CSIQ vs ICLN: Correlation
How closely do Canadian Solar Inc. (CSIQ) and iShares Global Clean Energy ETF (ICLN) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and ICLN?
Over the past 3 years, CSIQ and ICLN moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 1068.2 %².
Few assets follow CSIQ as closely as ICLN, which ranks #2 of 15 tracked partners. Over the last 12 months CSIQ came out ahead by 9.6 percentage points (+35.2% against +25.6%). Risk is not evenly split, since CSIQ carries 3.3 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.
CSIQ vs ICLN: side by side
| CSIQ (Canadian Solar Inc.) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +35.2% | +25.6% |
| 5-year return | -62.6% | -18.4% |
| Volatility (ann.) | 79.8% | 24.0% |
| Beta vs S&P 500 | 1.82 | 0.78 |
| Max drawdown (3Y) | -76.1% | -34.6% |
| Market cap | $0.9B | – |
| 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 | CSIQ | ICLN |
|---|---|---|
| 2022 | -1.2% | -5.4% |
| 2023 | -15.1% | -20.4% |
| 2024 | -57.6% | -25.7% |
| 2025 | +113.8% | +47.0% |
| 2026 | -41.2% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.6% of ICLN is CSIQ itself, so the fund partly moves with the stock by construction.
Are CSIQ and ICLN good diversifiers for each other?
Only partially. A correlation of 0.56 means CSIQ 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 CSIQ and ICLN?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.50 over the last year and 0.59 over 5 years.
Is ICLN a good diversifier for CSIQ?
Only partially. A correlation of 0.56 means CSIQ 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 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csiq-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csiq-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSIQ correlations · ICLN correlations
