ICLN vs RSP: Correlation & Overlap
How closely do iShares Global Clean Energy ETF (ICLN) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate. Looking through to holdings, 0.2% 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 RSP?
On 3 years of weekly data the ICLN/RSP correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.49 over 3 years. The 5-year figure is 0.57, and annualized covariance runs at 155.6 %².
By 3-year correlation, RSP places #29 of the 78 assets tracked against ICLN. The trailing year gives ICLN the advantage: +25.6% versus +19.2%, a 6.4-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.28 and 0.78 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since ICLN carries 1.8 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 RSP: side by side
| ICLN (iShares Global Clean Energy ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +25.6% | +19.2% |
| 5-year return | -18.4% | +53.9% |
| Volatility (ann.) | 24.0% | 13.2% |
| Beta vs S&P 500 | 0.78 | 0.77 |
| Max drawdown (3Y) | -34.6% | -17.8% |
| Dividend yield | 1.05% | 1.49% |
| Expense ratio | 0.39% | 0.20% |
| Assets under management | $2.3B | $97.3B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
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. On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Portfolio overlap between ICLN and RSP
The two portfolios are largely distinct, with 1 holdings in common adding up to 0.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ICLN | Weight in RSP |
|---|---|---|
| FSLR | 7.87% | 0.15% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 1 common positions shown.
Year-by-year returns
| Year | ICLN | RSP |
|---|---|---|
| 2022 | -5.4% | -11.6% |
| 2023 | -20.4% | +13.7% |
| 2024 | -25.7% | +12.8% |
| 2025 | +47.0% | +11.2% |
| 2026 | +8.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and RSP good diversifiers for each other?
Reasonably. At 0.49, ICLN and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and RSP?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.32 over the last year and 0.57 over 5 years.
Is RSP a good diversifier for ICLN?
Reasonably. At 0.49, ICLN and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and RSP overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.2% by weight over 1 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · RSP correlations
