PBW vs. BE

Last updated Aug 2, 2026

PBW (Invesco WilderHill Clean Energy ETF) is Alternative Energy Equities fund tracking the The WilderHill Clean Energy Index (AMEX), while BE (Bloom Energy Corporation) is a stock. Over the past 5 years, PBW returned -15.46%/yr vs 56.68%/yr for BE. Their 0.65 correlation means they have sometimes moved together and sometimes differently.

Performance

PBW vs. BE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco WilderHill Clean Energy ETF (PBW) and Bloom Energy Corporation (BE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBW achieves a 5.86% return, which is significantly lower than BE's 136.86% return.

PBW

• 1D: 0.16%
• 1M: -12.22%
• 6M: -4.18%
• YTD: 5.86%
• 1Y: 46.40%
• 3Y*: -7.64%
• 5Y*: -15.46%
• 10Y*: 7.09%
• ALL TIME*: -2.58%

BE

• 1D: -0.63%
• 1M: -24.02%
• 6M: 35.96%
• YTD: 136.86%
• 1Y: 460.48%
• 3Y*: 126.68%
• 5Y*: 56.68%
• 10Y*: —
• ALL TIME*: 34.88%

*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)
BE Bloom Energy Corporation	$4.07B	$3.66B	$3.50B
PBW Invesco WilderHill Clean Energy ETF	$37.14M	$32.16M	$36.05M

PBW vs. BE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PBW Invesco WilderHill Clean Energy ETF	5.86%	53.96%	-30.77%	-20.03%	-44.55%	-29.86%	204.82%	62.58%	-13.35%
BE Bloom Energy Corporation	136.86%	291.22%	50.07%	-22.59%	-12.81%	-23.48%	283.67%	-25.15%	-46.63%

Correlation

The correlation between PBW and BE is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018	0.65

The correlation between PBW and BE has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

PBW vs. BE — Risk / Return Rank

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

PBW

PBW Risk / Return Rank: 38
PBW Sharpe Ratio Rank: 40
PBW Sortino Ratio Rank: 40
PBW Omega Ratio Rank: 38
PBW Calmar Ratio Rank: 35
PBW Martin Ratio Rank: 36

BE

BE Risk / Return Rank: 97
BE Sharpe Ratio Rank: 99
BE Sortino Ratio Rank: 95
BE Omega Ratio Rank: 93
BE Calmar Ratio Rank: 98
BE Martin Ratio Rank: 98

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.

PBW vs. BE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco WilderHill Clean Energy ETF (PBW) and Bloom Energy Corporation (BE). 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.

	PBW	BE	Difference
Sharpe ratio: Return per unit of total volatility	0.98	3.97	-2.99
Sortino ratio: Return per unit of downside risk	1.49	3.38	-1.89
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.20	8.63	-7.43
Martin ratio: Return relative to average drawdown	3.64	24.90	-21.26

PBW vs. BE - Sharpe Ratio Comparison

The current PBW Sharpe Ratio is 0.98, which is lower than the BE Sharpe Ratio of 3.97. The chart below compares the historical Sharpe Ratios of PBW and BE, 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

PBW vs. BE - Drawdown Comparison

The maximum PBW drawdown since its inception was -89.02%, roughly equal to the maximum BE drawdown of -92.54%. Use the drawdown chart below to compare losses from any high point for PBW and BE.

Drawdown Indicators

	PBW	BE	Difference
Max Drawdown Largest peak-to-trough decline	-89.02%	-92.54%	+3.52%
Max Drawdown (1Y) Largest decline over 1 year	-36.09%	-52.65%	+16.56%
Max Drawdown (3Y) Largest decline over 3 years	-65.32%	-52.65%	-12.67%
Max Drawdown (5Y) Largest decline over 5 years	-84.50%	-75.87%	-8.63%
Max Drawdown (10Y) Largest decline over 10 years	-89.02%	—	—
Current Drawdown Current decline from peak	-73.32%	-40.49%	-32.83%
Average Drawdown Average peak-to-trough decline	-62.94%	-51.49%	-11.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.82%	18.20%	-6.38%

Volatility

PBW vs. BE - Volatility Comparison

The current volatility for Invesco WilderHill Clean Energy ETF (PBW) is 14.90%, while Bloom Energy Corporation (BE) has a volatility of 42.49%. This indicates that PBW experiences smaller price fluctuations and is considered to be less risky than BE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBW	BE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.90%	42.49%	-27.59%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	84.76%	-51.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.14%	114.50%	-70.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.61%	88.73%	-45.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.25%	96.71%	-57.46%

Dividends

PBW vs. BE - Dividend Comparison

PBW's dividend yield for the trailing twelve months is around 1.47%, while BE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BE Bloom Energy Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBW Invesco WilderHill Clean Energy ETF	1.47%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%

Frequently Asked Questions

Can I hold both PBW and BE in my portfolio?

PBW and BE have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBW or BE?

BE has higher volatility (42.49%) compared to PBW (14.90%). In terms of maximum drawdown, PBW dropped -89.02% vs BE's -92.54%.

Which has better risk-adjusted returns?

BE currently has the higher Sharpe Ratio (3.97 vs 0.98), 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.