ICLN vs VOO: Correlation & Overlap
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.47, a moderate link. Looking through to holdings, 0.0% 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 VOO?
Over the past 3 years, ICLN and VOO moved with a correlation of 0.47, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.59 versus 0.47 over 3 years. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 163.2 %².
Within ICLN's tracked universe of 78 assets, VOO comes in at #35 by 3-year correlation. On 12-month performance ICLN holds a 5.0-point edge, +25.6% against +20.6%. This link changes with the market regime, having swung between 0.23 and 0.73 on a rolling one-year basis. 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 VOO: side by side
| ICLN (iShares Global Clean Energy ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +25.6% | +20.6% |
| 5-year return | -18.4% | +83.0% |
| Volatility (ann.) | 24.0% | 14.4% |
| Beta vs S&P 500 | 0.78 | 0.99 |
| Max drawdown (3Y) | -34.6% | -18.7% |
| Dividend yield | 1.05% | 1.07% |
| Expense ratio | 0.39% | 0.03% |
| Assets under management | $2.3B | $1,686.9B |
| Sector / category | ETF · Thematic | ETF · US Large Cap |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between ICLN and VOO
The two portfolios are largely distinct: 0.0% 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 VOO |
|---|---|---|
| FSLR | 7.87% | 0.04% |
Largest positions held only by ICLN: 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%), VWS (4.36%). Only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%).
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 | VOO |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | -20.4% | +26.3% |
| 2024 | -25.7% | +25.0% |
| 2025 | +47.0% | +17.8% |
| 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 VOO good diversifiers for each other?
Reasonably. At 0.47, ICLN and VOO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and VOO?
The ICLN/VOO correlation stands at 0.47 on a 3-year window (1 year: 0.59, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for ICLN?
Reasonably. At 0.47, ICLN and VOO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and VOO 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 · VOO correlations
