Solar Energy vs the S&P 500 (TAN): is it outperforming?
Over the past month, TAN has underperformed the S&P 500 by 17.0 points. Here is where that puts it in the sector rotation — updated daily.
Where TAN sits on the rotation map
Solar Energy highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
TAN vs SPY: head-to-head returns
TAN (solar energy) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means TAN won that window.
Data as of 2026-07-13 · computed from daily adjusted closes · how we measure
The read
Solar Energy (TAN) is losing its lead. It built a 6.7-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 17.0 points behind the market — the weakening quadrant of the rotation map. Ranked by one-month spread, it currently stands #115 of the 115 groups Zensei tracks — among the market's weakest pockets right now.
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 14 tracked holdings are led by NEXTPOWER INC CLASS A, FIRST SOLAR INC and ENPHASE ENERGY INC. Weighted by portfolio, the fund's holdings trade at roughly 56.2× earnings and 6.7× sales. The thing to watch from here is whether this is a pause or a handoff: weakening groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
What's inside TAN
Top 5 of 14 tracked holdings, by portfolio weight.
Solar Energy vs the market — common questions
Is solar energy outperforming the S&P 500?
Right now, no: over the past month TAN has underperformed the S&P 500 by 17.0 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is TAN?
TAN is Invesco Solar ETF, the fund Zensei uses to measure the solar energy group against the S&P 500 benchmark (SPY).
Which stocks are in TAN?
TAN's largest tracked positions are NEXTPOWER INC CLASS A, FIRST SOLAR INC, ENPHASE ENERGY INC, SOLAREDGE TECHNOLOGIES INC, SUNRUN INC — 14 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is solar energy in right now?
As of the latest daily data, solar energy is in the weakening quadrant — still ahead over the longer window, but behind the market over the past month. The quadrant rules are documented on the Zensei methodology page.
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.