ICLN vs USMV: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.30. Looking through to holdings, 0.4% 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 USMV?
Over the past 3 years, ICLN and USMV moved with a correlation of 0.30, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.30 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 70.5 %².
Among the 78 assets we track against ICLN, USMV ranks #62 by 3-year correlation. The last year tells two different stories: ICLN led by 15.5 percentage points, +25.6% for ICLN against +10.1% for USMV. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.13 to 0.70. Risk is not evenly split, since ICLN carries 2.4 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 USMV: side by side
| ICLN (iShares Global Clean Energy ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +25.6% | +10.1% |
| 5-year return | -18.4% | +42.3% |
| Volatility (ann.) | 24.0% | 9.9% |
| Beta vs S&P 500 | 0.78 | 0.51 |
| Max drawdown (3Y) | -34.6% | -9.4% |
| Dividend yield | 1.05% | 1.48% |
| Expense ratio | 0.39% | 0.15% |
| Assets under management | $2.3B | $23.6B |
| Sector / category | ETF · Thematic | ETF · US Style |
ICLN is a Miscellaneous Sector fund from iShares: $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between ICLN and USMV
The two portfolios are largely distinct: 0.4% 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 USMV |
|---|---|---|
| FSLR | 7.87% | 0.36% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by USMV: MSFT (1.68%), NEM (1.65%), VRTX (1.63%), JNJ (1.58%), WELL (1.57%).
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 | USMV |
|---|---|---|
| 2022 | -5.4% | -9.4% |
| 2023 | -20.4% | +10.3% |
| 2024 | -25.7% | +15.7% |
| 2025 | +47.0% | +7.6% |
| 2026 | +8.8% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and USMV good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICLN and USMV?
The ICLN/USMV correlation stands at 0.30 on a 3-year window (1 year: 0.11, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for ICLN?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
How much do ICLN and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.4% by weight over 1 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · USMV correlations
