ICLN vs XLC: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Communication Services Select Sector SPDR Fund (XLC) show a weak relationship: their 3-year correlation of weekly returns is 0.29. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and XLC?
On 3 years of weekly data the ICLN/XLC correlation comes out at 0.29, weak. Recent behaviour matches the longer record: 0.30 over 1 year against 0.29 over 3. The 5-year figure is 0.37, and annualized covariance runs at 111.9 %².
By 3-year correlation, XLC places #63 of the 78 assets tracked against ICLN. Their recent paths diverged sharply: over the last 12 months ICLN outperformed by 24.1 percentage points (+25.6% for ICLN against +1.5% for XLC). On a rolling one-year basis the correlation drifted between 0.09 and 0.49, a moderate band. Note the risk asymmetry: ICLN runs 1.5 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 XLC: side by side
| ICLN (iShares Global Clean Energy ETF) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.6% | +1.5% |
| 5-year return | -18.4% | +37.5% |
| Volatility (ann.) | 24.0% | 16.0% |
| Beta vs S&P 500 | 0.78 | 0.90 |
| Max drawdown (3Y) | -34.6% | -18.0% |
| Dividend yield | 1.05% | 1.32% |
| Expense ratio | 0.39% | 0.08% |
| Assets under management | $2.3B | $21.7B |
| Sector / category | ETF · Thematic | Sector ETF |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Portfolio overlap between ICLN and XLC
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by XLC: META (16.73%), GOOGL (10.29%), GOOG (8.22%), T (5.20%), VZ (4.99%).
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 | XLC |
|---|---|---|
| 2022 | -5.4% | -37.6% |
| 2023 | -20.4% | +52.8% |
| 2024 | -25.7% | +34.7% |
| 2025 | +47.0% | +23.1% |
| 2026 | +8.8% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and XLC good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and XLC?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.30 over the last year and 0.37 over 5 years.
Is XLC a good diversifier for ICLN?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do ICLN and XLC overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/icln-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICLN correlations · XLC correlations
