TAN vs. FSLR

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Solar ETF (TAN) and First Solar, Inc. (FSLR).

TAN is a passively managed fund by Invesco that tracks the performance of the MAC Global Solar Energy Index. It was launched on Apr 15, 2008.

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.

TAN vs. FSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAN Invesco Solar ETF	13.42%	48.31%	-37.61%	-26.79%	-5.24%	-25.10%	233.96%	66.53%	-25.67%	54.38%
FSLR First Solar, Inc.	-24.49%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%

Returns By Period

In the year-to-date period, TAN achieves a 13.42% return, which is significantly higher than FSLR's -24.49% return. Over the past 10 years, TAN has underperformed FSLR with an annualized return of 10.33%, while FSLR has yielded a comparatively higher 11.32% annualized return.

TAN

• 1D: 5.33%
• 1M: 1.29%
• YTD: 13.42%
• 6M: 27.69%
• 1Y: 82.90%
• 3Y*: -10.29%
• 5Y*: -9.18%
• 10Y*: 10.33%

FSLR

• 1D: 6.80%
• 1M: 0.03%
• YTD: -24.49%
• 6M: -10.55%
• 1Y: 56.02%
• 3Y*: -3.20%
• 5Y*: 18.02%
• 10Y*: 11.32%

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

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: 92
TAN Sharpe Ratio Rank: 93
TAN Sortino Ratio Rank: 93
TAN Omega Ratio Rank: 86
TAN Calmar Ratio Rank: 97
TAN Martin Ratio Rank: 93

FSLR

FSLR Risk / Return Rank: 72
FSLR Sharpe Ratio Rank: 73
FSLR Sortino Ratio Rank: 71
FSLR Omega Ratio Rank: 70
FSLR Calmar Ratio Rank: 73
FSLR Martin Ratio Rank: 73

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.

	TAN	FSLR	Difference
Sharpe ratio Return per unit of total volatility	2.11	0.88	+1.23
Sortino ratio Return per unit of downside risk	2.69	1.58	+1.11
Omega ratio Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	4.90	1.57	+3.34
Martin ratio Return relative to average drawdown	12.99	3.83	+9.15
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. FSLR - Sharpe Ratio Comparison

The current TAN Sharpe Ratio is 2.11, which is higher than the FSLR Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of TAN and FSLR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TAN	FSLR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	0.88	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	0.34	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.23	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	0.19	-0.34

Correlation

The correlation between TAN and FSLR is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TAN vs. FSLR - Dividend Comparison

Neither TAN nor FSLR has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

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	-16.25%	-35.10%	+18.85%
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	-74.42%	-36.60%	-37.82%
Average Drawdown Average peak-to-trough decline	-78.57%	-63.60%	-14.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	14.34%	-8.21%

Volatility

TAN vs. FSLR - Volatility Comparison

The current volatility for Invesco Solar ETF (TAN) is 10.63%, while First Solar, Inc. (FSLR) has a volatility of 11.39%. 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	10.63%	11.39%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	26.24%	39.09%	-12.85%
Volatility (1Y) Calculated over the trailing 1-year period	39.55%	63.72%	-24.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	53.41%	-13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.78%	50.36%	-12.58%