TAN vs. FLNC

Last updated Jun 3, 2026

TAN (Invesco Solar ETF) is Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while FLNC (Fluence Energy, Inc.) is a stock. Over the past 3 years, TAN returned 0.29%/yr vs 5.80%/yr for FLNC. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

TAN vs. FLNC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Solar ETF (TAN) and Fluence Energy, Inc. (FLNC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAN achieves a 47.13% return, which is significantly higher than FLNC's 41.10% return.

TAN

• 1D: 1.60%
• 1M: 21.93%
• YTD: 47.13%
• 6M: 51.73%
• 1Y: 127.12%
• 3Y*: 0.29%
• 5Y*: -0.77%
• 10Y*: 13.81%

FLNC

• 1D: 2.80%
• 1M: 128.96%
• YTD: 41.10%
• 6M: 39.83%
• 1Y: 528.60%
• 3Y*: 5.80%
• 5Y*: —
• 10Y*: —

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

TAN vs. FLNC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TAN Invesco Solar ETF	47.13%	48.31%	-37.61%	-26.79%	-5.24%	-21.46%
FLNC Fluence Energy, Inc.	41.10%	24.56%	-33.42%	39.07%	-51.77%	1.60%

Correlation

The correlation between TAN and FLNC is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 29, 2021	0.65

The correlation between TAN and FLNC has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.

Return for Risk

TAN vs. FLNC — Risk / Return Rank

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

TAN

TAN Risk / Return Rank: 89
TAN Sharpe Ratio Rank: 93
TAN Sortino Ratio Rank: 87
TAN Omega Ratio Rank: 80
TAN Calmar Ratio Rank: 96
TAN Martin Ratio Rank: 91

FLNC

FLNC Risk / Return Rank: 94
FLNC Sharpe Ratio Rank: 98
FLNC Sortino Ratio Rank: 93
FLNC Omega Ratio Rank: 92
FLNC Calmar Ratio Rank: 96
FLNC 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.

TAN vs. FLNC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) and Fluence Energy, Inc. (FLNC). 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.

	TAN	FLNC	Difference
Sharpe ratio Return per unit of total volatility	3.44	4.25	-0.81
Sortino ratio Return per unit of downside risk	3.94	3.70	+0.24
Omega ratio Gain probability vs. loss probability	1.48	1.48	0.00
Calmar ratio Return relative to maximum drawdown	9.06	7.80	+1.26
Martin ratio Return relative to average drawdown	22.01	15.90	+6.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAN vs. FLNC - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 3.44, which is comparable to the FLNC Sharpe Ratio of 4.25. The chart below compares the historical Sharpe Ratios of TAN and FLNC, 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

	TAN	FLNC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	4.25	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	-0.05	-0.07

Drawdowns

TAN vs. FLNC - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, which is greater than FLNC's maximum drawdown of -90.40%. Use the drawdown chart below to compare losses from any high point for TAN and FLNC.

Drawdown Indicators

	TAN	FLNC	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	-90.40%	-4.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-63.30%	+49.68%
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	-88.40%	+24.00%
Max Drawdown (5Y) Largest decline over 5 years	-73.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-78.53%	—	—
Current Drawdown Current decline from peak	-66.81%	-25.79%	-41.02%
Average Drawdown Average peak-to-trough decline	-78.51%	-53.87%	-24.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	31.07%	-25.46%

Volatility

TAN vs. FLNC - Volatility Comparison

The current volatility for Invesco Solar ETF (TAN) is 11.81%, while Fluence Energy, Inc. (FLNC) has a volatility of 60.59%. This indicates that TAN experiences smaller price fluctuations and is considered to be less risky than FLNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAN	FLNC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	60.59%	-48.78%
Volatility (6M) Calculated over the trailing 6-month period	25.30%	92.21%	-66.91%
Volatility (1Y) Calculated over the trailing 1-year period	37.21%	125.74%	-88.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	98.14%	-58.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.98%	98.14%	-60.16%

Dividends

TAN vs. FLNC - Dividend Comparison

Neither TAN nor FLNC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLNC Fluence Energy, 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 TAN and FLNC in my portfolio?

TAN and FLNC have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAN or FLNC?

FLNC has higher volatility (60.59%) compared to TAN (11.81%). In terms of maximum drawdown, TAN dropped -95.29% vs FLNC's -90.40%.

Which has better risk-adjusted returns?

FLNC currently has the higher Sharpe Ratio (4.25 vs 3.44), 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.