ICLN vs WM: Correlation
Measured on weekly returns over the past three years, iShares Global Clean Energy ETF (ICLN) and Waste Management (WM) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and WM?
On 3 years of weekly data the ICLN/WM correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.20). The 5-year figure is 0.08, and annualized covariance runs at -89.6 %².
Among the 78 assets we track against ICLN, WM sits near the bottom by co-movement, at rank #74. The last year tells two different stories: ICLN led by 27.6 percentage points, +25.6% for ICLN against -2.0% for WM. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.46 to 0.39.
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 WM: side by side
| ICLN (iShares Global Clean Energy ETF) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +25.6% | -2.0% |
| 5-year return | -18.4% | +51.8% |
| Volatility (ann.) | 24.0% | 18.3% |
| Beta vs S&P 500 | 0.78 | 0.07 |
| Max drawdown (3Y) | -34.6% | -18.1% |
| Market cap | – | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 1.05% | 1.60% |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | Industrials |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Year-by-year returns
| Year | ICLN | WM |
|---|---|---|
| 2022 | -5.4% | -4.5% |
| 2023 | -20.4% | +16.2% |
| 2024 | -25.7% | +14.3% |
| 2025 | +47.0% | +10.5% |
| 2026 | +8.8% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and WM good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between ICLN and WM?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.43 over the last year and 0.08 over 5 years.
Is WM a good diversifier for ICLN?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · WM correlations
