ICLN vs SMH: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and VanEck Semiconductor ETF (SMH) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SMH?
Across a 3-year window, the weekly returns of ICLN and SMH correlate at 0.49, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.49). Stretching to 5 years gives 0.48, with an annualized covariance of 392.6 %².
By 3-year correlation, SMH places #30 of the 78 assets tracked against ICLN. Their recent paths diverged sharply: over the last 12 months SMH outperformed by 67.5 percentage points (+25.6% for ICLN against +93.1% for SMH). On a rolling one-year basis the correlation drifted between 0.32 and 0.64, a moderate band.
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 SMH: side by side
| ICLN (iShares Global Clean Energy ETF) | SMH (VanEck Semiconductor ETF) | |
|---|---|---|
| 1-year return | +25.6% | +93.1% |
| 5-year return | -18.4% | +332.8% |
| Volatility (ann.) | 24.0% | 33.7% |
| Beta vs S&P 500 | 0.78 | 1.91 |
| Max drawdown (3Y) | -34.6% | -35.7% |
| Dividend yield | 1.05% | – |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | ETF · Thematic |
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 | SMH |
|---|---|---|
| 2022 | -5.4% | -33.5% |
| 2023 | -20.4% | +73.4% |
| 2024 | -25.7% | +39.1% |
| 2025 | +47.0% | +49.2% |
| 2026 | +8.8% | +59.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and SMH good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and SMH?
As of 2026-08-27, the correlation of weekly returns between ICLN and SMH is 0.49 over 3 years, 0.64 over 1 year and 0.48 over 5 years.
Is SMH a good diversifier for ICLN?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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-smh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-smh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · SMH correlations
