ICLN vs XBI: Correlation
How closely do iShares Global Clean Energy ETF (ICLN) and SPDR S&P Biotech ETF (XBI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and XBI?
On 3 years of weekly data the ICLN/XBI correlation comes out at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.15 versus 0.42 over 3 years. The 5-year figure is 0.46, and annualized covariance runs at 277.1 %².
Among the 78 assets we track against ICLN, XBI ranks #51 by 3-year correlation. The last year tells two different stories: XBI led by 61.6 percentage points, +25.6% for ICLN against +87.2% for XBI. This link changes with the market regime, having swung between 0.12 and 0.75 on a rolling one-year basis.
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 XBI: side by side
| ICLN (iShares Global Clean Energy ETF) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +25.6% | +87.2% |
| 5-year return | -18.4% | +28.6% |
| Volatility (ann.) | 24.0% | 27.7% |
| Beta vs S&P 500 | 0.78 | 1.09 |
| Max drawdown (3Y) | -34.6% | -33.0% |
| Dividend yield | 1.05% | – |
| Expense ratio | 0.39% | – |
| Assets under management | $2.3B | – |
| Sector / category | ETF · Thematic | ETF · Thematic |
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 | XBI |
|---|---|---|
| 2022 | -5.4% | -25.9% |
| 2023 | -20.4% | +7.6% |
| 2024 | -25.7% | +1.0% |
| 2025 | +47.0% | +35.9% |
| 2026 | +8.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and XBI good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and XBI?
The ICLN/XBI correlation stands at 0.42 on a 3-year window (1 year: 0.15, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is XBI a good diversifier for ICLN?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/icln-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · XBI correlations
