Do SMOG and TAN hold the same stocks?

By their latest filings, 8% 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, SMOG or TAN?

SMOG has 20% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.

Which is cheaper, SMOG or TAN?

SMOG charges 0.64% a year and TAN charges 0.70%, so SMOG is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

SMOG vs TAN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, SMOG returned +2.7% to TAN's −4.5%; 8% of their weight is in the same names.

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Net assets on Nov 3, 2026: $126m for VanEck Low Carbon Energy ETF and $937m for Invesco Solar ETF.

SMOG on its own →TAN on its own →

At a glance

20.0%

SMOG in the S&P 500

9.7%

TAN in the S&P 500

+2.7%

SMOG total return, 1 year

−4.5%

TAN total return, 1 year

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.

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

SMOG costs 0.06 points a year less; their one-year returns differ by 7.2 points; TAN is 7.4 times larger.

Points (pts) are percentage points.

SMOG vs TAN: Holdings Overlap & Returns
Measure	SMOG	TAN
Return
Measure	SMOG	TAN
Total return, 1 year	+2.7%	−4.5%
Drawdown
Measure	SMOG	TAN
Below its all-time high	24.9%, high on Jan 22, 2021	79.0%, high on May 16, 2008
Against its benchmark
Measure	SMOG	TAN
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year	+15.0%	+15.0%
Against its benchmark, 1 year	behind by 12.3 pts	behind by 19.5 pts
Cost and size
Measure	SMOG	TAN
Expense ratio	0.64%	0.70%
Net assets, as of Nov 3, 2026	$126m	$937m
Holdings
Measure	SMOG	TAN
Holdings in common	8%

Method

Risk and return

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

SMOG TAN

Return

Total return edge SMOG −2.4% −79.4%

Annualized edge SMOG −0.1% −8.1%

Price return edge SMOG −19.2% −84.8%

Risk

Volatility edge SMOG 29.6% 44.6%

Max drawdown edge SMOG −82.5% −95.3%

Downside capture 119.9% 131.7%

Beta 1.34 1.63

Risk-adjusted

Sharpe edge SMOG 0.10 0.00

Sortino edge SMOG 0.13 0.00

Treynor 0.022 0.000

Calmar edge SMOG 0.00 −0.09

Against the benchmark

Alpha −7.8% a year −13.0% a year

Alpha t-stat −2.06 −1.69

Information ratio −0.29 −0.23

Tracking error 17.4% 34.9%

Reading

From Apr 2008 to Oct 2026, SMOG returned more: −2.4% to −79.4%. SMOG swung less: 29.6% to 44.6%. SMOG fell less at its worst: −82.5% to −95.3%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: SMOG vs TAN: Holdings Overlap & Returns
Measure	SMOG	TAN	ACWI	Edge	How it is measured
Return
Total return	−2.4%	−79.4%		SMOG	Price change plus distributions, reinvested.
Annualized	−0.1%	−8.1%		SMOG	Total return as a yearly rate.
Price return	−19.2%	−84.8%		SMOG	Price change alone, distributions left out.
Risk
Volatility	29.6%	44.6%		SMOG	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	21.8%	31.3%		SMOG	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−82.5%	−95.3%		SMOG	Deepest fall from a high to the low after it.
Upside capture	132.7%	160.4%	100.0%	TAN	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	119.9%	131.7%	100.0%	SMOG (slight)	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	1.34	1.63	1.00	SMOG lower	How far it moves for each 1% its benchmark moves.
R squared	0.70	0.45	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.10	0.00		SMOG	Return above Treasury bills per unit of volatility.
Sortino	0.13	0.00		SMOG	Return above Treasury bills per unit of downside deviation.
Treynor	0.022	0.000	0.080	SMOG	Return above Treasury bills per unit of beta.
Calmar	0.00	−0.09		SMOG	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	ACWI	ACWI	ACWI		The ETF each fund is measured against.
Alpha	−7.8% a year	−13.0% a year	0.0%	SMOG significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−2.06	−1.69		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−15.2% to −0.4%	−28.0% to +2.0%		TAN's includes zero	The 95% range for the yearly alpha.
Information ratio	−0.29	−0.23		TAN	Return against its benchmark per unit of tracking error.
Tracking error	17.4%	34.9%	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, 966 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, SMOG and TAN hold 8% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

8% in common

Positions both hold · largest shared weight first SMOG TAN

First Solar Inc 2.90% 9.66%

Nextpower Inc 1.87% 12.58%

Enlight Renewable Energy Ltd 1.10% 7.63%

Hannon Armstrong Sustainable Infrastruc 0.61% 5.20%

Enphase Energy Inc 0.60% 6.69%

Sunrun Inc 0.30% 4.27%

Xinyi Solar Holdings Ltd 0.28% 2.65%

Only in one fund ↓

Only in SMOG

Tesla Inc 9.28%

Iberdrola Sa 9.10%

Nextera Energy Inc 7.64%

Enel Spa 6.99%

Byd Co Ltd 5.17%

Bloom Energy Corp 5.10%

Vestas Wind Systems A/S 4.72%

Samsung Sdi Co Ltd 4.13%

Only in TAN

Doral Group Renewable Energy Resources Ltd 4.88%

Clearway Energy Inc 4.49%

SolarEdge Technologies Inc 3.96%

GCL Technology Holdings Ltd 3.71%

Solaria Energia y Medio Ambiente SA 3.18%

Shoals Technologies Group Inc 3.12%

OY Nofar Energy Ltd 2.54%

SMA Solar Technology AG 2.07%

Check overlap with more funds →

Window by window

Window by window: SMOG vs TAN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	SMOG	TAN	SMOG	TAN
3 months	−2.8%	−10.7%	−1.5 pts vs ACWI	−9.4 pts vs ACWI
6 months	−13.7%	−24.3%	−16.3 pts vs ACWI	−26.9 pts vs ACWI
1 year	+2.7%	−4.5%	−12.3 pts vs ACWI	−19.5 pts vs ACWI
3 years	+40.4%	+3.0%	−37.2 pts vs ACWI	−74.6 pts vs ACWI
Since launchNot the same days: SMOG May 2007 · TAN Apr 2008	+35.1%	−76.1%	not measured	not measured

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Side by side

SMOG VanEck Low Carbon Energy ETF · Holds 55 stocks in clean energy, 20% 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 VanEck Invesco

Theme Clean energy Clean energy

In the S&P 500 20.0% 9.7%

Active share vs the S&P 500 97.8% 100.0%

In the Nasdaq-100 9.4% 0.0%

Holdings 55 37

Top ten, share of the fund 58.2% 63.1%

Expense ratio 0.64% 0.70%

Fee for the differing part 0.65% 0.70%

Total return, 1 year +2.7% −4.5%

vs its benchmark −12.3 pts vs ACWI −19.5 pts vs ACWI

Below its high −24.9% −79.0%

Net assets, as of Nov 3, 2026 $126m $937m

As of Nov 4, 2026. Source: ETFIQ.

8% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

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.

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 SMOG and TAN hold the same stocks?: By their latest filings, 8% 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, SMOG or TAN?: SMOG has 20% of its weight in S&P 500 names and TAN has 10%, so TAN differs more from the index.
Which is cheaper, SMOG or TAN?: SMOG charges 0.64% a year and TAN charges 0.70%, so SMOG is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMOG vs ICLN SMOG vs PBW SMOG vs FAN SMOG vs CNRG TAN vs ACES TAN vs PBD TAN vs CNRG TAN vs FRNW

Where to next

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

Sources and dates

SMOG filings on SEC EDGAR ↗

SMOG prospectus with the expense ratio (SEC) ↗

VanEck website ↗

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

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