PBD vs. CGAEX

Last updated Jun 4, 2026

PBD (Invesco Global Clean Energy ETF) and CGAEX (Calvert Global Energy Solutions Fund Class A) are both funds - PBD is a Alternative Energy Equities fund tracking the WilderHill New Energy Global Innovation index, while CGAEX is a Energy Equities fund managed by Calvert Research and Management. Over the past 10 years, PBD returned 9.45%/yr vs 11.54%/yr for CGAEX. Their correlation of 0.87 suggests significant overlap in exposure. PBD charges 0.75%/yr vs 1.24%/yr for CGAEX.

Performance

PBD vs. CGAEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Clean Energy ETF (PBD) and Calvert Global Energy Solutions Fund Class A (CGAEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBD achieves a 38.50% return, which is significantly higher than CGAEX's 22.98% return. Over the past 10 years, PBD has underperformed CGAEX with an annualized return of 9.45%, while CGAEX has yielded a comparatively higher 11.54% annualized return.

PBD

• 1D: -0.93%
• 1M: 6.10%
• YTD: 38.50%
• 6M: 39.82%
• 1Y: 92.04%
• 3Y*: 8.96%
• 5Y*: -3.66%
• 10Y*: 9.45%

CGAEX

• 1D: 1.26%
• 1M: 4.19%
• YTD: 22.98%
• 6M: 23.45%
• 1Y: 48.72%
• 3Y*: 13.64%
• 5Y*: 6.29%
• 10Y*: 11.54%

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

PBD vs. CGAEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBD Invesco Global Clean Energy ETF	38.50%	43.65%	-26.39%	-10.69%	-29.70%	-22.30%	145.46%	40.00%	-19.32%	28.72%
CGAEX Calvert Global Energy Solutions Fund Class A	22.98%	32.27%	-7.33%	5.40%	-17.66%	6.50%	61.15%	33.16%	-19.66%	29.42%

Correlation

The correlation between PBD and CGAEX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jun 14, 2007	0.87

The correlation between PBD and CGAEX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

PBD vs. CGAEX — Risk / Return Rank

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

PBD

PBD Risk / Return Rank: 94
PBD Sharpe Ratio Rank: 95
PBD Sortino Ratio Rank: 93
PBD Omega Ratio Rank: 91
PBD Calmar Ratio Rank: 95
PBD Martin Ratio Rank: 94

CGAEX

CGAEX Risk / Return Rank: 88
CGAEX Sharpe Ratio Rank: 91
CGAEX Sortino Ratio Rank: 83
CGAEX Omega Ratio Rank: 79
CGAEX Calmar Ratio Rank: 95
CGAEX 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.

PBD vs. CGAEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy ETF (PBD) and Calvert Global Energy Solutions Fund Class A (CGAEX). 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.

	PBD	CGAEX	Difference
Sharpe ratio: Return per unit of total volatility	3.96	3.06	+0.90
Sortino ratio: Return per unit of downside risk	4.64	3.91	+0.73
Omega ratio: Gain probability vs. loss probability	1.61	1.52	+0.09
Calmar ratio: Return relative to maximum drawdown	8.65	5.98	+2.67
Martin ratio: Return relative to average drawdown	26.96	20.62	+6.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBD vs. CGAEX - Sharpe Ratio Comparison

The current PBD Sharpe Ratio is 3.96, which is comparable to the CGAEX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of PBD and CGAEX, 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

	PBD	CGAEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	3.06	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.33	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.59	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.05	-0.03

Drawdowns

PBD vs. CGAEX - Drawdown Comparison

The maximum PBD drawdown since its inception was -78.60%, roughly equal to the maximum CGAEX drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for PBD and CGAEX.

Drawdown Indicators

	PBD	CGAEX	Difference
Max Drawdown Largest peak-to-trough decline	-78.60%	-76.34%	-2.26%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-8.41%	-2.29%
Max Drawdown (3Y) Largest decline over 3 years	-52.45%	-24.93%	-27.52%
Max Drawdown (5Y) Largest decline over 5 years	-69.15%	-33.14%	-36.01%
Max Drawdown (10Y) Largest decline over 10 years	-75.40%	-37.53%	-37.87%
Current Drawdown Current decline from peak	-39.02%	-4.17%	-34.85%
Average Drawdown Average peak-to-trough decline	-53.40%	-50.64%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.43%	+1.00%

Volatility

PBD vs. CGAEX - Volatility Comparison

Invesco Global Clean Energy ETF (PBD) has a higher volatility of 8.57% compared to Calvert Global Energy Solutions Fund Class A (CGAEX) at 5.83%. This indicates that PBD's price experiences larger fluctuations and is considered to be riskier than CGAEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBD	CGAEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.57%	5.83%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	17.00%	12.93%	+4.07%
Volatility (1Y) Calculated over the trailing 1-year period	23.41%	16.45%	+6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.37%	19.16%	+9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	19.71%	+7.55%

PBD vs. CGAEX - Expense Ratio Comparison

PBD has a 0.75% expense ratio, which is lower than CGAEX's 1.24% expense ratio.

Dividends

PBD vs. CGAEX - Dividend Comparison

PBD's dividend yield for the trailing twelve months is around 1.63%, more than CGAEX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGAEX Calvert Global Energy Solutions Fund Class A	0.42%	0.51%	0.91%	0.83%	0.65%	0.26%	0.66%	1.01%	1.69%	1.19%	1.06%	0.20%
PBD Invesco Global Clean Energy ETF	1.63%	2.71%	1.81%	2.85%	2.98%	0.67%	0.48%	1.83%	1.86%	1.76%	2.04%	1.24%

Frequently Asked Questions

Can I hold both PBD and CGAEX in my portfolio?

PBD and CGAEX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBD or CGAEX?

PBD has higher volatility (8.57%) compared to CGAEX (5.83%). In terms of maximum drawdown, PBD dropped -78.60% vs CGAEX's -76.34%.

Which has better risk-adjusted returns?

PBD currently has the higher Sharpe Ratio (3.96 vs 3.06), 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.