As Tesla Rallies, Elon Musk ETFs Join In

Shares of Elon Musk’s Tesla (NasdaqGS: TSLA) are almost 6% today on volume that appears poised to eclipse the daily average in a move that some technical analysts are calling a breakout for shares of the electric car maker.

Tesla is flirting with $218 and if the stock can muster a close there or higher, it would be the first time it has done so in over two months. Musk’s SolarCity (NasdaqGS: SCTY) is not exactly slacking off today. Shares of the solar company are up 3% and appear poised to close at their highest levels of June.

Those moves are proving to be good news for de facto “Elon Musk ETFs,” those being the First Trust NASDAQ Clean Edge Green Energy Index Fund(NasdaqGS: QCLN) and the Market Vectors Global Alternative Energy ETF (NYSEArca: GEX). QCLN is higher by 2.1% today while GEX is up 1.1%.

GEX was one of last year’s top-performing global ETFs while QCLN’s 2013 gain of 82.5% made it one of the year’s best non-leveraged ETFs. In the case of both ETFs, those superlatives can be largely attributed to the funds’ exposure to Tesla and SolarCity. In early February, Tesla and SolarCity combined for almost 16% of QCLN’s weight. [Musk ETFs in Focus on Telsa Earnings]

Entering today, Tesla was down 12% over the past 90 days while SolarCity had plunged 29% over the same time. Those tumbles trimmed QCLN’s combined weight to the Musk stocks to 12.7%, according to First Trust data.