FSLR vs. TAN

Last updated Jun 23, 2026

FSLR (First Solar, Inc.) is a stock, while TAN (Invesco Solar ETF) is Alternative Energy Equities fund tracking the MAC Global Solar Energy Index. Over the past 10 years, FSLR returned 19.05%/yr vs 12.83%/yr for TAN. A 0.74 correlation means they provide meaningful diversification when combined.

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.

Returns By Period

In the year-to-date period, FSLR achieves a 0.72% return, which is significantly lower than TAN's 24.41% return. Over the past 10 years, FSLR has outperformed TAN with an annualized return of 19.05%, while TAN has yielded a comparatively lower 12.83% annualized return.

FSLR

• 1D: 2.10%
• 1M: 2.04%
• YTD: 0.72%
• 6M: -7.55%
• 1Y: 81.46%
• 3Y*: 12.55%
• 5Y*: 26.82%
• 10Y*: 19.05%

TAN

• 1D: 0.87%
• 1M: -7.34%
• YTD: 24.41%
• 6M: 18.89%
• 1Y: 90.67%
• 3Y*: -3.33%
• 5Y*: -6.08%
• 10Y*: 12.83%

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

FSLR vs. TAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLR First Solar, Inc.	0.72%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%
TAN Invesco Solar ETF	24.41%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	233.96%	66.53%	-25.67%	54.38%

Correlation

The correlation between FSLR and TAN is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 15, 2008	0.74

The correlation between FSLR and TAN has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

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: 78
FSLR Sharpe Ratio Rank: 82
FSLR Sortino Ratio Rank: 79
FSLR Omega Ratio Rank: 78
FSLR Calmar Ratio Rank: 79
FSLR Martin Ratio Rank: 76

TAN

TAN Risk / Return Rank: 74
TAN Sharpe Ratio Rank: 78
TAN Sortino Ratio Rank: 69
TAN Omega Ratio Rank: 61
TAN Calmar Ratio Rank: 84
TAN Martin Ratio Rank: 76

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FSLR	TAN	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.38	-0.91
Sortino ratio: Return per unit of downside risk	2.13	3.03	-0.89
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.33	4.35	-2.02
Martin ratio: Return relative to average drawdown	4.93	13.98	-9.05

FSLR vs. TAN - Sharpe Ratio Comparison

The current FSLR Sharpe Ratio is 1.48, which is lower than the TAN Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of FSLR and TAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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%	-20.94%	-14.16%
Max Drawdown (3Y) Largest decline over 3 years	-59.97%	-64.40%	+4.43%
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	-17.33%	-71.94%	+54.61%
Average Drawdown Average peak-to-trough decline	-63.15%	-78.47%	+15.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.58%	6.51%	+10.07%

Volatility

FSLR vs. TAN - Volatility Comparison

First Solar, Inc. (FSLR) has a higher volatility of 22.46% compared to Invesco Solar ETF (TAN) at 16.46%. 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	22.46%	16.46%	+6.00%
Volatility (6M) Calculated over the trailing 6-month period	41.61%	28.51%	+13.10%
Volatility (1Y) Calculated over the trailing 1-year period	55.60%	38.32%	+17.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.14%	40.11%	+14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.90%	38.17%	+12.73%

Dividends

FSLR vs. TAN - Dividend Comparison

Neither FSLR nor TAN has paid dividends to shareholders.

Position	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%

Frequently Asked Questions

Can I hold both FSLR and TAN in my portfolio?

FSLR and TAN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLR or TAN?

FSLR has higher volatility (22.46%) compared to TAN (16.46%). In terms of maximum drawdown, FSLR dropped -96.22% vs TAN's -95.29%.

Which has better risk-adjusted returns?

TAN currently has the higher Sharpe Ratio (2.38 vs 1.48), 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.