ICLN vs MTUM: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and iShares MSCI USA Momentum Factor ETF (MTUM) show a moderate relationship: their 3-year correlation of weekly returns is 0.40. The two funds also share 0.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and MTUM?
On 3 years of weekly data the ICLN/MTUM correlation comes out at 0.40, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.54 versus 0.40 over 3 years. The 5-year figure is 0.47, and annualized covariance runs at 198.1 %².
Among the 78 assets we track against ICLN, MTUM ranks #55 by 3-year correlation. Neither side won the trailing year by much: +25.6% against +25.2%. Across three years, the rolling one-year figure varied moderately, from 0.19 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 MTUM: side by side
| ICLN (iShares Global Clean Energy ETF) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +25.6% | +25.2% |
| 5-year return | -18.4% | +76.1% |
| Volatility (ann.) | 24.0% | 20.6% |
| Beta vs S&P 500 | 0.78 | 1.25 |
| Max drawdown (3Y) | -34.6% | -21.0% |
| Dividend yield | 1.05% | 0.62% |
| Expense ratio | 0.39% | 0.15% |
| Assets under management | $2.3B | $25.3B |
| Sector / category | ETF · Thematic | ETF · US Style |
ICLN is a Miscellaneous Sector fund from iShares: $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Portfolio overlap between ICLN and MTUM
The two portfolios are largely distinct: 0.7% 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 MTUM |
|---|---|---|
| BE | 7.36% | 0.69% |
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by MTUM: MU (6.60%), AMD (5.09%), AVGO (4.25%), INTC (3.91%), XOM (3.78%).
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 | MTUM |
|---|---|---|
| 2022 | -5.4% | -18.3% |
| 2023 | -20.4% | +9.1% |
| 2024 | -25.7% | +32.9% |
| 2025 | +47.0% | +22.1% |
| 2026 | +8.8% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and MTUM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICLN and MTUM?
The ICLN/MTUM correlation stands at 0.40 on a 3-year window (1 year: 0.54, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is MTUM a good diversifier for ICLN?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
How much do ICLN and MTUM overlap?
0.7% by weight, across 1 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-mtum/)
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Related comparisons
Hubs: ICLN correlations · MTUM correlations
