EWJ vs ICLN: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and iShares Global Clean Energy ETF (ICLN) carry a correlation of 0.47, a moderate link. By holdings, the two funds overlap 0.2% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and ICLN?
Across a 3-year window, the weekly returns of EWJ and ICLN correlate at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 222.0 %².
Within EWJ's tracked universe of 70 assets, ICLN comes in at #49 by 3-year correlation. Their 12-month results are close: +27.1% for EWJ against +25.6% for ICLN. On a rolling one-year basis the correlation drifted between 0.36 and 0.80, a moderate band.
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.
EWJ vs ICLN: side by side
| EWJ (iShares MSCI Japan ETF) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +27.1% | +25.6% |
| 5-year return | +58.6% | -18.4% |
| Volatility (ann.) | 19.6% | 24.0% |
| Beta vs S&P 500 | 0.94 | 0.78 |
| Max drawdown (3Y) | -14.7% | -34.6% |
| Dividend yield | 3.86% | 1.05% |
| Expense ratio | 0.49% | 0.39% |
| Assets under management | $21.8B | $2.3B |
| Sector / category | ETF · International | ETF · Thematic |
On the fund side, EWJ sits in the Japan Stock category at iShares, with $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% 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 EWJ and ICLN
The two portfolios are largely distinct, with 1 holdings in common adding up to 0.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in EWJ | Weight in ICLN |
|---|---|---|
| 9502 | 0.23% | 2.68% |
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). 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. Top 1 common positions shown.
Year-by-year returns
| Year | EWJ | ICLN |
|---|---|---|
| 2022 | -17.7% | -5.4% |
| 2023 | +20.3% | -20.4% |
| 2024 | +7.0% | -25.7% |
| 2025 | +25.8% | +47.0% |
| 2026 | +19.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and ICLN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EWJ and ICLN?
The EWJ/ICLN correlation stands at 0.47 on a 3-year window (1 year: 0.46, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is ICLN a good diversifier for EWJ?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
How much do EWJ and ICLN overlap?
The two funds share 1 holdings amounting to 0.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · ICLN correlations
