ICLN vs MRSH: Correlation
iShares Global Clean Energy ETF (ICLN) and Marsh McLennan (MRSH) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and MRSH?
Across a 3-year window, the weekly returns of ICLN and MRSH correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.17). Stretching to 5 years gives 0.16, with an annualized covariance of -72.6 %².
Among the 78 assets we track against ICLN, MRSH ranks #69 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ICLN ahead by 31.6 points (+25.6% versus -6.0%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.36 to 0.58.
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 MRSH: side by side
| ICLN (iShares Global Clean Energy ETF) | MRSH (Marsh McLennan) | |
|---|---|---|
| 1-year return | +25.6% | -6.0% |
| 5-year return | -18.4% | +31.3% |
| Volatility (ann.) | 24.0% | 18.1% |
| Beta vs S&P 500 | 0.78 | 0.33 |
| Max drawdown (3Y) | -34.6% | -34.4% |
| Market cap | – | $90.7B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 1.05% | 1.91% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | Financials |
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 | ICLN | MRSH |
|---|---|---|
| 2022 | -5.4% | -3.5% |
| 2023 | -20.4% | +16.1% |
| 2024 | -25.7% | +13.7% |
| 2025 | +47.0% | -11.3% |
| 2026 | +8.8% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and MRSH good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between ICLN and MRSH?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.41 over the last year and 0.16 over 5 years.
Is MRSH a good diversifier for ICLN?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ICLN correlations · MRSH correlations
