ENPH vs ICLN: Correlation
Enphase Energy, Inc. (ENPH) and iShares Global Clean Energy ETF (ICLN) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENPH and ICLN?
Over the past 3 years, ENPH and ICLN moved with a correlation of 0.61, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.61). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 1030.8 %².
Few assets follow ENPH as closely as ICLN, which ranks #3 of 12 tracked partners. The last year tells two different stories: ICLN led by 21.1 percentage points, +4.5% for ENPH against +25.6% for ICLN. Risk is not evenly split, since ENPH carries 2.9 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.
ENPH vs ICLN: side by side
| ENPH (Enphase Energy, Inc.) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +4.5% | +25.6% |
| 5-year return | -77.9% | -18.4% |
| Volatility (ann.) | 70.2% | 24.0% |
| Beta vs S&P 500 | 1.12 | 0.78 |
| Max drawdown (3Y) | -81.0% | -34.6% |
| Market cap | $5.2B | – |
| P/E (trailing) | 38.1 | – |
| 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 | ENPH | ICLN |
|---|---|---|
| 2022 | +44.8% | -5.4% |
| 2023 | -50.1% | -20.4% |
| 2024 | -48.0% | -25.7% |
| 2025 | -53.3% | +47.0% |
| 2026 | +22.5% | +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 ENPH at a 4.7% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ENPH and ICLN good diversifiers for each other?
Only partially. A correlation of 0.61 means ENPH 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 ENPH and ICLN?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.47 over the last year and 0.69 over 5 years.
Is ICLN a good diversifier for ENPH?
Only partially. A correlation of 0.61 means ENPH 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 0.61 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/enph-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/enph-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENPH correlations · ICLN correlations
