FSLR vs. TAN

Last updated Apr 2, 2026

Compare and contrast key facts about First Solar, Inc. (FSLR) and Invesco Solar ETF (TAN).

TAN is a passively managed fund by Invesco that tracks the performance of the MAC Global Solar Energy Index. It was launched on Apr 15, 2008.

Performance

FSLR vs. TAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Solar, Inc. (FSLR) and Invesco Solar ETF (TAN). The values are adjusted to include any dividend payments, if applicable.

FSLR vs. TAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLR First Solar, Inc.	-23.66%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%
TAN Invesco Solar ETF	14.56%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	233.96%	66.53%	-25.67%	54.38%

Returns By Period

In the year-to-date period, FSLR achieves a -23.66% return, which is significantly lower than TAN's 14.56% return. Over the past 10 years, FSLR has outperformed TAN with an annualized return of 11.44%, while TAN has yielded a comparatively lower 10.44% annualized return.

FSLR

• 1D: 1.10%
• 1M: -0.22%
• YTD: -23.66%
• 6M: -11.30%
• 1Y: 56.32%
• 3Y*: -2.85%
• 5Y*: 18.28%
• 10Y*: 11.44%

TAN

• 1D: 1.01%
• 1M: -0.16%
• YTD: 14.56%
• 6M: 24.82%
• 1Y: 82.69%
• 3Y*: -10.00%
• 5Y*: -9.00%
• 10Y*: 10.44%

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

Return for Risk

FSLR vs. TAN — Risk / Return Rank

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

FSLR

FSLR Risk / Return Rank: 70
FSLR Sharpe Ratio Rank: 71
FSLR Sortino Ratio Rank: 69
FSLR Omega Ratio Rank: 68
FSLR Calmar Ratio Rank: 72
FSLR Martin Ratio Rank: 72

TAN

TAN Risk / Return Rank: 91
TAN Sharpe Ratio Rank: 91
TAN Sortino Ratio Rank: 91
TAN Omega Ratio Rank: 82
TAN Calmar Ratio Rank: 97
TAN Martin Ratio Rank: 93

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.

FSLR vs. TAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Solar, Inc. (FSLR) and Invesco Solar ETF (TAN). 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.

	FSLR	TAN	Difference
Sharpe ratio Return per unit of total volatility	0.89	2.10	-1.22
Sortino ratio Return per unit of downside risk	1.59	2.68	-1.10
Omega ratio Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio Return relative to maximum drawdown	1.64	5.21	-3.57
Martin ratio Return relative to average drawdown	3.99	13.78	-9.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSLR vs. TAN - Sharpe Ratio Comparison

The current FSLR Sharpe Ratio is 0.89, which is lower than the TAN Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FSLR and TAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSLR	TAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	2.10	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.23	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.28	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	-0.15	+0.34

Correlation

The correlation between FSLR and TAN is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSLR vs. TAN - Dividend Comparison

Neither FSLR nor TAN has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLR First Solar, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAN Invesco Solar ETF	0.00%	0.00%	0.50%	0.09%	0.00%	0.00%	0.09%	0.30%	0.69%	1.77%	5.04%	1.60%

Drawdowns

FSLR vs. TAN - Drawdown Comparison

The maximum FSLR drawdown since its inception was -96.22%, roughly equal to the maximum TAN drawdown of -95.29%. Use the drawdown chart below to compare losses from any high point for FSLR and TAN.

Drawdown Indicators

	FSLR	TAN	Difference
Max Drawdown Largest peak-to-trough decline	-96.22%	-95.29%	-0.93%
Max Drawdown (1Y) Largest decline over 1 year	-35.10%	-16.25%	-18.85%
Max Drawdown (5Y) Largest decline over 5 years	-59.97%	-73.95%	+13.98%
Max Drawdown (10Y) Largest decline over 10 years	-61.26%	-78.53%	+17.27%
Current Drawdown Current decline from peak	-35.91%	-74.16%	+38.25%
Average Drawdown Average peak-to-trough decline	-63.59%	-78.57%	+14.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.46%	6.15%	+8.31%

Volatility

FSLR vs. TAN - Volatility Comparison

First Solar, Inc. (FSLR) has a higher volatility of 11.39% compared to Invesco Solar ETF (TAN) at 10.07%. This indicates that FSLR's price experiences larger fluctuations and is considered to be riskier than TAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLR	TAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.39%	10.07%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	39.08%	26.24%	+12.84%
Volatility (1Y) Calculated over the trailing 1-year period	63.72%	39.51%	+24.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.41%	39.82%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.35%	37.78%	+12.57%