ICLN vs XLI: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Industrial Select Sector SPDR Fund (XLI) show a moderate relationship: their 3-year correlation of weekly returns is 0.42. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICLN and XLI?
On 3 years of weekly data the ICLN/XLI correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.42 over 3. The 5-year figure is 0.52, and annualized covariance runs at 156.9 %².
Within ICLN's tracked universe of 78 assets, XLI comes in at #52 by 3-year correlation. On 12-month performance ICLN holds a 7.3-point edge, +25.6% against +18.3%. This link changes with the market regime, having swung between 0.16 and 0.78 on a rolling one-year basis. 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 XLI: side by side
| ICLN (iShares Global Clean Energy ETF) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.6% | +18.3% |
| 5-year return | -18.4% | +84.0% |
| Volatility (ann.) | 24.0% | 15.7% |
| Beta vs S&P 500 | 0.78 | 0.89 |
| Max drawdown (3Y) | -34.6% | -18.5% |
| Dividend yield | 1.05% | 1.15% |
| Expense ratio | 0.39% | 0.08% |
| Assets under management | $2.3B | $32.9B |
| Sector / category | ETF · Thematic | Sector ETF |
On the fund side, ICLN sits in the Miscellaneous Sector category at iShares, with $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield. XLI is an Industrials fund from State Street Investment Management: $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Portfolio overlap between ICLN and XLI
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 XLI: CAT (6.68%), GE (6.52%), RTX (5.04%), GEV (4.52%), UNP (3.25%).
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 | XLI |
|---|---|---|
| 2022 | -5.4% | -5.6% |
| 2023 | -20.4% | +18.1% |
| 2024 | -25.7% | +17.3% |
| 2025 | +47.0% | +19.3% |
| 2026 | +8.8% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and XLI 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 XLI?
The ICLN/XLI correlation stands at 0.42 on a 3-year window (1 year: 0.35, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is XLI 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.
How much do ICLN and XLI overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ICLN correlations · XLI correlations
