TAN’s worst drop since 2008 was 95%
Invesco Solar ETF (TAN) fell 95% from May 2008 to Nov 2012. It has not closed above that May 2008 peak since, 18.4 years later. Over the same years the S&P 500 fell as much as 52%.
That drop ranks 4th deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2008 to now
How TAN held up in each crash
| Crash | Years | TAN | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | not trading yet | −55.2% |
| COVID crash | 2020 | −46.9% | −33.7% |
| 2022 rate shock | 2022 | −28.0% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was TAN’s maximum drawdown?
TAN’s deepest fall since 2008 was 95.3%, from its high on May 16, 2008 to its low on November 20, 2012. The figure uses daily prices with dividends reinvested.
How long did TAN take to recover?
It has not recovered yet. As of October 13, 2026 it sits 79.6% below that May 2008 high.
Was TAN riskier than the S&P 500?
Over the same years, TAN’s worst drop was 95.3% against 51.5% for the S&P 500 (SPY), and its worst 12 months were −75.2% against −38.2%.
Compare with
Daily adjusted closes from Yahoo Finance, April 16, 2008 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.