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Clean Edge has been at the forefront of tracking clean-tech markets since 2000. The company is a leading publisher of thematic research on clean energy, transportation, water, and the grid. It is a joint developer of and contributor to the Nasdaq Clean Edge Green Energy Index™ (CELS™), launched in partnership with Nasdaq in 2006. Other indexes include the Nasdaq OMX Clean Edge Smart Grid Infrastructure Index™ (QGRD™), the ISE Clean Edge Global Wind Energy Index™ (GWE™), and the ISE Clean Edge Water Index™ (HHO™).


Ron Pernick's picture

Q1 2023 Review

by Ron Pernick

Quarterly overview of stock index performance and the top trends impacting the state of clean tech.

The first quarter of 2023 saw Nasdaq Clean Edge’s four core indexes rebound from their double-digit declines in 2022. While high interest rates and inflationary pressures continued to dog global markets, tech- and infrastructure-oriented clean-energy stocks were back in favor during Q1, while oil and gas were set back after their meteoric rise over the past two years and broader volatility in the fossil fuel sector. 

QGRD (global smart grid & grid infrastructure) and CELS (U.S. clean energy) both beat out the S&P 500 during Q1, up 12.23% and 10.71% respectively compared to the S&P 500’s increase of 7.5%. HHO (U.S. water) increased 5.63% and GWE (global wind) increased 3.65% during ...


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Published by NASDAQ in collaboration with Clean Edge, Enabling the Energy Transition takes a look at corporate, investor, and government net-zero and clean-energy initiatives that are driving a new era in the energy transition.

Stock Indexes

Nasdaq Clean Edge stock indexes cover U.S. and global clean energy, transportation, water, and grid infrastructure markets. All tracking financial products of Nasdaq Clean Edge indexes exceed $4 billion in assets under management (as of October 2022 based on FactSet data). 

  • CELS: U.S. clean energy 
  • GWE: Global wind  
  • HHO: U.S. potable water and wastewater 
  • QGRD: Global smart grid and grid infrastructure 

Q1 2023 Index Performance

Clean Edge Stock Indexes