ACES vs. PBW

Last updated Jun 3, 2026

ACES (ALPS Clean Energy ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both exchange-traded funds - ACES is a Alternative Energy Equities fund tracking the CIBC Atlas Clean Energy Index, while PBW is a Small Cap Growth Equities fund tracking the The WilderHill Clean Energy Index (AMEX). Both are passively managed. Over the past 5 years, ACES returned -8.07%/yr vs -9.19%/yr for PBW. Their correlation of 0.92 suggests significant overlap in exposure. ACES charges 0.55%/yr vs 0.61%/yr for PBW.

Performance

ACES vs. PBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Clean Energy ETF (ACES) and Invesco WilderHill Clean Energy ETF (PBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ACES achieves a 32.49% return, which is significantly lower than PBW's 54.02% return.

ACES

• 1D: 2.95%
• 1M: 20.25%
• YTD: 32.49%
• 6M: 32.78%
• 1Y: 80.47%
• 3Y*: -0.25%
• 5Y*: -8.07%
• 10Y*: —

PBW

• 1D: 3.64%
• 1M: 21.42%
• YTD: 54.02%
• 6M: 52.03%
• 1Y: 170.82%
• 3Y*: 9.47%
• 5Y*: -9.19%
• 10Y*: 11.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACES vs. PBW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ACES ALPS Clean Energy ETF	32.49%	25.44%	-26.71%	-20.04%	-28.44%	-19.44%	140.33%	51.70%	-9.63%
PBW Invesco WilderHill Clean Energy ETF	54.02%	53.96%	-30.77%	-20.03%	-44.55%	-29.86%	204.82%	62.58%	-13.46%

Correlation

The correlation between ACES and PBW is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 2, 2018	0.92

The correlation between ACES and PBW has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

ACES vs. PBW - Sectors Allocation Comparison

Sectors	ACES	PBW
Utilities	25.5%	6.3%
Technology	24.8%	14.3%
Industrials	20.3%	34.3%
Consumer Cyclical	11.1%	13.9%
Basic Materials	9.3%	16.4%
Financial Services	5.3%	1.4%
Consumer Defensive	3.2%	1.1%
Energy	0.5%	12.3%
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

ACES vs. PBW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ACES

ACES Risk / Return Rank: 69
ACES Sharpe Ratio Rank: 76
ACES Sortino Ratio Rank: 66
ACES Omega Ratio Rank: 60
ACES Calmar Ratio Rank: 83
ACES Martin Ratio Rank: 62

PBW

PBW Risk / Return Rank: 91
PBW Sharpe Ratio Rank: 96
PBW Sortino Ratio Rank: 90
PBW Omega Ratio Rank: 85
PBW Calmar Ratio Rank: 95
PBW Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ACES vs. PBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Clean Energy ETF (ACES) and Invesco WilderHill Clean Energy ETF (PBW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ACES	PBW	Difference
Sharpe ratio Return per unit of total volatility	2.51	4.27	-1.76
Sortino ratio Return per unit of downside risk	3.09	4.26	-1.17
Omega ratio Gain probability vs. loss probability	1.37	1.52	-0.15
Calmar ratio Return relative to maximum drawdown	4.47	7.81	-3.33
Martin ratio Return relative to average drawdown	11.30	21.72	-10.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ACES vs. PBW - Sharpe Ratio Comparison

The current ACES Sharpe Ratio is 2.51, which is lower than the PBW Sharpe Ratio of 4.27. The chart below compares the historical Sharpe Ratios of ACES and PBW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ACES	PBW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	4.27	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.22	-0.22	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	-0.02	+0.25

Drawdowns

ACES vs. PBW - Drawdown Comparison

The maximum ACES drawdown since its inception was -79.05%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for ACES and PBW.

Drawdown Indicators

	ACES	PBW	Difference
Max Drawdown Largest peak-to-trough decline	-79.05%	-89.02%	+9.97%
Max Drawdown (1Y) Largest decline over 1 year	-17.44%	-21.24%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-58.68%	-68.04%	+9.36%
Max Drawdown (5Y) Largest decline over 5 years	-74.44%	-84.50%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.02%	—
Current Drawdown Current decline from peak	-55.14%	-61.19%	+6.05%
Average Drawdown Average peak-to-trough decline	-38.86%	-62.91%	+24.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.91%	7.63%	-0.72%

Volatility

ACES vs. PBW - Volatility Comparison

The current volatility for ALPS Clean Energy ETF (ACES) is 9.41%, while Invesco WilderHill Clean Energy ETF (PBW) has a volatility of 12.68%. This indicates that ACES experiences smaller price fluctuations and is considered to be less risky than PBW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACES	PBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.41%	12.68%	-3.27%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	28.06%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	32.32%	40.36%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.15%	42.89%	-6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.58%	38.75%	-3.17%

ACES vs. PBW - Expense Ratio Comparison

ACES has a 0.55% expense ratio, which is lower than PBW's 0.61% expense ratio.

Dividends

ACES vs. PBW - Dividend Comparison

ACES's dividend yield for the trailing twelve months is around 0.53%, less than PBW's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACES ALPS Clean Energy ETF	0.53%	0.70%	1.10%	1.44%	1.08%	0.71%	0.56%	1.79%	0.34%	0.00%	0.00%	0.00%
PBW Invesco WilderHill Clean Energy ETF	0.58%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%

Frequently Asked Questions

Can I hold both ACES and PBW in my portfolio?

With a correlation of 0.91, ACES and PBW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ACES or PBW?

PBW has higher volatility (12.68%) compared to ACES (9.41%). In terms of maximum drawdown, ACES dropped -79.05% vs PBW's -89.02%.

Which ETF is better, ACES or PBW?

On 5-year performance, ACES leads with -8.07% vs -9.19% for PBW. On fees, ACES is cheaper at 0.55% per year. On volatility, ACES has been the lower-risk option at 9.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACES or PBW?

Over the 5-year period, ACES has performed better with a -8.07% return vs -9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACES or PBW?

ACES is cheaper with a 0.55% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, ACES or PBW?

PBW has the higher dividend yield at 0.58%, compared with 0.53% for ACES.

What is the main difference between ACES and PBW?

ACES is categorized as Alternative Energy Equities, while PBW is Small Cap Growth Equities. ACES tracks CIBC Atlas Clean Energy Index, while PBW tracks The WilderHill Clean Energy Index (AMEX). They also come from different issuers: SS&C and Invesco. Their fees differ too: 0.55% for ACES and 0.61% for PBW.

Which has better risk-adjusted returns?

PBW currently has the higher Sharpe Ratio (4.27 vs 2.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.