Plug Power's Sizzling Stock Rally Lights Up These 2 Clean-Energy ETFs

Plug Power Inc‘s (NASDAQ:PLUG) stock price is up more than 160% in the last month, driven by positive analyst upgrades, its first European electrolyzer installation.

For investors wondering how to diversify beyond a single stock, they may consider a thematic ETF that combines exposure to hydrogen and clean energy. Two examples include Global X Hydrogen ETF (NASDAQ:HYDR), and broader clean-energy funds like ALPS Clean Energy ETF (NYSE:ACES).

HYDR: The Pure Hydrogen Play

HYDR is the more concentrated hydrogen-themed ETF. HYDR returned more than 71% this year (including dividends). In the past five days, it has gained 21%.

It’s also making new highs, benefiting from solid tailwinds from names as Plug and Bloom Energy Corp (NYSE:BE) that sweep its holdings.

But beware of its heavy beta of 1.91. HYDR’s intense focus on hydrogen/clean-tech stocks makes it more susceptible to rate increases, policy disappointment, or tech-type drawdowns.

Nevertheless, for those who think hydrogen is about to undergo a structural shift (e.g. as AI data center, industrial heavy loads, and “green hydrogen + nuclear baseload” stories converge), HYDR provides a fairly neat one-ticket wager.

ACES: Diversified And (Somewhat) Safer

If HYDR is the “all-in hydrogen roller coaster,” ACES is the more diversified cousin skipping some of the worse drops. ACES invests across the entire clean-energy spectrum — including solar, wind, storage, EVs, hydrogen / fuel cells.

Top holdings contain a blend of U.S. and Canadian clean-energy / tech names; top 10 holdings are Tesla Inc (NASDAQ:TSLA), First Solar Inc (NASDAQ:FSLR), Ormat Technologies, Inc. (NYSE:ORA), Brookfield Renewable Partners LP (NYSE:BEP), etc.

Year-to-date the fund has gained 21% and the past five days has seen an 8% increase in stock value.

ACES’ beta is on the higher side at 1.45, according to Benzinga Pro, but diversified sector spread can mute idiosyncratic risk against HYDR.

Since ACES contains hydrogen as part of its clean-energy pie, it can catch upside on a hydrogen rally without over-relying on any one subtheme. That being said, when hydrogen names run hot (as PLUG has), HYDR can outperform ACES, and decline harder on reversals.

The Plug Power Factor & Leadership Change

Plug’s meteoric performance is fueling both ETFs. HYDR, specifically, is supported when PLUG surges because it is weighted more towards core hydrogen names. ACES, though diluted among several subthemes, also carries some hydrogen / fuel-cell exposure, so it catches some of that wave.

On the corporate side, Plug unveiled a phased CEO succession. José Luis Crespo will be president as of Oct. 10 and will eventually take over as CEO in early 2026, with Andy Marsh transitioning to executive chair. The objective is continuity, better execution discipline, and greater profitability focus. Whether that change maintains the stock’s momentum will be an important test.

For shareholders of the ETF, the question is not whether Plug is going to double, but whether the wider hydrogen/clean-energy sector supports multiple winners, beyond PLUG.

If so, HYDR and ACES might each be a winner in different ways.

If you think the hydrogen story is now anything but a niche play and is converging towards mainstream adoption, supported by nuclear synergy, AI data-center needs, electrification, and climate policy tailwinds, then HYDR is your vehicle for upside. But if you want exposure to hydrogen with a safety net, ACES is a more balanced choice.

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