ICLN vs SHLS: Correlation
How closely do iShares Global Clean Energy ETF (ICLN) and Shoals Technologies Group, Inc. (SHLS) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SHLS?
Across a 3-year window, the weekly returns of ICLN and SHLS correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 960.9 %².
Among the 78 assets we track against ICLN, SHLS ranks #25 by 3-year correlation. On 12-month performance ICLN holds a 11.4-point edge, +25.6% against +14.2%. One caveat on sizing: SHLS is 3.1 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 SHLS: side by side
| ICLN (iShares Global Clean Energy ETF) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | +25.6% | +14.2% |
| 5-year return | -18.4% | -76.8% |
| Volatility (ann.) | 24.0% | 75.0% |
| Beta vs S&P 500 | 0.78 | 1.02 |
| Max drawdown (3Y) | -34.6% | -87.3% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 39.1 |
| 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 | SHLS |
|---|---|---|
| 2022 | -5.4% | +1.5% |
| 2023 | -20.4% | -37.0% |
| 2024 | -25.7% | -64.4% |
| 2025 | +47.0% | +53.7% |
| 2026 | +8.8% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.14% of ICLN is SHLS itself, so the fund partly moves with the stock by construction.
Are ICLN and SHLS good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ICLN and SHLS?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.58 over the last year and 0.57 over 5 years.
Is SHLS a good diversifier for ICLN?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
A reading of 0.53 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-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · SHLS correlations
