ICLN vs QQQ: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.46. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and QQQ?
Over the past 3 years, ICLN and QQQ moved with a correlation of 0.46, which is moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.46). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 214.3 %².
Among the 78 assets we track against ICLN, QQQ ranks #37 by 3-year correlation. Twelve-month performance is nearly a tie, at +25.6% for ICLN and +26.3% for QQQ. The rolling one-year correlation moved between 0.24 and 0.60 over the past three years, a moderate range.
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 QQQ: side by side
| ICLN (iShares Global Clean Energy ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +25.6% | +26.3% |
| 5-year return | -18.4% | +95.4% |
| Volatility (ann.) | 24.0% | 19.6% |
| Beta vs S&P 500 | 0.78 | 1.28 |
| Max drawdown (3Y) | -34.6% | -22.8% |
| Dividend yield | 1.05% | 0.44% |
| Expense ratio | 0.39% | 0.18% |
| Assets under management | $2.3B | $452.8B |
| Sector / category | ETF · Thematic | ETF · US Growth & Tech |
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. QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Portfolio overlap between ICLN and QQQ
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by QQQ: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), MU (4.69%), AMZN (4.50%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | ICLN | QQQ |
|---|---|---|
| 2022 | -5.4% | -32.6% |
| 2023 | -20.4% | +54.9% |
| 2024 | -25.7% | +25.6% |
| 2025 | +47.0% | +20.8% |
| 2026 | +8.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICLN and QQQ?
As of 2026-08-27, the correlation of weekly returns between ICLN and QQQ is 0.46 over 3 years, 0.63 over 1 year and 0.51 over 5 years.
Is QQQ a good diversifier for ICLN?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
How much do ICLN and QQQ overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · QQQ correlations
