DIA vs ICLN: Correlation & Overlap
SPDR Dow Jones Industrial Average ETF (DIA) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.41. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and ICLN?
Across a 3-year window, the weekly returns of DIA and ICLN correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 128.4 %².
By 3-year correlation, ICLN places #101 of the 116 assets tracked against DIA. Over the last 12 months ICLN came out ahead by 6.4 percentage points (+19.2% against +25.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.12 to 0.73. One caveat on sizing: ICLN is 1.8 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.
DIA vs ICLN: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +19.2% | +25.6% |
| 5-year return | +64.8% | -18.4% |
| Volatility (ann.) | 13.0% | 24.0% |
| Beta vs S&P 500 | 0.79 | 0.78 |
| Max drawdown (3Y) | -16.0% | -34.6% |
| Dividend yield | 1.37% | 1.05% |
| Expense ratio | 0.16% | 0.39% |
| Assets under management | $45.2B | $2.3B |
| Sector / category | ETF · US Large Cap | ETF · Thematic |
DIA is a Large Value fund from State Street Investment Management: $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield. ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Portfolio overlap between DIA and ICLN
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by DIA: GS (11.56%), CAT (9.13%), MSFT (5.51%), AMGN (4.89%), UNH (4.45%). Only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | DIA | ICLN |
|---|---|---|
| 2022 | -7.0% | -5.4% |
| 2023 | +16.0% | -20.4% |
| 2024 | +14.8% | -25.7% |
| 2025 | +14.7% | +47.0% |
| 2026 | +12.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and ICLN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DIA and ICLN?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.45 over the last year and 0.49 over 5 years.
Is ICLN a good diversifier for DIA?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
How much do DIA and ICLN overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dia-vs-icln/)
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Related comparisons
Hubs: DIA correlations · ICLN correlations
