ICLN vs PLUG: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Plug Power, Inc. (PLUG) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and PLUG?
On 3 years of weekly data the ICLN/PLUG correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 1292.5 %².
Among the 78 assets we track against ICLN, PLUG ranks #18 by 3-year correlation. Over the last 12 months PLUG came out ahead by 14.5 percentage points (+25.6% against +40.1%). Note the risk asymmetry: PLUG runs 4.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PLUG: side by side
| ICLN (iShares Global Clean Energy ETF) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +40.1% |
| 5-year return | -18.4% | -91.3% |
| Volatility (ann.) | 24.0% | 98.9% |
| Beta vs S&P 500 | 0.78 | 1.49 |
| Max drawdown (3Y) | -34.6% | -92.1% |
| Market cap | – | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 1.05% | 0.00% |
| 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 | PLUG |
|---|---|---|
| 2022 | -5.4% | -56.2% |
| 2023 | -20.4% | -63.6% |
| 2024 | -25.7% | -52.7% |
| 2025 | +47.0% | -7.5% |
| 2026 | +8.8% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.81% of ICLN is PLUG itself, so the fund partly moves with the stock by construction.
Are ICLN and PLUG good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICLN and PLUG?
As of 2026-08-27, the correlation of weekly returns between ICLN and PLUG is 0.55 over 3 years, 0.46 over 1 year and 0.60 over 5 years.
Is PLUG a good diversifier for ICLN?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-plug.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-plug/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · PLUG correlations
