Solar stocks are up 49.9 percent since the start of the latest oil price surge, triggered by a U.S. interest rate cut on Aug. 17, versus a 32 percent hike in U.S. oil futures, according to New Energy Finance data.
Global equities generally, as measured by the MSCI World benchmark, are up 12 percent and energy stocks 19 percent, over the same, late August time frame.
Solar stocks are up 125 percent over all this year, says NEF, which tracks 17 solar power companies.
"Clean energy stocks are not driven by the oil price, but are dependent on it," said NEF analyst Katya Grigorian.
Investment banks and others have issued a raft of indices this year to track "climate change stocks" in clean energy, waste, water management, energy efficiency and carbon markets.
Impax and ABN Amro environment indices cover a range of sectors and each show a 23 percent hike since late August. The ABN Amro index has tracked crude oil with about 16 percent correlation.
Standard & Poor's and Credit Suisse launched this year indices which focus on clean energy, and are up 24 percent and 18 percent respectively since Aug. 22.
The only black spot on the clean energy score card is biofuels. The escalating prices of feedstocks such as palm oil, corn and rapeseed have squeezed profit margins for producers of the alternative transport fuel.
NEF's basket of biofuel stocks is down more than 15 percent this year, and up 3.7 percent since late August.