ICLN vs XLRE: Correlation & Overlap
iShares Global Clean Energy ETF (ICLN) and Real Estate Select Sector SPDR Fund (XLRE) show a moderate relationship: their 3-year correlation of weekly returns is 0.37. 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 XLRE?
On 3 years of weekly data the ICLN/XLRE correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (-0.04) runs below the 3-year figure (0.37). The 5-year figure is 0.52, and annualized covariance runs at 147.5 %².
Among the 78 assets we track against ICLN, XLRE ranks #58 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ICLN outperformed by 16.1 percentage points (+25.6% for ICLN against +9.5% for XLRE). The relationship is regime-dependent: the rolling one-year correlation swung between -0.02 and 0.82 over the past three years, so this pair behaves very differently depending on the market environment.
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 XLRE: side by side
| ICLN (iShares Global Clean Energy ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.6% | +9.5% |
| 5-year return | -18.4% | +11.4% |
| Volatility (ann.) | 24.0% | 16.7% |
| Beta vs S&P 500 | 0.78 | 0.57 |
| Max drawdown (3Y) | -34.6% | -16.6% |
| Dividend yield | 1.05% | 3.12% |
| Expense ratio | 0.39% | 0.08% |
| Assets under management | $2.3B | $8.6B |
| 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, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between ICLN and XLRE
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 XLRE: WELL (11.43%), PLD (9.06%), EQIX (7.14%), AMT (5.49%), DLR (5.01%).
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 | XLRE |
|---|---|---|
| 2022 | -5.4% | -26.2% |
| 2023 | -20.4% | +12.4% |
| 2024 | -25.7% | +5.1% |
| 2025 | +47.0% | +2.6% |
| 2026 | +8.8% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and XLRE good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICLN and XLRE?
The ICLN/XLRE correlation stands at 0.37 on a 3-year window (1 year: -0.04, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for ICLN?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do ICLN and XLRE overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: ICLN correlations · XLRE correlations
