ICLN vs NXT: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Nextpower Inc. (NXT) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and NXT?
Over the past 3 years, ICLN and NXT moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 985.3 %².
Among the 78 assets we track against ICLN, NXT ranks #5 by 3-year correlation. The trailing year gives NXT the advantage: +25.6% versus +32.3%, a 6.7-point spread. One caveat on sizing: NXT is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NXT: side by side
| ICLN (iShares Global Clean Energy ETF) | NXT (Nextpower Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +32.3% |
| 5-year return | -18.4% | n/a |
| Volatility (ann.) | 24.0% | 62.6% |
| Beta vs S&P 500 | 0.78 | 1.42 |
| Max drawdown (3Y) | -34.6% | -48.6% |
| Market cap | – | $13.8B |
| P/E (trailing) | – | 22.5 |
| Dividend yield | 1.05% | 0.00% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
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.
Year-by-year returns
| Year | ICLN | NXT |
|---|---|---|
| 2022 | -5.4% | – |
| 2023 | -20.4% | – |
| 2024 | -25.7% | -22.0% |
| 2025 | +47.0% | +138.5% |
| 2026 | +8.8% | +2.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 6.81% of ICLN is NXT itself, so the fund partly moves with the stock by construction.
Are ICLN and NXT good diversifiers for each other?
Only partially. A correlation of 0.66 means ICLN and NXT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ICLN and NXT?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.72 over the last year and n/a over 5 years.
Is NXT a good diversifier for ICLN?
Only partially. A correlation of 0.66 means ICLN and NXT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ICLN correlations · NXT correlations
