ICLN vs VXZ: Correlation
How closely do iShares Global Clean Energy ETF (ICLN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and VXZ?
On 3 years of weekly data the ICLN/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.40, and annualized covariance runs at -188.5 %².
VXZ is close to the least connected end of ICLN's tracked universe, ranking #76 of 78. Correlation aside, the last 12 months split them widely, with ICLN ahead by 41.7 points (+25.6% versus -16.1%).
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 VXZ: side by side
| ICLN (iShares Global Clean Energy ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.6% | -16.1% |
| 5-year return | -18.4% | -53.1% |
| Volatility (ann.) | 24.0% | 25.6% |
| Beta vs S&P 500 | 0.78 | -1.31 |
| Max drawdown (3Y) | -34.6% | -36.4% |
| Dividend yield | 1.05% | – |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | US Listed |
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.
Year-by-year returns
| Year | ICLN | VXZ |
|---|---|---|
| 2022 | -5.4% | +0.5% |
| 2023 | -20.4% | -44.0% |
| 2024 | -25.7% | -12.7% |
| 2025 | +47.0% | +5.7% |
| 2026 | +8.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICLN and VXZ?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.34 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for ICLN?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
A reading of -0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · VXZ correlations
