ICLN vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.44, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and SPYV?
Across a 3-year window, the weekly returns of ICLN and SPYV correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 129.0 %².
Within ICLN's tracked universe of 78 assets, SPYV comes in at #43 by 3-year correlation. The trailing year gives ICLN the advantage: +25.6% versus +18.5%, a 7.1-point spread. This link changes with the market regime, having swung between 0.22 and 0.74 on a rolling one-year basis. One caveat on sizing: ICLN is 2.0 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 SPYV: side by side
| ICLN (iShares Global Clean Energy ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +25.6% | +18.5% |
| 5-year return | -18.4% | +73.5% |
| Volatility (ann.) | 24.0% | 12.1% |
| Beta vs S&P 500 | 0.78 | 0.70 |
| Max drawdown (3Y) | -34.6% | -17.5% |
| Dividend yield | 1.05% | 1.69% |
| Expense ratio | 0.39% | 0.04% |
| Assets under management | $2.3B | $36.2B |
| Sector / category | ETF · Thematic | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between ICLN and SPYV
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | ICLN | SPYV |
|---|---|---|
| 2022 | -5.4% | -5.3% |
| 2023 | -20.4% | +22.2% |
| 2024 | -25.7% | +12.2% |
| 2025 | +47.0% | +13.2% |
| 2026 | +8.8% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and SPYV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICLN and SPYV?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.37 over the last year and 0.51 over 5 years.
Is SPYV a good diversifier for ICLN?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
How much do ICLN and SPYV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-spyv/)
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Related comparisons
Hubs: ICLN correlations · SPYV correlations
