TAN vs. RAYS

Last updated Jun 23, 2026

TAN (Invesco Solar ETF) and RAYS (Global X Solar ETF) are both Alternative Energy Equities funds - TAN tracks the MAC Global Solar Energy Index while RAYS tracks the Solactive Solar Index. Both are passively managed. TAN charges 0.69%/yr vs 0.50%/yr for RAYS.

Performance

TAN vs. RAYS - Performance Comparison

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

Returns By Period

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%

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAN vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
TAN Invesco Solar ETF	9.46%
RAYS Global X Solar ETF	0.00%

TAN vs. RAYS - Sectors Allocation Comparison

Sectors	TAN	RAYS
Technology	65.1%	66.9%
Energy	57.3%	-
Utilities	29.2%	6.8%
Financial Services	3.5%	-
Industrials	2.3%	21.4%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	4.0%
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

TAN vs. RAYS — 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

RAYS

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

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. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) and Global X Solar ETF (RAYS). 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	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	2.38	—	—
Sortino ratio: Return per unit of downside risk	3.03	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	4.35	—	—
Martin ratio: Return relative to average drawdown	13.98	—	—

Drawdowns

TAN vs. RAYS - Drawdown Comparison

The maximum TAN drawdown since its inception was -95.29%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TAN and RAYS.

Drawdown Indicators

	TAN	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-95.29%	0.00%	-95.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-64.40%	—	—
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	-71.94%	0.00%	-71.94%
Average Drawdown Average peak-to-trough decline	-78.47%	0.00%	-78.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	—	—

Volatility

Volatility by Period

	TAN	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.32%	0.00%	+38.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.11%	0.00%	+40.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.17%	0.00%	+38.17%

TAN vs. RAYS - Expense Ratio Comparison

TAN has a 0.69% expense ratio, which is higher than RAYS's 0.50% expense ratio.

Dividends

TAN vs. RAYS - Dividend Comparison

Neither TAN nor RAYS has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAYS Global X Solar ETF	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

Which ETF is better, TAN or RAYS?

On fees, RAYS is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAN or RAYS?

RAYS is cheaper with a 0.50% expense ratio, compared with 0.69% for TAN.

Which ETF pays a higher dividend yield, TAN or RAYS?

TAN and RAYS have nearly identical dividend yields, around 0.00%.

What is the main difference between TAN and RAYS?

TAN tracks MAC Global Solar Energy Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.69% for TAN and 0.50% for RAYS.