PBW vs. HJEN

Last updated Aug 2, 2026

PBW (Invesco WilderHill Clean Energy ETF) and HJEN (Direxion Hydrogen ETF) are both Alternative Energy Equities funds - PBW tracks the The WilderHill Clean Energy Index (AMEX) while HJEN tracks the Indxx Hydrogen Economy Index - Benchmark TR Net. Both are passively managed. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PBW charges 0.61%/yr vs 0.45%/yr for HJEN.

Performance

PBW vs. HJEN - Performance Comparison

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

Returns By Period

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%

HJEN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PBW Invesco WilderHill Clean Energy ETF	$37.14M	$32.16M	$36.05M

PBW vs. HJEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PBW Invesco WilderHill Clean Energy ETF	5.86%	53.96%	-30.77%	-20.03%	-44.55%	-19.98%
HJEN Direxion Hydrogen ETF	0.00%	0.00%	-10.90%	-8.69%	-33.27%	-11.04%

Correlation

The correlation between PBW and HJEN is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.38
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Mar 25, 2021	0.62

The correlation between PBW and HJEN shifts across timeframes, from 0.38 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

PBW vs. HJEN - Sectors Allocation Comparison

Sectors	PBW	HJEN
Industrials	25.7%	31.7%
Technology	23.6%	7.6%
Basic Materials	16.3%	9.2%
Consumer Cyclical	15.3%	-
Utilities	9.1%	-
Energy	3.9%	8.3%
Consumer Defensive	2.1%	-
Financial Services	1.4%	3.3%
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

PBW vs. HJEN — 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

HJEN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HJEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco WilderHill Clean Energy ETF (PBW) and Direxion Hydrogen ETF (HJEN). 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	HJEN	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.49	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.20	—	—
Martin ratio: Return relative to average drawdown	3.64	—	—

Drawdowns

Drawdown Indicators

	PBW	HJEN	Difference
Max Drawdown Largest peak-to-trough decline	-89.02%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-36.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-65.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-84.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.02%	—	—
Current Drawdown Current decline from peak	-73.32%	—	—
Average Drawdown Average peak-to-trough decline	-62.94%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	11.82%	—	—

Volatility

Volatility by Period

	PBW	HJEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	44.14%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.61%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.25%	—	—

PBW vs. HJEN - Expense Ratio Comparison

PBW has a 0.61% expense ratio, which is higher than HJEN's 0.45% expense ratio.

Dividends

PBW vs. HJEN - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HJEN Direxion Hydrogen ETF	0.00%	0.00%	0.91%	1.50%	1.24%	0.76%	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 HJEN in my portfolio?

PBW and HJEN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBW or HJEN?

On fees, HJEN is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PBW or HJEN?

HJEN is cheaper with a 0.45% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, PBW or HJEN?

PBW has the higher dividend yield at 1.47%, compared with 0.00% for HJEN.

What is the main difference between PBW and HJEN?

PBW tracks The WilderHill Clean Energy Index (AMEX), while HJEN tracks Indxx Hydrogen Economy Index - Benchmark TR Net. They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.61% for PBW and 0.45% for HJEN.