Looking to diversify away from the concentration risk tech stocks might present? Renewables may be a good bet. With Joe Biden extending his poll lead over incumbent Donald Trump in the run-up to the 2020 U.S. election, stocks in renewable energy companies have powered higher in recent weeks. Invesco’s Solar ETF has outperformed even the FAANG+ index year to date, and a basket of European renewable energy stocks is close behind. Solar and wind power generator NextEra briefly exceeded the market cap of oil giants Exxon Mobil and Chevron this week.
Chart and commentary by Ritvik Carvalho
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