ICLN vs RUN: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Sunrun Inc. (RUN) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and RUN?
Over the past 3 years, ICLN and RUN moved with a correlation of 0.71, which is strong. The past 12 months show a weaker link (0.53) than the 3-year average (0.71). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1611.6 %².
Few assets follow ICLN as closely as RUN, which ranks #3 of 78 tracked partners. The last year tells two different stories: ICLN led by 68.3 percentage points, +25.6% for ICLN against -42.7% for RUN. Note the risk asymmetry: RUN runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RUN: side by side
| ICLN (iShares Global Clean Energy ETF) | RUN (Sunrun Inc.) | |
|---|---|---|
| 1-year return | +25.6% | -42.7% |
| 5-year return | -18.4% | -79.7% |
| Volatility (ann.) | 24.0% | 94.7% |
| Beta vs S&P 500 | 0.78 | 1.89 |
| Max drawdown (3Y) | -34.6% | -73.7% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | 6.2 |
| Dividend yield | 1.05% | 0.00% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
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 | RUN |
|---|---|---|
| 2022 | -5.4% | -30.0% |
| 2023 | -20.4% | -18.3% |
| 2024 | -25.7% | -52.9% |
| 2025 | +47.0% | +98.9% |
| 2026 | +8.8% | -50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and RUN good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ICLN and RUN?
The ICLN/RUN correlation stands at 0.71 on a 3-year window (1 year: 0.53, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is RUN a good diversifier for ICLN?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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-run.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-run/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · RUN correlations
