TAN vs. RAYS

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

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	25.16%
RAYS Global X Solar ETF	0.00%

TAN vs. RAYS - Sectors Allocation Comparison

Sectors	TAN	RAYS
Energy	57.3%	-
Utilities	22.1%	6.8%
Technology	9.7%	66.9%
Financial Services	3.6%	-
Industrials	3.3%	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: 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

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.

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

Sharpe Ratios by Period

	TAN	RAYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.44	—	—
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	—	—

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	-13.62%	—	—
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	-66.81%	0.00%	-66.81%
Average Drawdown Average peak-to-trough decline	-78.51%	0.00%	-78.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.61%	—	—

Volatility

Volatility by Period

	TAN	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.81%	—	—
Volatility (6M) Calculated over the trailing 6-month period	25.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.21%	0.00%	+37.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.74%	0.00%	+39.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.98%	0.00%	+37.98%

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.