BE vs ICLN: Correlation
Bloom Energy Corporation (BE) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BE and ICLN?
Over the past 3 years, BE and ICLN moved with a correlation of 0.49, which is moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.49). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 1113.7 %².
ICLN is one of the assets that tracks BE most closely: it ranks #3 out of the 12 assets we track against BE. Correlation aside, the last 12 months split them widely, with BE ahead by 302.8 points (+328.4% versus +25.6%). One caveat on sizing: BE is 3.9 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.
BE vs ICLN: side by side
| BE (Bloom Energy Corporation) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +328.4% | +25.6% |
| 5-year return | +914.6% | -18.4% |
| Volatility (ann.) | 94.3% | 24.0% |
| Beta vs S&P 500 | 2.56 | 0.78 |
| Max drawdown (3Y) | -52.7% | -34.6% |
| Market cap | $64.2B | – |
| P/E (trailing) | 286.6 | – |
| 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 | BE | ICLN |
|---|---|---|
| 2022 | -12.8% | -5.4% |
| 2023 | -22.6% | -20.4% |
| 2024 | +50.1% | -25.7% |
| 2025 | +291.2% | +47.0% |
| 2026 | +150.7% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that ICLN holds BE at a 7.36% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are BE and ICLN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BE and ICLN?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.68 over the last year and 0.58 over 5 years.
Is ICLN a good diversifier for BE?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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/be-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/be-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BE correlations · ICLN correlations
