ICLN vs KWEB: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and KraneShares CSI China Internet ETF (KWEB) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and KWEB?
On 3 years of weekly data the ICLN/KWEB correlation comes out at 0.31, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.31 over 3. The 5-year figure is 0.26, and annualized covariance runs at 253.2 %².
Among the 78 assets we track against ICLN, KWEB ranks #60 by 3-year correlation. The last year tells two different stories: ICLN led by 51.7 percentage points, +25.6% for ICLN against -26.1% for KWEB. Across three years, the rolling one-year figure varied moderately, from 0.23 to 0.55.
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 KWEB: side by side
| ICLN (iShares Global Clean Energy ETF) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | +25.6% | -26.1% |
| 5-year return | -18.4% | -36.2% |
| Volatility (ann.) | 24.0% | 33.9% |
| Beta vs S&P 500 | 0.78 | 0.90 |
| Max drawdown (3Y) | -34.6% | -41.6% |
| Dividend yield | 1.05% | – |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | ETF · Thematic |
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.
Year-by-year returns
| Year | ICLN | KWEB |
|---|---|---|
| 2022 | -5.4% | -17.2% |
| 2023 | -20.4% | -9.1% |
| 2024 | -25.7% | +12.0% |
| 2025 | +47.0% | +23.5% |
| 2026 | +8.8% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and KWEB good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and KWEB?
The ICLN/KWEB correlation stands at 0.31 on a 3-year window (1 year: 0.31, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is KWEB a good diversifier for ICLN?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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/icln-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · KWEB correlations
