Hong Kong-listed GCL-Poly and First Solar are the only top-10 TAN holdings that have not delivered triple-digit returns this year. TAN was up almost 141% at the start of Monday, or more than double First Solar. The smaller KWT has offered nearly double the returns of Arizona-based First Solar.

TAN has seen 2013 inflows of $171.5 million, a decent though not jaw-dropping number.  Yes, that is half the ETF’s assets under management, but it also says investors prefer solar stocks to ETFs. To this point in the year, preferring First Solar to TAN or KWT has been a losing bet.

TAN vs. First Solar Year-to-Date