ICLN vs XLV: Correlation & Overlap
How closely do iShares Global Clean Energy ETF (ICLN) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak. 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 XLV?
Over the past 3 years, ICLN and XLV moved with a correlation of 0.18, which is weak. The past 12 months show a weaker link (-0.13) than the 3-year average (0.18). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 63.8 %².
Within ICLN's tracked universe of 78 assets, XLV comes in at #67 by 3-year correlation. Twelve-month performance is nearly a tie, at +25.6% for ICLN and +27.5% for XLV. This link changes with the market regime, having swung between -0.04 and 0.53 on a rolling one-year basis. Risk is not evenly split, since ICLN carries 1.6 times the volatility of the other side.
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 XLV: side by side
| ICLN (iShares Global Clean Energy ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +25.6% | +27.5% |
| 5-year return | -18.4% | +37.4% |
| Volatility (ann.) | 24.0% | 14.7% |
| Beta vs S&P 500 | 0.78 | 0.42 |
| Max drawdown (3Y) | -34.6% | -17.1% |
| Dividend yield | 1.05% | 1.56% |
| Expense ratio | 0.39% | 0.08% |
| Assets under management | $2.3B | $41.7B |
| 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. On the fund side, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Portfolio overlap between ICLN and XLV
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by ICLN: FSLR (7.87%), 600900 (7.64%), BE (7.36%), NXT (6.81%), ENPH (4.70%). Only by XLV: LLY (15.03%), JNJ (10.38%), ABBV (7.42%), MRK (6.04%), UNH (5.82%).
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 | XLV |
|---|---|---|
| 2022 | -5.4% | -2.1% |
| 2023 | -20.4% | +2.1% |
| 2024 | -25.7% | +2.5% |
| 2025 | +47.0% | +14.5% |
| 2026 | +8.8% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICLN and XLV good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ICLN and XLV?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.13 over the last year and 0.35 over 5 years.
Is XLV a good diversifier for ICLN?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
How much do ICLN and XLV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/icln-vs-xlv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icln-vs-xlv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICLN correlations · XLV correlations
