PBD vs. CTEX

Last updated Aug 2, 2026

PBD (Invesco Global Clean Energy ETF) and CTEX (ProShares S&P Kensho Cleantech ETF) are both Alternative Energy Equities funds - PBD tracks the WilderHill New Energy Global Innovation index while CTEX tracks the S&P Kensho Cleantech Index. Both are passively managed. Over the past 3 years, PBD returned -1.70%/yr vs 1.78%/yr for CTEX. Their correlation of 0.87 means they have usually moved in the same direction. PBD charges 0.75%/yr vs 0.58%/yr for CTEX.

Performance

PBD vs. CTEX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBD achieves a 8.20% return, which is significantly higher than CTEX's -4.20% return.

PBD

• 1D: -0.26%
• 1M: -9.06%
• 6M: -1.10%
• YTD: 8.20%
• 1Y: 33.01%
• 3Y*: -1.70%
• 5Y*: -8.16%
• 10Y*: 6.75%
• ALL TIME*: -0.46%

CTEX

• 1D: 0.05%
• 1M: -16.09%
• 6M: -14.26%
• YTD: -4.20%
• 1Y: 45.57%
• 3Y*: 1.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CTEX ProShares S&P Kensho Cleantech ETF	$35.29K	$31.66K	$63.75K
PBD Invesco Global Clean Energy ETF	$950.09K	$971.83K	$1.21M

PBD vs. CTEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PBD Invesco Global Clean Energy ETF	8.20%	43.65%	-26.39%	-10.69%	-29.70%	-3.07%
CTEX ProShares S&P Kensho Cleantech ETF	-4.20%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%

Correlation

The correlation between PBD and CTEX is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.87

The correlation between PBD and CTEX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

PBD vs. CTEX - Sectors Allocation Comparison

Sectors	PBD	CTEX
Industrials	44.6%	45.1%
Technology	19.5%	38.1%
Utilities	16.9%	11.9%
Consumer Cyclical	12.7%	2.6%
Energy	7.4%	2.3%
Basic Materials	4.0%	-
Financial Services	1.5%	-
Consumer Defensive	0.9%	-
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PBD vs. CTEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBD

PBD Risk / Return Rank: 45
PBD Sharpe Ratio Rank: 50
PBD Sortino Ratio Rank: 47
PBD Omega Ratio Rank: 47
PBD Calmar Ratio Rank: 37
PBD Martin Ratio Rank: 41

CTEX

CTEX Risk / Return Rank: 36
CTEX Sharpe Ratio Rank: 37
CTEX Sortino Ratio Rank: 39
CTEX Omega Ratio Rank: 36
CTEX Calmar Ratio Rank: 32
CTEX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBD vs. CTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy ETF (PBD) and ProShares S&P Kensho Cleantech ETF (CTEX). 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.

	PBD	CTEX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	0.91	+0.32
Sortino ratio: Return per unit of downside risk	1.72	1.44	+0.28
Omega ratio: Gain probability vs. loss probability	1.22	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.28	1.09	+0.19
Martin ratio: Return relative to average drawdown	4.50	3.44	+1.06

PBD vs. CTEX - Sharpe Ratio Comparison

The current PBD Sharpe Ratio is 1.23, which is higher than the CTEX Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of PBD and CTEX, 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

PBD vs. CTEX - Drawdown Comparison

The maximum PBD drawdown since its inception was -78.60%, which is greater than CTEX's maximum drawdown of -70.31%. Use the drawdown chart below to compare losses from any high point for PBD and CTEX.

Drawdown Indicators

	PBD	CTEX	Difference
Max Drawdown Largest peak-to-trough decline	-78.60%	-70.31%	-8.29%
Max Drawdown (1Y) Largest decline over 1 year	-25.18%	-39.09%	+13.91%
Max Drawdown (3Y) Largest decline over 3 years	-48.69%	-50.47%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-69.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.40%	—	—
Current Drawdown Current decline from peak	-52.36%	-34.34%	-18.02%
Average Drawdown Average peak-to-trough decline	-53.34%	-41.28%	-12.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.13%	12.38%	-5.25%

Volatility

PBD vs. CTEX - Volatility Comparison

The current volatility for Invesco Global Clean Energy ETF (PBD) is 8.52%, while ProShares S&P Kensho Cleantech ETF (CTEX) has a volatility of 15.81%. This indicates that PBD experiences smaller price fluctuations and is considered to be less risky than CTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBD	CTEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	15.81%	-7.29%
Volatility (6M) Calculated over the trailing 6-month period	20.91%	35.40%	-14.49%
Volatility (1Y) Calculated over the trailing 1-year period	26.04%	46.84%	-20.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.77%	43.86%	-15.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.41%	43.86%	-16.45%

PBD vs. CTEX - Expense Ratio Comparison

PBD has a 0.75% expense ratio, which is higher than CTEX's 0.58% expense ratio.

Dividends

PBD vs. CTEX - Dividend Comparison

PBD's dividend yield for the trailing twelve months is around 1.76%, less than CTEX's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEX ProShares S&P Kensho Cleantech ETF	2.18%	2.17%	0.57%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBD Invesco Global Clean Energy ETF	1.76%	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 CTEX in my portfolio?

PBD and CTEX have a correlation of 0.84, 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 CTEX?

CTEX has higher volatility (15.81%) compared to PBD (8.52%). In terms of maximum drawdown, PBD dropped -78.60% vs CTEX's -70.31%.

Which ETF is better, PBD or CTEX?

On 3-year performance, CTEX leads with 1.78% vs -1.70% for PBD. On fees, CTEX is cheaper at 0.58% per year. On volatility, PBD has been the lower-risk option at 8.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBD or CTEX?

Over the 3-year period, CTEX has performed better with a 1.78% return vs -1.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBD or CTEX?

CTEX is cheaper with a 0.58% expense ratio, compared with 0.75% for PBD.

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

CTEX has the higher dividend yield at 2.18%, compared with 1.76% for PBD.

What is the main difference between PBD and CTEX?

PBD tracks WilderHill New Energy Global Innovation index, while CTEX tracks S&P Kensho Cleantech Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.75% for PBD and 0.58% for CTEX.

Which has better risk-adjusted returns?

PBD currently has the higher Sharpe Ratio (1.23 vs 0.91), 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.