ICLN vs ORA: Correlation
iShares Global Clean Energy ETF (ICLN) and Ormat Technologies, Inc. (ORA) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and ORA?
On 3 years of weekly data the ICLN/ORA correlation comes out at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.56 over 3 years. The 5-year figure is 0.59, and annualized covariance runs at 370.2 %².
Among the 78 assets we track against ICLN, ORA ranks #16 by 3-year correlation. On 12-month performance ICLN holds a 11.4-point edge, +25.6% against +14.2%.
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 ORA: side by side
| ICLN (iShares Global Clean Energy ETF) | ORA (Ormat Technologies, Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +14.2% |
| 5-year return | -18.4% | +53.7% |
| Volatility (ann.) | 24.0% | 27.5% |
| Beta vs S&P 500 | 0.78 | 0.55 |
| Max drawdown (3Y) | -34.6% | -35.0% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 50.7 |
| Dividend yield | 1.05% | 0.46% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
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 | ORA |
|---|---|---|
| 2022 | -5.4% | +9.7% |
| 2023 | -20.4% | -11.8% |
| 2024 | -25.7% | -10.1% |
| 2025 | +47.0% | +64.1% |
| 2026 | +8.8% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and ORA good diversifiers for each other?
Only partially. A correlation of 0.56 means ICLN and ORA 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 ORA?
As of 2026-08-27, the correlation of weekly returns between ICLN and ORA is 0.56 over 3 years, 0.46 over 1 year and 0.59 over 5 years.
Is ORA a good diversifier for ICLN?
Only partially. A correlation of 0.56 means ICLN and ORA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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 · ORA correlations
