ICLN vs QQQM: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Invesco Nasdaq 100 ETF (QQQM) show a moderate relationship: their 3-year correlation of weekly returns is 0.46. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and QQQM?
On 3 years of weekly data the ICLN/QQQM correlation comes out at 0.46, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.63 versus 0.46 over 3 years. The 5-year figure is 0.51, and annualized covariance runs at 213.5 %².
By 3-year correlation, QQQM places #38 of the 78 assets tracked against ICLN. Neither side won the trailing year by much: +25.6% against +26.4%. Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.60.
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 QQQM: side by side
| ICLN (iShares Global Clean Energy ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +25.6% | +26.4% |
| 5-year return | -18.4% | +96.1% |
| Volatility (ann.) | 24.0% | 19.5% |
| Beta vs S&P 500 | 0.78 | 1.28 |
| Max drawdown (3Y) | -34.6% | -22.7% |
| Dividend yield | 1.05% | 0.46% |
| Expense ratio | 0.39% | 0.15% |
| Assets under management | $2.3B | $97.1B |
| 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. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between ICLN and QQQM
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by QQQM: 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 | QQQM |
|---|---|---|
| 2022 | -5.4% | -32.5% |
| 2023 | -20.4% | +55.0% |
| 2024 | -25.7% | +25.7% |
| 2025 | +47.0% | +20.9% |
| 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 QQQM good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and QQQM?
As of 2026-08-27, the correlation of weekly returns between ICLN and QQQM is 0.46 over 3 years, 0.63 over 1 year and 0.51 over 5 years.
Is QQQM a good diversifier for ICLN?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do ICLN and QQQM 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-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · QQQM correlations
