Data as of .
PBW vs TAN: which is really different?
PBW and TAN hold 12% of their weight in the same names, and PBW returned more over the year.
ETFIQ Off-Index Score: TAN 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
12% 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 TAN hold 12% of their money in the same securities at the same weight.
| Holding | PBW | TAN |
|---|---|---|
| First Solar Inc | 1.52% | 9.81% |
| Canadian Solar Inc | 1.46% | 1.46% |
| Shoals Technologies Group Inc | 1.32% | 2.85% |
| Enphase Energy Inc | 1.29% | 6.37% |
| Nextpower Inc | 1.27% | 8.84% |
| SolarEdge Technologies Inc | 1.17% | 3.86% |
| Sunrun Inc | 1.14% | 3.86% |
| Array Technologies Inc | 0.97% | 1.55% |
| JinkoSolar Holding Co Ltd | 1.18% | 0.97% |
| T1 Energy Inc | 0.82% | 2.00% |
| CASH & EQUIVALENTS | 0.28% | 0.01% |
| SECURITIES LENDING - BNYM | 0.00% | 0.00% |
| Only in PBW | Only in TAN |
|---|---|
| Beta Technologies Inc 2.59% | Enlight Renewable Energy Ltd 8.19% |
| Darling Ingredients Inc 2.39% | Doral Group Renewable Energy Resources Ltd 4.68% |
| Cadeler A/S 2.29% | HA Sustainable Infrastructure Capital Inc 4.39% |
| Gevo Inc 2.15% | GCL Technology Holdings Ltd 4.35% |
| Itron Inc 2.10% | Clearway Energy Inc 3.64% |
| OPAL Fuels Inc 2.04% | Solaria Energia y Medio Ambiente SA 3.42% |
| Gentherm Inc 2.01% | SMA Solar Technology AG 3.02% |
| Preformed Line Products Co 1.95% | OY Nofar Energy Ltd 2.89% |
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 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| PBW | TAN | PBW | TAN | PBW | TAN | |
| 3 months | −25.8% | −24.6% | −28.1 pts | −26.9 pts | −23.4 pts | −22.1 pts |
| 6 months | −0.1% | −17.2% | −18.1 pts | −35.2 pts | −24.3 pts | −41.5 pts |
| 1 year | +11.1% | +6.7% | −5.5 pts | −9.9 pts | −10.7 pts | −15.1 pts |
| 3 years | −4.3% | −15.9% | −82.7 pts | −94.3 pts | −102.5 pts | −114.0 pts |
| Since launch | −25.2% | −41.6% | −828.8 pts | −845.2 pts | −1715.5 pts | −1731.9 pts |
| PBW Invesco WilderHill Clean Energy ETF Holds 74 stocks in clean energy, 8% of its weight in S&P 500 companies | TAN Invesco Solar ETF Holds 45 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 | 7.7% | 9.8% |
| Active share vs the S&P 500 | 97.9% | 100.0% |
| In the Nasdaq-100 | 3.2% | 0.0% |
| Holdings | 74 | 45 |
| Top ten, share of the fund | 21.3% | 58.0% |
| Expense ratio | 0.63% | 0.70% |
| Fee for the differing part | 0.64% | 0.70% |
| Total return, 1 year | +11.1% | +6.7% |
| vs the S&P 500 | −5.5 pts | −9.9 pts |
| vs the Nasdaq-100 | −10.7 pts | −15.1 pts |
| Below its high | −74.5% | −62.3% |
| Net assets | $363m | $953m |
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.
TAN in plain words
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 58% of the fund across 45 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.7% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 9.9 pts. It sits 62.3% below its all-time high of Feb 9, 2021.
Questions people ask
- Do PBW and TAN hold the same stocks?
- By their latest filings, 12% 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 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
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 TAN, data as of Sep 18, 2026. https://etfiq.com/compare/themes/pbw-vs-tan Free to use with attribution; the underlying files are at Open data.