FTCI vs ICLN: Correlation
FTC Solar, Inc. (FTCI) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTCI and ICLN?
Across a 3-year window, the weekly returns of FTCI and ICLN correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 1340.6 %².
Few assets follow FTCI as closely as ICLN, which ranks #3 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months ICLN outperformed by 88.0 percentage points (-62.4% for FTCI against +25.6% for ICLN). One caveat on sizing: FTCI is 5.1 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.
FTCI vs ICLN: side by side
| FTCI (FTC Solar, Inc.) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | -62.4% | +25.6% |
| 5-year return | -97.8% | -18.4% |
| Volatility (ann.) | 122.6% | 24.0% |
| Beta vs S&P 500 | 2.61 | 0.78 |
| Max drawdown (3Y) | -90.4% | -34.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | FTCI | ICLN |
|---|---|---|
| 2022 | -64.6% | -5.4% |
| 2023 | -74.1% | -20.4% |
| 2024 | -20.5% | -25.7% |
| 2025 | +98.0% | +47.0% |
| 2026 | -77.7% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTCI and ICLN good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FTCI and ICLN?
As of 2026-08-27, the correlation of weekly returns between FTCI and ICLN is 0.46 over 3 years, 0.47 over 1 year and 0.49 over 5 years.
Is ICLN a good diversifier for FTCI?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ftci-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ftci-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FTCI correlations · ICLN correlations
