EMF vs ICLN: Correlation
Templeton Emerging Markets Fund (EMF) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMF and ICLN?
Across a 3-year window, the weekly returns of EMF and ICLN correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 281.9 %².
Among the 21 assets we track against EMF, ICLN ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EMF ahead by 36.0 points (+61.6% versus +25.6%).
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.
EMF vs ICLN: side by side
| EMF (Templeton Emerging Markets Fund) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +61.6% | +25.6% |
| 5-year return | +91.4% | -18.4% |
| Volatility (ann.) | 21.0% | 24.0% |
| Beta vs S&P 500 | 0.93 | 0.78 |
| Max drawdown (3Y) | -19.5% | -34.6% |
| Market cap | $0.3B | – |
| P/E (trailing) | 2.4 | – |
| Dividend yield | 3.91% | 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 | EMF | ICLN |
|---|---|---|
| 2022 | -21.5% | -5.4% |
| 2023 | +8.8% | -20.4% |
| 2024 | +6.6% | -25.7% |
| 2025 | +58.2% | +47.0% |
| 2026 | +36.1% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMF and ICLN good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EMF and ICLN?
As of 2026-08-27, the correlation of weekly returns between EMF and ICLN is 0.56 over 3 years, 0.54 over 1 year and 0.51 over 5 years.
Is ICLN a good diversifier for EMF?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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/emf-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/emf-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EMF correlations · ICLN correlations
