ICLN vs IVV: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and iShares Core S&P 500 ETF (IVV) show a moderate relationship: their 3-year correlation of weekly returns is 0.47. By holdings, the two funds overlap 0.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and IVV?
Over the past 3 years, ICLN and IVV moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 164.4 %².
By 3-year correlation, IVV places #33 of the 78 assets tracked against ICLN. Their 12-month results are close: +25.6% for ICLN against +20.7% for IVV. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.73. Note the risk asymmetry: ICLN runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ICLN vs IVV: side by side
| ICLN (iShares Global Clean Energy ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +25.6% | +20.7% |
| 5-year return | -18.4% | +83.0% |
| Volatility (ann.) | 24.0% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Dividend yield | 1.05% | 1.09% |
| Expense ratio | 0.39% | 0.03% |
| Assets under management | $2.3B | $869.2B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
On the fund side, ICLN sits in the Miscellaneous Sector category at iShares, with $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between ICLN and IVV
The two portfolios are largely distinct: 0.0% of the funds' weight sits in the same underlying holdings (1 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ICLN | Weight in IVV |
|---|---|---|
| FSLR | 7.87% | 0.03% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), GOOGL (3.03%).
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 | ICLN | IVV |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | -20.4% | +26.3% |
| 2024 | -25.7% | +24.9% |
| 2025 | +47.0% | +17.8% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and IVV good diversifiers for each other?
Reasonably. At 0.47, ICLN and IVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and IVV?
The ICLN/IVV correlation stands at 0.47 on a 3-year window (1 year: 0.60, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is IVV a good diversifier for ICLN?
Reasonably. At 0.47, ICLN and IVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and IVV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.0% by weight over 1 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-ivv/)
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Related comparisons
Hubs: ICLN correlations · IVV correlations
