TAN vs. RAYS.L
Compare and contrast key facts about Invesco Solar ETF (TAN) and Invesco Solar Energy UCITS ETF Acc (RAYS.L).
TAN and RAYS.L 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.L is a passively managed fund by Invesco that tracks the performance of the S&P Global Clean Energy TR USD. It was launched on Aug 2, 2021. Both TAN and RAYS.L 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.L - Performance Comparison
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TAN vs. RAYS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TAN Invesco Solar ETF | 14.56% | 48.31% | -37.61% | -26.79% | -5.24% | -10.05% |
RAYS.L Invesco Solar Energy UCITS ETF Acc | 13.47% | 46.65% | -37.40% | -25.89% | -6.14% | -8.68% |
Different Trading Currencies
TAN is traded in USD, while RAYS.L is traded in GBp. To make them comparable, the RAYS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TAN achieves a 14.56% return, which is significantly higher than RAYS.L's 13.47% return.
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.L
- 1D
- 4.19%
- 1M
- 0.51%
- YTD
- 13.47%
- 6M
- 25.52%
- 1Y
- 82.93%
- 3Y*
- -10.06%
- 5Y*
- —
- 10Y*
- —
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TAN vs. RAYS.L - Expense Ratio Comparison
Both TAN and RAYS.L have an expense ratio of 0.69%.
Return for Risk
TAN vs. RAYS.L — Risk / Return Rank
TAN
RAYS.L
TAN vs. RAYS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Solar ETF (TAN) and Invesco Solar Energy UCITS ETF Acc (RAYS.L). 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.L | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.10 | 2.26 | -0.16 |
Sortino ratioReturn per unit of downside risk | 2.68 | 2.88 | -0.19 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.36 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 5.21 | 5.90 | -0.68 |
Martin ratioReturn relative to average drawdown | 13.78 | 15.37 | -1.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TAN | RAYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.10 | 2.26 | -0.16 |
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 | -0.23 | +0.08 |
Correlation
The correlation between TAN and RAYS.L 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. RAYS.L - Dividend Comparison
Neither TAN nor RAYS.L 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.L Invesco Solar Energy UCITS ETF Acc | 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.L - Drawdown Comparison
The maximum TAN drawdown since its inception was -95.29%, which is greater than RAYS.L's maximum drawdown of -73.91%. Use the drawdown chart below to compare losses from any high point for TAN and RAYS.L.
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Drawdown Indicators
| TAN | RAYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.29% | -73.42% | -21.87% |
Max Drawdown (1Y)Largest decline over 1 year | -16.25% | -15.28% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -73.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -78.53% | — | — |
Current DrawdownCurrent decline from peak | -74.16% | -44.62% | -29.54% |
Average DrawdownAverage peak-to-trough decline | -78.57% | -41.72% | -36.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.15% | 5.42% | +0.73% |
Volatility
TAN vs. RAYS.L - Volatility Comparison
Invesco Solar ETF (TAN) has a higher volatility of 10.07% compared to Invesco Solar Energy UCITS ETF Acc (RAYS.L) at 8.19%. This indicates that TAN's price experiences larger fluctuations and is considered to be riskier than RAYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAN | RAYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.07% | 8.19% | +1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 26.24% | 22.66% | +3.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.51% | 36.48% | +3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.82% | 38.51% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.78% | 38.51% | -0.73% |