ICLN vs SPY: Correlation & Overlap
How closely do iShares Global Clean Energy ETF (ICLN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate. By holdings, the two funds overlap 0.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SPY?
Across a 3-year window, the weekly returns of ICLN and SPY correlate at 0.47, moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.47). Stretching to 5 years gives 0.55, with an annualized covariance of 163.3 %².
Among the 78 assets we track against ICLN, SPY ranks #34 by 3-year correlation. The trailing year gives ICLN the advantage: +25.6% versus +20.6%, a 5.0-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.73. Risk is not evenly split, since ICLN carries 1.7 times the volatility of the other side.
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 SPY: side by side
| ICLN (iShares Global Clean Energy ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.6% | +20.6% |
| 5-year return | -18.4% | +82.4% |
| Volatility (ann.) | 24.0% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -34.6% | -18.8% |
| Dividend yield | 1.05% | 1.01% |
| Expense ratio | 0.39% | 0.09% |
| Assets under management | $2.3B | $795.3B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
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. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between ICLN and SPY
The two portfolios are largely distinct, with 1 holdings in common adding up to 0.0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ICLN | Weight in SPY |
|---|---|---|
| FSLR | 7.87% | 0.03% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by SPY: NVDA (7.68%), AAPL (6.96%), MSFT (5.58%), AMZN (3.85%), GOOGL (3.03%).
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 | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | -20.4% | +26.2% |
| 2024 | -25.7% | +24.9% |
| 2025 | +47.0% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICLN and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.59 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for ICLN?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
How much do ICLN and SPY overlap?
The two funds share 1 holdings amounting to 0.0% of weight, per issuer portfolio files dated 2026-08-26.
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Hubs: ICLN correlations · SPY correlations
