ARRY vs ICLN: Correlation
Measured on weekly returns over the past three years, Array Technologies, Inc. (ARRY) and iShares Global Clean Energy ETF (ICLN) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and ICLN?
Across a 3-year window, the weekly returns of ARRY and ICLN correlate at 0.62, strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 1092.3 %².
In ARRY's tracked universe of 14 assets, ICLN sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months ICLN outperformed by 73.9 percentage points (-48.3% for ARRY against +25.6% for ICLN). One caveat on sizing: ARRY is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARRY vs ICLN: side by side
| ARRY (Array Technologies, Inc.) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | -48.3% | +25.6% |
| 5-year return | -75.3% | -18.4% |
| Volatility (ann.) | 73.3% | 24.0% |
| Beta vs S&P 500 | 1.37 | 0.78 |
| Max drawdown (3Y) | -84.9% | -34.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.05% |
| Expense ratio | – | 0.39% |
| Assets under management | – | $2.3B |
| Sector / category | US Listed | 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 | ARRY | ICLN |
|---|---|---|
| 2022 | +23.2% | -5.4% |
| 2023 | -13.1% | -20.4% |
| 2024 | -64.0% | -25.7% |
| 2025 | +52.6% | +47.0% |
| 2026 | -49.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ARRY represents 0.67% of ICLN's portfolio, so part of any move in ICLN is ARRY itself, and the correlation between them is partly mechanical.
Are ARRY and ICLN good diversifiers for each other?
Only partially. A correlation of 0.62 means ARRY and ICLN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ARRY and ICLN?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.55 over the last year and 0.65 over 5 years.
Is ICLN a good diversifier for ARRY?
Only partially. A correlation of 0.62 means ARRY and ICLN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arry-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arry-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARRY correlations · ICLN correlations
