ICLN vs OPAD: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Offerpad Solutions Inc. (OPAD) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and OPAD?
Over the past 3 years, ICLN and OPAD moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.18). Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -1877.1 %².
Among the 78 assets we track against ICLN, OPAD ranks #73 by 3-year correlation. Over the last 12 months OPAD came out ahead by 7.7 percentage points (+25.6% against +33.3%). One caveat on sizing: OPAD is 18.4 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 OPAD: side by side
| ICLN (iShares Global Clean Energy ETF) | OPAD (Offerpad Solutions Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +33.3% |
| 5-year return | -18.4% | -96.7% |
| Volatility (ann.) | 24.0% | 440.7% |
| Beta vs S&P 500 | 0.78 | -1.25 |
| Max drawdown (3Y) | -34.6% | -95.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.05% | 0.00% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
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 | OPAD |
|---|---|---|
| 2022 | -5.4% | -92.8% |
| 2023 | -20.4% | +48.2% |
| 2024 | -25.7% | -72.2% |
| 2025 | +47.0% | -57.5% |
| 2026 | +8.8% | +270.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and OPAD good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between ICLN and OPAD?
As of 2026-08-27, the correlation of weekly returns between ICLN and OPAD is -0.18 over 3 years, -0.38 over 1 year and -0.08 over 5 years.
Is OPAD a good diversifier for ICLN?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
A reading of -0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-opad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-opad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · OPAD correlations
