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EEM vs. ICLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. ICLN

Last updated Jun 13, 2026

EEM (iShares MSCI Emerging Markets ETF) and ICLN (iShares Global Clean Energy ETF) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 10 years, EEM returned 9.91%/yr vs 11.67%/yr for ICLN. A 0.67 correlation means they provide meaningful diversification when combined. EEM charges 0.72%/yr vs 0.39%/yr for ICLN.

Performance

EEM vs. ICLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) and iShares Global Clean Energy ETF (ICLN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EEM achieves a 24.07% return, which is significantly lower than ICLN's 27.33% return. Over the past 10 years, EEM has underperformed ICLN with an annualized return of 9.91%, while ICLN has yielded a comparatively higher 11.67% annualized return.

EEM

1D
0.56%
1M
1.00%
YTD
24.07%
6M
26.94%
1Y
45.22%
3Y*
21.60%
5Y*
6.56%
10Y*
9.91%

ICLN

1D
0.87%
1M
-4.39%
YTD
27.33%
6M
27.01%
1Y
60.81%
3Y*
5.25%
5Y*
-0.21%
10Y*
11.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEM vs. ICLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEM
iShares MSCI Emerging Markets ETF		24.07%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%
ICLN
iShares Global Clean Energy ETF		27.33%47.05%-25.72%-20.41%-5.43%-24.18%141.82%44.36%-9.03%21.47%

Correlation

The correlation between EEM and ICLN is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Jun 25, 2008

0.67

The correlation between EEM and ICLN has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

EEM vs. ICLN - Sectors Allocation Comparison

Sectors
EEM
ICLN

Technology

43.6%
11.1%

Financial Services

17.5%

-

Consumer Cyclical

8.1%
0.1%

Industrials

6.2%
27.8%

Basic Materials

6.1%
1.1%

Communication Services

5.7%

-

Energy

3.3%
26.4%

Consumer Defensive

2.7%

-

Healthcare

2.5%

-

Utilities

2.0%
32.8%

Real Estate

0.9%

-

Technology

EEM
43.6%
ICLN
11.1%

Financial Services

EEM
17.5%
ICLN

-

Consumer Cyclical

EEM
8.1%
ICLN
0.1%

Industrials

EEM
6.2%
ICLN
27.8%

Basic Materials

EEM
6.1%
ICLN
1.1%

Communication Services

EEM
5.7%
ICLN

-

Energy

EEM
3.3%
ICLN
26.4%

Consumer Defensive

EEM
2.7%
ICLN

-

Healthcare

EEM
2.5%
ICLN

-

Utilities

EEM
2.0%
ICLN
32.8%

Real Estate

EEM
0.9%
ICLN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets ETF

iShares Global Clean Energy ETF

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM
Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT

Return for Risk

EEM vs. ICLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEM
EEM Risk / Return Rank: 7575
Overall Rank
EEM Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7070
Sortino Ratio Rank
EEM Omega Ratio Rank: 7878
Omega Ratio Rank
EEM Calmar Ratio Rank: 7575
Calmar Ratio Rank
EEM Martin Ratio Rank: 7575
Martin Ratio Rank
ICLN
ICLN Risk / Return Rank: 7575
Overall Rank
ICLN Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 7070
Sortino Ratio Rank
ICLN Omega Ratio Rank: 6767
Omega Ratio Rank
ICLN Calmar Ratio Rank: 8181
Calmar Ratio Rank
ICLN Martin Ratio Rank: 8181
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EEM vs. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and iShares Global Clean Energy ETF (ICLN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EEMICLNDifference
Sharpe ratioReturn per unit of total volatility
2.10
2.17

-0.07

Sortino ratioReturn per unit of downside risk
2.73
2.73

0.00

Omega ratioGain probability vs. loss probability

1.40

1.34

+0.05

Calmar ratioReturn relative to maximum drawdown

3.36

3.73

-0.37

Martin ratioReturn relative to average drawdown

12.38

13.84

-1.46

EEM vs. ICLN - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.10, which is comparable to the ICLN Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of EEM and ICLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEM vs. ICLN - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, smaller than the maximum ICLN drawdown of -87.15%. Use the drawdown chart below to compare losses from any high point for EEM and ICLN.

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Drawdown Indicators

EEMICLNDifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-87.15%

+20.72%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

-16.38%

+2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-43.18%

+25.89%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

-57.16%

+19.67%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

-66.75%

+26.93%

Current Drawdown

Current decline from peak

-4.12%

-43.03%

+38.91%

Average Drawdown

Average peak-to-trough decline

-16.00%

-66.56%

+50.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.67%

4.41%

-0.74%

Volatility

EEM vs. ICLN - Volatility Comparison

The current volatility for iShares MSCI Emerging Markets ETF (EEM) is 10.80%, while iShares Global Clean Energy ETF (ICLN) has a volatility of 12.97%. This indicates that EEM experiences smaller price fluctuations and is considered to be less risky than ICLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMICLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.80%

12.97%

-2.17%

Volatility (6M)

Calculated over the trailing 6-month period

19.39%

22.62%

-3.23%

Volatility (1Y)

Calculated over the trailing 1-year period

21.64%

28.21%

-6.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.26%

27.55%

-8.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.64%

27.32%

-6.68%

EEM vs. ICLN - Expense Ratio Comparison

EEM has a 0.72% expense ratio, which is higher than ICLN's 0.39% expense ratio.

Dividends

EEM vs. ICLN - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 1.79%, more than ICLN's 1.28% yield.

PositionTTM20252024202320222021202020192018201720162015
EEM
iShares MSCI Emerging Markets ETF		1.79%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%
ICLN
iShares Global Clean Energy ETF		1.28%1.63%1.85%1.59%0.89%1.18%0.34%1.36%2.77%2.49%3.88%2.36%

Frequently Asked Questions

EEM and ICLN have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ICLN has higher volatility (12.97%) compared to EEM (10.80%). In terms of maximum drawdown, EEM dropped -66.43% vs ICLN's -87.15%.

On 10-year performance, ICLN leads with 11.67% vs 9.91% for EEM. On fees, ICLN is cheaper at 0.39% per year. On volatility, EEM has been the lower-risk option at 10.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ICLN has performed better with a 11.67% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICLN is cheaper with a 0.39% expense ratio, compared with 0.72% for EEM.

EEM has the higher dividend yield at 1.79%, compared with 1.28% for ICLN.

EEM is categorized as Emerging Markets Diversified, while ICLN is Alternative Energy Equities. EEM tracks MSCI Emerging Markets Index (Net), while ICLN tracks S&P Global Clean Energy Index. Their fees differ too: 0.72% for EEM and 0.39% for ICLN.

ICLN currently has the higher Sharpe Ratio (2.17 vs 2.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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