	133.7%	131.7%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.59	1.63	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.58	0.45	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.00	0.00	TAN (slight)	Return above Treasury bills per unit of volatility.
Sortino	−0.01	0.00	TAN (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.009	0.000		Return above Treasury bills per unit of beta.
Calmar	−0.07	−0.09	PBW	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	−13.0% a year	TAN not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−2.78	−1.69	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−24.2% to −4.2%	−28.0% to +2.0%	TAN includes zero	The 95% range for the yearly alpha.
Information ratio	−0.33	−0.23		Return against its benchmark per unit of tracking error.
Tracking error	25.8%	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

16%

By the books each fund has filed, PBW and TAN hold 16% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

16% in common

Positions both hold · largest shared weight first PBW TAN

Nextpower Inc 2.33% 12.58%

First Solar Inc 1.85% 9.66%

Array Technologies Inc 2.35% 1.80%

Shoals Technologies Group Inc 1.67% 3.12%

Sunrun Inc 1.62% 4.27%

SolarEdge Technologies Inc 1.54% 3.96%

Enphase Energy Inc 1.50% 6.69%

T1 Energy Inc 1.30% 1.38%

Canadian Solar Inc 1.72% 1.27%

Jinko Holdings Ltd 1.94% 1.03%

SECURITIES LENDING - BNYM 0.00% 0.00%

Only in one fund ↓

Only in PBW

Cadeler A/S 2.01%

EVgo Inc 2.00%

Ormat Technologies Inc 1.94%

Universal Display Corp 1.84%

Tesla Inc 1.73%

Beta Technologies Inc 1.72%

Itron Inc 1.70%

Brookfield Renewable Corp 1.68%

Only in TAN

Enlight Renewable Energy Ltd 7.63%

HA Sustainable Infrastructure Capital Inc 5.20%

Doral Group Renewable Energy Resources Ltd 4.88%

Clearway Energy Inc 4.49%

GCL Technology Holdings Ltd 3.71%

Solaria Energia y Medio Ambiente SA 3.18%

Xinyi Solar Holdings Ltd 2.65%

OY Nofar Energy Ltd 2.54%

Check overlap with more funds →

Window by window

Window by window: PBW vs TAN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	PBW	TAN	PBW	TAN
3 months	−20.4%	−10.7%	−20.1 pts vs IWV	−9.4 pts vs ACWI
6 months	−32.9%	−24.3%	−37.8 pts vs IWV	−26.9 pts vs ACWI
1 year	−13.3%	−4.5%	−28.1 pts vs IWV	−19.5 pts vs ACWI
3 years	+4.1%	+3.0%	−76.9 pts vs IWV	−74.6 pts vs ACWI
Since launchNot the same days: PBW Mar 2005 · TAN Apr 2008	−52.4%	−76.1%	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 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 8.1% 9.7%

Active share vs the S&P 500 97.9% 100.0%

In the Nasdaq-100 3.3% 0.0%

Holdings 73 37

Top ten, share of the fund 19.7% 63.1%

Expense ratio 0.63% 0.70%

Fee for the differing part 0.64% 0.70%

Total return, 1 year −13.3% −4.5%

vs its benchmark −28.1 pts vs IWV −19.5 pts vs ACWI

Below its high −77.8% −79.0%

Net assets, as of Nov 3, 2026 $296m $937m

As of Nov 4, 2026. Source: ETFIQ.

16% 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.

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 PBW and TAN hold the same stocks?: By their latest filings, 16% 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 TAN?: PBW has 8% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.
Which is cheaper, PBW or TAN?: PBW charges 0.63% a year and TAN charges 0.70%, so PBW is cheaper. Fees come from each fund's prospectus.

Other comparisons

PBW vs SMOG PBW vs QCLN PBW vs ICLN PBW vs FAN TAN vs CCSO TAN vs CTEC TAN vs VCLN TAN vs FAN

Where to next

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

Sources and dates

PBW filings on SEC EDGAR ↗

PBW prospectus with the expense ratio (SEC) ↗

Invesco page for PBW ↗

TAN filings on SEC EDGAR ↗

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

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