ICLN vs SPYG: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a moderate relationship: their 3-year correlation of weekly returns is 0.42. Looking through to holdings, 0.1% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SPYG?
Across a 3-year window, the weekly returns of ICLN and SPYG correlate at 0.42, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.60 versus 0.42 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 192.5 %².
By 3-year correlation, SPYG places #49 of the 78 assets tracked against ICLN. Their 12-month results are close: +25.6% for ICLN against +22.4% for SPYG. On a rolling one-year basis the correlation drifted between 0.19 and 0.67, 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 SPYG: side by side
| ICLN (iShares Global Clean Energy ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +25.6% | +22.4% |
| 5-year return | -18.4% | +85.9% |
| Volatility (ann.) | 24.0% | 18.9% |
| Beta vs S&P 500 | 0.78 | 1.25 |
| Max drawdown (3Y) | -34.6% | -22.1% |
| Dividend yield | 1.05% | 0.49% |
| Expense ratio | 0.39% | 0.04% |
| Assets under management | $2.3B | $52.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between ICLN and SPYG
The two portfolios are largely distinct: 0.1% of the funds' weight sits in the same underlying holdings (1 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in ICLN | Weight in SPYG |
|---|---|---|
| FSLR | 7.87% | 0.06% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by SPYG: NVDA (14.21%), MSFT (10.32%), AAPL (6.44%), GOOGL (5.61%), AVGO (4.71%).
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 | SPYG |
|---|---|---|
| 2022 | -5.4% | -29.4% |
| 2023 | -20.4% | +30.0% |
| 2024 | -25.7% | +36.0% |
| 2025 | +47.0% | +22.1% |
| 2026 | +8.8% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and SPYG good diversifiers for each other?
Reasonably. At 0.42, ICLN and SPYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and SPYG?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.60 over the last year and 0.51 over 5 years.
Is SPYG a good diversifier for ICLN?
Reasonably. At 0.42, ICLN and SPYG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.1% by weight over 1 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · SPYG correlations
