FSLR vs ICLN: Correlation
How closely do First Solar (FSLR) and iShares Global Clean Energy ETF (ICLN) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and ICLN?
Over the past 3 years, FSLR and ICLN moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 966.3 %².
In FSLR's tracked universe of 34 assets, ICLN sits right near the top at #2. Correlation aside, the last 12 months split them widely, with ICLN ahead by 15.7 points (+9.9% versus +25.6%). The rolling one-year correlation stayed in a tight band between 0.56 and 0.80 over the past three years, which points to a structural rather than episodic relationship. Risk is not evenly split, since FSLR carries 2.3 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.
FSLR vs ICLN: side by side
| FSLR (First Solar) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +9.9% | +25.6% |
| 5-year return | +119.6% | -18.4% |
| Volatility (ann.) | 56.2% | 24.0% |
| Beta vs S&P 500 | 1.14 | 0.78 |
| Max drawdown (3Y) | -60.0% | -34.6% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | 1.05% |
| Expense ratio | – | 0.39% |
| Assets under management | – | $2.3B |
| Sector / category | Information Technology | 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 | FSLR | ICLN |
|---|---|---|
| 2022 | +71.9% | -5.4% |
| 2023 | +15.0% | -20.4% |
| 2024 | +2.3% | -25.7% |
| 2025 | +48.2% | +47.0% |
| 2026 | -19.6% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 7.87% of ICLN is FSLR itself, so the fund partly moves with the stock by construction.
Are FSLR and ICLN good diversifiers for each other?
Only partially. A correlation of 0.72 means FSLR 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 FSLR and ICLN?
As of 2026-08-27, the correlation of weekly returns between FSLR and ICLN is 0.72 over 3 years, 0.64 over 1 year and 0.68 over 5 years.
Is ICLN a good diversifier for FSLR?
Only partially. A correlation of 0.72 means FSLR 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 0.72 mean?
A reading of 0.72 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/fslr-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fslr-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSLR correlations · ICLN correlations
