ICLN vs PGR: Correlation
iShares Global Clean Energy ETF (ICLN) and Progressive Corporation (PGR) 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 PGR?
Over the past 3 years, ICLN and PGR moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.17). Over 5 years the correlation is 0.00, and the annualized covariance of weekly returns is -95.1 %².
Within ICLN's tracked universe of 78 assets, PGR comes in at #70 by 3-year correlation. The last year tells two different stories: ICLN led by 30.9 percentage points, +25.6% for ICLN against -5.3% for PGR. The relationship is regime-dependent: the rolling one-year correlation swung between -0.42 and 0.19 over the past three years, so this pair behaves very differently depending on the market environment.
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 PGR: side by side
| ICLN (iShares Global Clean Energy ETF) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | +25.6% | -5.3% |
| 5-year return | -18.4% | +153.0% |
| Volatility (ann.) | 24.0% | 23.6% |
| Beta vs S&P 500 | 0.78 | 0.32 |
| Max drawdown (3Y) | -34.6% | -30.4% |
| Market cap | – | $126.5B |
| P/E (trailing) | – | 10.9 |
| Dividend yield | 1.05% | 0.18% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | Financials |
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 | PGR |
|---|---|---|
| 2022 | -5.4% | +26.8% |
| 2023 | -20.4% | +23.2% |
| 2024 | -25.7% | +51.4% |
| 2025 | +47.0% | -3.0% |
| 2026 | +8.8% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and PGR good diversifiers for each other?
Yes. With a correlation of -0.17, ICLN and PGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICLN and PGR?
The ICLN/PGR correlation stands at -0.17 on a 3-year window (1 year: -0.36, 5 years: 0.00), computed from weekly returns as of 2026-08-27.
Is PGR a good diversifier for ICLN?
Yes. With a correlation of -0.17, ICLN and PGR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-pgr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-pgr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · PGR correlations
