AES vs ICLN: Correlation
AES Corporation (AES) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and ICLN?
Across a 3-year window, the weekly returns of AES and ICLN correlate at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.53 over 3 years. Stretching to 5 years gives 0.55, with an annualized covariance of 511.1 %².
Within AES's tracked universe of 31 assets, ICLN comes in at #5 by 3-year correlation. Over the last 12 months ICLN came out ahead by 9.7 percentage points (+15.9% against +25.6%). Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.72. Risk is not evenly split, since AES carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AES vs ICLN: side by side
| AES (AES Corporation) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +15.9% | +25.6% |
| 5-year return | -25.1% | -18.4% |
| Volatility (ann.) | 40.5% | 24.0% |
| Beta vs S&P 500 | 0.86 | 0.78 |
| Max drawdown (3Y) | -53.3% | -34.6% |
| Market cap | $10.5B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 4.78% | 1.05% |
| Expense ratio | – | 0.39% |
| Assets under management | – | $2.3B |
| Sector / category | Utilities | ETF · Thematic |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Year-by-year returns
| Year | AES | ICLN |
|---|---|---|
| 2022 | +21.7% | -5.4% |
| 2023 | -30.9% | -20.4% |
| 2024 | -30.4% | -25.7% |
| 2025 | +18.3% | +47.0% |
| 2026 | +6.6% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and ICLN good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AES and ICLN?
As of 2026-08-27, the correlation of weekly returns between AES and ICLN is 0.53 over 3 years, 0.29 over 1 year and 0.55 over 5 years.
Is ICLN a good diversifier for AES?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aes-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aes-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AES correlations · ICLN correlations
