ICLN vs VEA: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Vanguard FTSE Developed Markets ETF (VEA) show a moderate relationship: their 3-year correlation of weekly returns is 0.57. The two funds also share 0.5% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and VEA?
Across a 3-year window, the weekly returns of ICLN and VEA correlate at 0.57, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 204.9 %².
Among the 78 assets we track against ICLN, VEA ranks #13 by 3-year correlation. Their 12-month results are close: +25.6% for ICLN against +28.5% for VEA. Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.83. Risk is not evenly split, since ICLN carries 1.6 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 VEA: side by side
| ICLN (iShares Global Clean Energy ETF) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | +25.6% | +28.5% |
| 5-year return | -18.4% | +63.5% |
| Volatility (ann.) | 24.0% | 15.1% |
| Beta vs S&P 500 | 0.78 | 0.79 |
| Max drawdown (3Y) | -34.6% | -13.5% |
| Dividend yield | 1.05% | 2.56% |
| Expense ratio | 0.39% | 0.03% |
| Assets under management | $2.3B | $314.9B |
| Sector / category | ETF · Thematic | ETF · International |
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. VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Portfolio overlap between ICLN and VEA
The two portfolios are largely distinct, with 25 holdings in common adding up to 0.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in ICLN | Weight in VEA |
|---|---|---|
| NXT | 6.81% | 0.10% |
| VWS | 4.36% | 0.08% |
| EDP | 2.87% | 0.05% |
| 9502 | 2.68% | 0.04% |
| ENLT | 2.04% | 0.04% |
| ORSTED | 1.60% | 0.03% |
| NDX1 | 1.45% | 0.02% |
| MEL | 0.22% | 0.02% |
| TE | 0.88% | 0.02% |
| CEN | 0.32% | 0.02% |
| EDPR | 0.86% | 0.01% |
| VER | 0.58% | 0.01% |
| BEPC | 0.51% | 0.01% |
| DORL | 0.60% | 0.01% |
| ENRG | 0.28% | 0.01% |
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), ENPH (4.70%), EQTL3 (3.09%). Only by VEA: 005930 (2.53%), ASML (2.00%), 000660 (1.98%), HSBA (1.15%), ROP (0.97%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | ICLN | VEA |
|---|---|---|
| 2022 | -5.4% | -15.3% |
| 2023 | -20.4% | +17.9% |
| 2024 | -25.7% | +3.1% |
| 2025 | +47.0% | +35.2% |
| 2026 | +8.8% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and VEA good diversifiers for each other?
Only partially. A correlation of 0.57 means ICLN and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ICLN and VEA?
As of 2026-08-27, the correlation of weekly returns between ICLN and VEA is 0.57 over 3 years, 0.50 over 1 year and 0.62 over 5 years.
Is VEA a good diversifier for ICLN?
Only partially. A correlation of 0.57 means ICLN and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do ICLN and VEA overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0.5% by weight over 25 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-vea.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-vea/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · VEA correlations
