Solar Stocks
Top 10 of 37 TAN holdings, updated
As of 12 October 2026, solar stocks are among the weakest groups in the market, well behind the S&P 500. TAN trails the S&P 500 by 9.8 points over one month and ranks #104 of 115 groups Zensei tracks. 6 of the 14 solar stocks Zensei prices in TAN beat the fund this month.
Where solar stocks stand now
As of 12 October 2026, Solar Energy (TAN) ranks #104 of the 115 groups Zensei tracks by one-month return against the S&P 500, among the market's weakest pockets. It is out of favor: it trails the S&P 500 on both rotation windows — 9.8 points behind over the past month and 13.3 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, TAN's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. TAN's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via Invesco Solar ETF, whose 37 tracked holdings are led by Nextpower Inc, First Solar Inc and Enlight Renewable Energy Ltd. Weighted by portfolio, the fund's holdings trade at roughly 17.2× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top solar stocks right now
The largest solar stocks by weight in TAN, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of TAN
- 1Nextpower IncNXT10.8%
- 2First Solar IncFSLR8.9%
- 3Enlight Renewable Energy Ltd7.6%
- 4Enphase Energy IncENPH7.2%
- 5Ha Sustainable Infrastructure Capital IncHASI4.8%
Strongest this month
1-month return, holdings Zensei prices
- 1Shoals Technologies Group IncSHLS+18.4%
- 2Nextpower IncNXT+2.4%
- 3Renew Energy Global PLCRNW+0.9%
- 4Ha Sustainable Infrastructure Capital IncHASI−0.8%
- 5Clearway Energy IncCWEN−2.2%
Solar Stocks vs the S&P 500
Over the week to 12 October 2026, TAN fell 0.4% while the S&P 500 rose 0.4%. TAN and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means TAN won that window.
Prices as of · computed from daily adjusted closes · how we measure
Solar Energy on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are solar stocks expensive?
The price-to-earnings ratio of TAN as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
TAN holdings: the solar stocks inside
As of 12 October 2026, 6 of the 14 solar stocks Zensei prices in TAN beat the fund over the past month. 2 of them beat the S&P 500. The strongest is Shoals Technologies Group Inc (SHLS); the weakest is T1 Energy Inc (TE). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | NXTNextpower Inc | 10.8% | +2.4% | −14.9% | +10.1 pts | Cruising | Strong |
| 2 | FSLRFirst Solar Inc | 8.9% | −14.0% | −18.7% | −6.3 pts | Weak | Broken |
| 3 | Enlight Renewable Energy Ltd | 7.6% | — | — | No price data | ||
| 4 | ENPHEnphase Energy Inc | 7.2% | −13.4% | −26.9% | −5.6 pts | Weak | Broken |
| 5 | HASIHa Sustainable Infrastructure Capital Inc | 4.8% | −0.8% | −2.2% | |||
| 6 | Doral Group Renewable Eneryy Resources Ltd | 4.7% | — | — | No price data | ||
| 7 | Gcl Technology Holdings Ltd | 4.5% | — | — | No price data | ||
| 8 | SEDGSolaredge Technologies Inc | 3.9% | −9.2% | −39.6% | |||
| 9 | CWENClearway Energy Inc | 3.8% | −2.2% | −6.9% | |||
| 10 | RUNSunrun Inc | 3.7% | −11.3% | −38.8% | |||
All 37 TAN holdings by weight: Nextpower Inc (NXT) 10.8%, First Solar Inc (FSLR) 8.9%, Enlight Renewable Energy Ltd 7.6%, Enphase Energy Inc (ENPH) 7.2%, Ha Sustainable Infrastructure Capital Inc (HASI) 4.8%, Doral Group Renewable Eneryy Resources Ltd 4.7%, Gcl Technology Holdings Ltd 4.5%, Solaredge Technologies Inc (SEDG) 3.9%, Clearway Energy Inc (CWEN) 3.8%, Sunrun Inc (RUN) 3.7%, Solaria Energia Y Medio Ambiente SA 3.4%, Shoals Technologies Group Inc (SHLS) 3.0%, Oy Nofar Energy Ltd 2.7%, Xinyi Solar Holdings Ltd 2.6%, Sma Solar Technology AG 2.5%, United Renewable Energy Co Ltd 2.4%, Energix-Renewable Energies Ltd 2.0%, T1 Energy Inc (TE) 1.9%, Grenergy Renovables SA 1.9%, Scatec ASA 1.9%, Daqo New Energy Corp (DQ) 1.7%, Array Technologies Inc (ARRY) 1.6%, Tsec Corp 1.5%, Hd Hyundai Energy Solutions Co Ltd 1.5%, Canadian Solar Inc (CSIQ) 1.4%, Renew Energy Global PLC (RNW) 1.3%, Gigastorage Corp 1.1%, West Holdings Corp 1.1%, Motech Industries Co Ltd 1.0%, Jinkosolar Holding Co Ltd Dr (JKS) 0.9%, Flat Glass Group Co Ltd Shs -H- 0.9%, Xinyi Energy Holdings Ltd 0.7%, Cw Enerji Muhendislik Ticaret Ve Sanayi AB 0.4%, Bcpg Pcl Units Non-Voting Depository Receipt 0.4%, Tess Holdings Co Ltd 0.3%, Invesco Shrt-Trm Inv Gov&agcy Instl (AGPXX) 0.1%, Japanese Yen 0.0%.
Solar Stocks: common questions
What are the top 3 solar stocks?
As of 12 October 2026, the three largest solar stocks in TAN by fund weight are Nextpower Inc (NXT) (10.8%), First Solar Inc (FSLR) (8.9%) and Enlight Renewable Energy Ltd (7.6%). Fund weight shows size inside the fund, not a recommendation.
Which solar stocks are beating the sector?
As of 12 October 2026, 6 of the 14 solar stocks Zensei prices in TAN beat the fund over the past month. The strongest over the past month is Shoals Technologies Group Inc (SHLS). The list above shows every holding with its weight and returns.
Are solar stocks outperforming the S&P 500?
No. As of 12 October 2026, TAN trails the S&P 500 by 9.8 points over the past month.
Is it a good time to invest in solar stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, solar stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is TAN?
TAN is Invesco Solar ETF. Zensei uses it to measure solar stocks against the S&P 500 (SPY).
What stocks does TAN own?
As of 12 October 2026, the largest of the 37 positions Zensei tracks in TAN are Nextpower Inc, First Solar Inc, Enlight Renewable Energy Ltd, Enphase Energy Inc, Ha Sustainable Infrastructure Capital Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is solar energy in right now?
As of 12 October 2026, solar energy is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·Trailing the market → among the weakest
- ·First tracked: trailing the market
Related sectors
Track solar energy against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.