Exchange traded funds (ETFs) that track alternative means of energy have taken advantage of volatile oil prices.

In the last month, several of these funds have put up some nice numbers, including:

• Market Vectors Solar Energy (KWT): up 3.5% in the last month; up 0.7% since inception on April 23
• Claymore/Mac Global Solar Energy (TAN): up 6.4% in the last month; up 7% since inception on April 15 
• Market Vectors Alternative Energy (GEX): up 6.8% in the last month; down 7.4% year-to-date
• WilderHill Clean Energy (PBW): up 6.7% in the last month; down 18.9% year-to-date
• Market Vectors Global Nuclear Energy (NLR): up 14.3% in the last month; up 0.6% year-to-date

Since April 29, oil prices have gone up 10.5%.

Solar energy stocks have rallied the most, but fears of lower industry subsidies and an analyst downgrade caused a pullback, reports John Spence for MarketWatch.

Could these ETFs continue to reap the rewards as we search for different forms of energy that don’t take the form of oil or gas? Maybe. Hurricane season began on Sunday, and a strong storm could interrupt oil and natural gas production in the Gulf of Mexico.

Tags: Green ETFs