FXI vs ICLN: Correlation & Overlap
iShares China Large-Cap ETF (FXI) and iShares Global Clean Energy ETF (ICLN) show a moderate relationship: their 3-year correlation of weekly returns is 0.30. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and ICLN?
Across a 3-year window, the weekly returns of FXI and ICLN correlate at 0.30, moderate. Recent behaviour matches the longer record: 0.26 over 1 year against 0.30 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 180.0 %².
Within FXI's tracked universe of 74 assets, ICLN comes in at #50 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ICLN ahead by 31.7 points (-6.1% versus +25.6%). The rolling one-year correlation moved between 0.21 and 0.56 over the past three years, a moderate range.
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.
FXI vs ICLN: side by side
| FXI (iShares China Large-Cap ETF) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | -6.1% | +25.6% |
| 5-year return | -1.4% | -18.4% |
| Volatility (ann.) | 25.3% | 24.0% |
| Beta vs S&P 500 | 0.68 | 0.78 |
| Max drawdown (3Y) | -23.2% | -34.6% |
| Dividend yield | 1.87% | 1.05% |
| Expense ratio | 0.73% | 0.39% |
| Assets under management | $4.3B | $2.3B |
| Sector / category | ETF · International | ETF · Thematic |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% 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 FXI and ICLN
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). 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.
Year-by-year returns
| Year | FXI | ICLN |
|---|---|---|
| 2022 | -20.7% | -5.4% |
| 2023 | -12.4% | -20.4% |
| 2024 | +29.0% | -25.7% |
| 2025 | +28.9% | +47.0% |
| 2026 | -7.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and ICLN good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and ICLN?
As of 2026-08-27, the correlation of weekly returns between FXI and ICLN is 0.30 over 3 years, 0.26 over 1 year and 0.29 over 5 years.
Is ICLN a good diversifier for FXI?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and ICLN overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FXI correlations · ICLN correlations
