ICLN vs SCHD: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Schwab US Dividend Equity ETF (SCHD) show a moderate relationship: their 3-year correlation of weekly returns is 0.36. By holdings, the two funds overlap 0.1% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SCHD?
Over the past 3 years, ICLN and SCHD moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.07) than the 3-year average (0.36). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 111.1 %².
Among the 78 assets we track against ICLN, SCHD ranks #59 by 3-year correlation. Neither side won the trailing year by much: +25.6% against +29.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.14 to 0.75. One caveat on sizing: ICLN is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SCHD: side by side
| ICLN (iShares Global Clean Energy ETF) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +25.6% | +29.6% |
| 5-year return | -18.4% | +60.9% |
| Volatility (ann.) | 24.0% | 12.9% |
| Beta vs S&P 500 | 0.78 | 0.52 |
| Max drawdown (3Y) | -34.6% | -16.1% |
| Dividend yield | 1.05% | 3.13% |
| Expense ratio | 0.39% | 0.06% |
| Assets under management | $2.3B | $104.2B |
| Sector / category | ETF · Thematic | ETF · Dividend |
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. SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Portfolio overlap between ICLN and SCHD
The two portfolios are largely distinct. Weighing the shared positions, 0.1% of the two funds is identical, spread across 1 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in ICLN | Weight in SCHD |
|---|---|---|
| CWEN | 1.97% | 0.10% |
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by SCHD: MRK (4.92%), ABT (4.83%), AMGN (4.80%), KO (4.22%), VZ (3.97%).
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 | SCHD |
|---|---|---|
| 2022 | -5.4% | -3.3% |
| 2023 | -20.4% | +4.5% |
| 2024 | -25.7% | +11.7% |
| 2025 | +47.0% | +4.3% |
| 2026 | +8.8% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and SCHD good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and SCHD?
As of 2026-08-27, the correlation of weekly returns between ICLN and SCHD is 0.36 over 3 years, 0.07 over 1 year and 0.45 over 5 years.
Is SCHD a good diversifier for ICLN?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do ICLN and SCHD overlap?
The two funds share 1 holdings amounting to 0.1% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · SCHD correlations
