ICLN vs SEDG: Correlation
iShares Global Clean Energy ETF (ICLN) and SolarEdge Technologies, Inc. (SEDG) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SEDG?
On 3 years of weekly data the ICLN/SEDG correlation comes out at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.56 over 3 years. The 5-year figure is 0.62, and annualized covariance runs at 1327.2 %².
Among the 78 assets we track against ICLN, SEDG ranks #17 by 3-year correlation. The last year tells two different stories: ICLN led by 24.3 percentage points, +25.6% for ICLN against +1.3% for SEDG. Note the risk asymmetry: SEDG runs 4.1 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 SEDG: side by side
| ICLN (iShares Global Clean Energy ETF) | SEDG (SolarEdge Technologies, Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +1.3% |
| 5-year return | -18.4% | -88.7% |
| Volatility (ann.) | 24.0% | 99.4% |
| Beta vs S&P 500 | 0.78 | 0.93 |
| Max drawdown (3Y) | -34.6% | -93.7% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| 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 | SEDG |
|---|---|---|
| 2022 | -5.4% | +1.0% |
| 2023 | -20.4% | -67.0% |
| 2024 | -25.7% | -85.5% |
| 2025 | +47.0% | +112.1% |
| 2026 | +8.8% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that ICLN holds SEDG at a 1.87% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ICLN and SEDG good diversifiers for each other?
Only partially. A correlation of 0.56 means ICLN and SEDG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ICLN and SEDG?
As of 2026-08-27, the correlation of weekly returns between ICLN and SEDG is 0.56 over 3 years, 0.33 over 1 year and 0.62 over 5 years.
Is SEDG a good diversifier for ICLN?
Only partially. A correlation of 0.56 means ICLN and SEDG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-sedg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-sedg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · SEDG correlations
