ICLN vs VTV: Correlation & Overlap
How closely do iShares Global Clean Energy ETF (ICLN) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and VTV?
On 3 years of weekly data the ICLN/VTV correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.43). The 5-year figure is 0.50, and annualized covariance runs at 122.0 %².
By 3-year correlation, VTV places #47 of the 78 assets tracked against ICLN. Twelve-month performance is nearly a tie, at +25.6% for ICLN and +25.7% for VTV. This link changes with the market regime, having swung between 0.21 and 0.75 on a rolling one-year basis. Note the risk asymmetry: ICLN runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VTV: side by side
| ICLN (iShares Global Clean Energy ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +25.6% | +25.7% |
| 5-year return | -18.4% | +79.1% |
| Volatility (ann.) | 24.0% | 11.9% |
| Beta vs S&P 500 | 0.78 | 0.65 |
| Max drawdown (3Y) | -34.6% | -14.5% |
| Dividend yield | 1.05% | 1.86% |
| Expense ratio | 0.39% | 0.03% |
| Assets under management | $2.3B | $256.4B |
| 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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between ICLN and VTV
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 VTV: JPM (3.51%), MU (3.46%), BRK.B (2.99%), XOM (2.40%), JNJ (2.30%).
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 | VTV |
|---|---|---|
| 2022 | -5.4% | -2.1% |
| 2023 | -20.4% | +9.3% |
| 2024 | -25.7% | +16.0% |
| 2025 | +47.0% | +15.3% |
| 2026 | +8.8% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and VTV good diversifiers for each other?
Reasonably. At 0.43, ICLN and VTV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ICLN and VTV?
As of 2026-08-27, the correlation of weekly returns between ICLN and VTV is 0.43 over 3 years, 0.28 over 1 year and 0.50 over 5 years.
Is VTV a good diversifier for ICLN?
Reasonably. At 0.43, ICLN and VTV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
How much do ICLN and VTV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
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Related comparisons
Hubs: ICLN correlations · VTV correlations
