ICLN vs QUAL: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.42, a moderate link. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and QUAL?
Over the past 3 years, ICLN and QUAL moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 141.0 %².
By 3-year correlation, QUAL places #48 of the 78 assets tracked against ICLN. On 12-month performance ICLN holds a 5.9-point edge, +25.6% against +19.7%. Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.69. Risk is not evenly split, since ICLN carries 1.7 times the volatility of the other side.
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 QUAL: side by side
| ICLN (iShares Global Clean Energy ETF) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | +25.6% | +19.7% |
| 5-year return | -18.4% | +68.0% |
| Volatility (ann.) | 24.0% | 14.0% |
| Beta vs S&P 500 | 0.78 | 0.93 |
| Max drawdown (3Y) | -34.6% | -18.0% |
| Dividend yield | 1.05% | 0.86% |
| Expense ratio | 0.39% | 0.15% |
| Assets under management | $2.3B | $46.5B |
| Sector / category | ETF · Thematic | ETF · US Style |
ICLN is a Miscellaneous Sector fund from iShares: $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Portfolio overlap between ICLN and QUAL
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 QUAL: MSFT (7.51%), AAPL (6.62%), NVDA (6.00%), META (3.75%), LLY (3.72%).
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 | QUAL |
|---|---|---|
| 2022 | -5.4% | -20.5% |
| 2023 | -20.4% | +30.9% |
| 2024 | -25.7% | +22.3% |
| 2025 | +47.0% | +12.7% |
| 2026 | +8.8% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and QUAL good diversifiers for each other?
Reasonably. At 0.42, ICLN and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and QUAL?
The ICLN/QUAL correlation stands at 0.42 on a 3-year window (1 year: 0.46, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is QUAL a good diversifier for ICLN?
Reasonably. At 0.42, ICLN and QUAL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and QUAL overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · QUAL correlations
