ICLN vs RSG: Correlation
iShares Global Clean Energy ETF (ICLN) and Republic Services (RSG) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and RSG?
Over the past 3 years, ICLN and RSG moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.53 versus -0.22 over 3 years. Over 5 years the correlation is 0.10, and the annualized covariance of weekly returns is -87.2 %².
Among the 78 assets we track against ICLN, RSG sits near the bottom by co-movement, at rank #75. The last year tells two different stories: ICLN led by 31.2 percentage points, +25.6% for ICLN against -5.6% for RSG. This link changes with the market regime, having swung between -0.51 and 0.33 on a rolling one-year basis.
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 RSG: side by side
| ICLN (iShares Global Clean Energy ETF) | RSG (Republic Services) | |
|---|---|---|
| 1-year return | +25.6% | -5.6% |
| 5-year return | -18.4% | +87.9% |
| Volatility (ann.) | 24.0% | 16.2% |
| Beta vs S&P 500 | 0.78 | 0.17 |
| Max drawdown (3Y) | -34.6% | -22.5% |
| Market cap | – | $67.1B |
| P/E (trailing) | – | 31.0 |
| Dividend yield | 1.05% | 1.13% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | Industrials |
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 | RSG |
|---|---|---|
| 2022 | -5.4% | -6.2% |
| 2023 | -20.4% | +29.6% |
| 2024 | -25.7% | +23.0% |
| 2025 | +47.0% | +6.4% |
| 2026 | +8.8% | +4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and RSG good diversifiers for each other?
Yes. With a correlation of -0.22, ICLN and RSG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICLN and RSG?
The ICLN/RSG correlation stands at -0.22 on a 3-year window (1 year: -0.53, 5 years: 0.10), computed from weekly returns as of 2026-08-27.
Is RSG a good diversifier for ICLN?
Yes. With a correlation of -0.22, ICLN and RSG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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-rsg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-rsg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · RSG correlations
