CTEX vs. RAYS

Last updated Jun 4, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and RAYS (Global X Solar ETF) are both Alternative Energy Equities funds - CTEX tracks the S&P Kensho Cleantech Index while RAYS tracks the Solactive Solar Index. Both are passively managed. CTEX charges 0.58%/yr vs 0.50%/yr for RAYS.

Performance

CTEX vs. RAYS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and Global X Solar ETF (RAYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CTEX

• 1D: -4.08%
• 1M: 24.08%
• YTD: 39.97%
• 6M: 41.91%
• 1Y: 154.30%
• 3Y*: 16.51%
• 5Y*: —
• 10Y*: —

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CTEX vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
CTEX ProShares S&P Kensho Cleantech ETF	24.46%
RAYS Global X Solar ETF	0.00%

CTEX vs. RAYS - Sectors Allocation Comparison

Sectors	CTEX	RAYS
Industrials	48.9%	21.4%
Technology	34.7%	66.9%
Utilities	11.5%	6.8%
Energy	3.0%	-
Consumer Cyclical	1.8%	4.0%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

CTEX vs. RAYS — Risk / Return Rank

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

CTEX

CTEX Risk / Return Rank: 88
CTEX Sharpe Ratio Rank: 94
CTEX Sortino Ratio Rank: 84
CTEX Omega Ratio Rank: 80
CTEX Calmar Ratio Rank: 94
CTEX Martin Ratio Rank: 89

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.

CTEX vs. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) and Global X Solar ETF (RAYS). 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.

	CTEX	RAYS	Difference
Sharpe ratio Return per unit of total volatility	3.68	—	—
Sortino ratio Return per unit of downside risk	3.79	—	—
Omega ratio Gain probability vs. loss probability	1.48	—	—
Calmar ratio Return relative to maximum drawdown	7.18	—	—
Martin ratio Return relative to average drawdown	19.95	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CTEX	RAYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	—	—

Drawdowns

CTEX vs. RAYS - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for CTEX and RAYS.

Drawdown Indicators

	CTEX	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	0.00%	-70.31%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	—	—
Current Drawdown Current decline from peak	-4.08%	0.00%	-4.08%
Average Drawdown Average peak-to-trough decline	-41.94%	0.00%	-41.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.77%	—	—

Volatility

Volatility by Period

	CTEX	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	42.32%	0.00%	+42.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.30%	0.00%	+43.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.30%	0.00%	+43.30%

CTEX vs. RAYS - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is higher than RAYS's 0.50% expense ratio.

Dividends

CTEX vs. RAYS - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 1.50%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CTEX ProShares S&P Kensho Cleantech ETF	1.50%	2.17%	0.57%	0.12%
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, CTEX or RAYS?

On fees, RAYS is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CTEX or RAYS?

RAYS is cheaper with a 0.50% expense ratio, compared with 0.58% for CTEX.

Which ETF pays a higher dividend yield, CTEX or RAYS?

CTEX has the higher dividend yield at 1.50%, compared with 0.00% for RAYS.

What is the main difference between CTEX and RAYS?

CTEX tracks S&P Kensho Cleantech Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.58% for CTEX and 0.50% for RAYS.