TAN vs. RAYS

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Solar ETF (TAN) and Global X Solar ETF (RAYS).

TAN and RAYS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. RAYS is a passively managed fund by Global X that tracks the performance of the Solactive Solar Index. It was launched on Sep 8, 2021. Both TAN and RAYS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

TAN vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
TAN Invesco Solar ETF	-2.55%
RAYS Global X Solar ETF	0.00%

Returns By Period

TAN

• 1D: 1.01%
• 1M: -0.16%
• YTD: 14.56%
• 6M: 24.82%
• 1Y: 82.69%
• 3Y*: -10.00%
• 5Y*: -9.00%
• 10Y*: 10.44%

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 - Expense Ratio Comparison

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

TAN

Invesco Solar ETF

RAYS

Global X Solar ETF

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: 91
TAN Sharpe Ratio Rank: 91
TAN Sortino Ratio Rank: 91
TAN Omega Ratio Rank: 82
TAN Calmar Ratio Rank: 97
TAN 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. 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	2.10	—	—
Sortino ratio Return per unit of downside risk	2.68	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	5.21	—	—
Martin ratio Return relative to average drawdown	13.78	—	—
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	2.10	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.15	—	—

Dividends

TAN vs. RAYS - Dividend Comparison

Neither TAN nor RAYS 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%
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%

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	-16.25%	—	—
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	-74.16%	0.00%	-74.16%
Average Drawdown Average peak-to-trough decline	-78.57%	0.00%	-78.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.15%	—	—

Volatility

Volatility by Period

	TAN	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.51%	0.00%	+39.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	0.00%	+39.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.78%	0.00%	+37.78%