TAN vs. FSLR

Last updated Jun 23, 2026

TAN (Invesco Solar ETF) is Alternative Energy Equities fund tracking the MAC Global Solar Energy Index, while FSLR (First Solar, Inc.) is a stock. Over the past 10 years, TAN returned 12.83%/yr vs 19.05%/yr for FSLR. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

TAN vs. FSLR - Performance Comparison

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

Returns By Period

In the year-to-date period, TAN achieves a 24.41% return, which is significantly higher than FSLR's 0.72% return. Over the past 10 years, TAN has underperformed FSLR with an annualized return of 12.83%, while FSLR has yielded a comparatively higher 19.05% annualized return.

TAN

• 1D: 0.87%
• 1M: -7.34%
• YTD: 24.41%
• 6M: 18.89%
• 1Y: 90.67%
• 3Y*: -3.33%
• 5Y*: -6.08%
• 10Y*: 12.83%

FSLR

• 1D: 2.10%
• 1M: 2.04%
• YTD: 0.72%
• 6M: -7.55%
• 1Y: 81.46%
• 3Y*: 12.55%
• 5Y*: 26.82%
• 10Y*: 19.05%

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

TAN vs. FSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAN Invesco Solar ETF	24.41%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	233.96%	66.53%	-25.67%	54.38%
FSLR First Solar, Inc.	0.72%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%

Correlation

The correlation between TAN and FSLR is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Apr 15, 2008	0.74

The correlation between TAN and FSLR has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

TAN vs. FSLR — Risk / Return Rank

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

TAN

TAN Risk / Return Rank: 74
TAN Sharpe Ratio Rank: 78
TAN Sortino Ratio Rank: 69
TAN Omega Ratio Rank: 61
TAN Calmar Ratio Rank: 84
TAN Martin Ratio Rank: 76

FSLR

FSLR Risk / Return Rank: 78
FSLR Sharpe Ratio Rank: 82
FSLR Sortino Ratio Rank: 79
FSLR Omega Ratio Rank: 78
FSLR Calmar Ratio Rank: 79
FSLR Martin Ratio Rank: 76

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. FSLR - Risk-Adjusted Trends Comparison

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

	TAN	FSLR	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.48	+0.91
Sortino ratio: Return per unit of downside risk	3.03	2.13	+0.89
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	4.35	2.33	+2.02
Martin ratio: Return relative to average drawdown	13.98	4.93	+9.05

TAN vs. FSLR - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 2.38, which is higher than the FSLR Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of TAN and FSLR, 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

TAN vs. FSLR - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, roughly equal to the maximum FSLR drawdown of -96.22%. Use the drawdown chart below to compare losses from any high point for TAN and FSLR.

Drawdown Indicators

	TAN	FSLR	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	-96.22%	+0.93%
Max Drawdown (1Y) Largest decline over 1 year	-20.94%	-35.10%	+14.16%
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	-59.97%	-4.43%
Max Drawdown (5Y) Largest decline over 5 years	-73.95%	-59.97%	-13.98%
Max Drawdown (10Y) Largest decline over 10 years	-78.53%	-61.26%	-17.27%
Current Drawdown Current decline from peak	-71.94%	-17.33%	-54.61%
Average Drawdown Average peak-to-trough decline	-78.47%	-63.15%	-15.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	16.58%	-10.07%

Volatility

TAN vs. FSLR - Volatility Comparison

The current volatility for Invesco Solar ETF (TAN) is 16.46%, while First Solar, Inc. (FSLR) has a volatility of 22.46%. This indicates that TAN experiences smaller price fluctuations and is considered to be less risky than FSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TAN	FSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.46%	22.46%	-6.00%
Volatility (6M) Calculated over the trailing 6-month period	28.51%	41.61%	-13.10%
Volatility (1Y) Calculated over the trailing 1-year period	38.32%	55.60%	-17.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.11%	54.14%	-14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.17%	50.90%	-12.73%

Dividends

TAN vs. FSLR - Dividend Comparison

Neither TAN nor FSLR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSLR First Solar, 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 FSLR in my portfolio?

TAN and FSLR have a correlation of 0.72, 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 FSLR?

FSLR has higher volatility (22.46%) compared to TAN (16.46%). In terms of maximum drawdown, TAN dropped -95.29% vs FSLR's -96.22%.

Which has better risk-adjusted returns?

TAN currently has the higher Sharpe Ratio (2.38 vs 1.48), 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.