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ICLN vs. ACWI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICLN vs. ACWI

Last updated Jun 24, 2026

ICLN (iShares Global Clean Energy ETF) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, ICLN returned 11.38%/yr vs 13.09%/yr for ACWI. A 0.70 correlation means they provide meaningful diversification when combined. ICLN charges 0.39%/yr vs 0.32%/yr for ACWI.

Performance

ICLN vs. ACWI - Performance Comparison

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

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Returns By Period

In the year-to-date period, ICLN achieves a 26.14% return, which is significantly higher than ACWI's 9.86% return. Over the past 10 years, ICLN has underperformed ACWI with an annualized return of 11.38%, while ACWI has yielded a comparatively higher 13.09% annualized return.

ICLN

1D
-4.44%
1M
-7.52%
YTD
26.14%
6M
25.31%
1Y
64.46%
3Y*
6.74%
5Y*
-0.79%
10Y*
11.38%

ACWI

1D
-2.00%
1M
-0.35%
YTD
9.86%
6M
9.11%
1Y
25.60%
3Y*
20.00%
5Y*
10.74%
10Y*
13.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICLN vs. ACWI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICLN
iShares Global Clean Energy ETF		26.14%47.05%-25.72%-20.41%-5.43%-24.18%141.82%44.36%-9.03%21.47%
ACWI
iShares MSCI ACWI ETF		9.86%22.41%17.45%22.27%-18.39%18.66%16.34%26.59%-9.19%24.33%

Correlation

The correlation between ICLN and ACWI 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

0.60

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

0.64

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

0.65

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

0.70

The correlation between ICLN and ACWI shifts across timeframes, from 0.60 (3 years) to 0.70 (all time), reflecting how their relationship changes across market environments.

ICLN vs. ACWI - Sectors Allocation Comparison

Sectors
ICLN
ACWI

Utilities

34.6%
2.7%

Industrials

28.7%
10.3%

Energy

23.7%
3.6%

Technology

10.5%
33.0%

Basic Materials

1.3%
3.6%

Consumer Cyclical

0.1%
8.6%

Communication Services

-

8.0%

Consumer Defensive

-

4.7%

Financial Services

-

15.9%

Healthcare

-

7.7%

Real Estate

-

1.6%

Utilities

ICLN
34.6%
ACWI
2.7%

Industrials

ICLN
28.7%
ACWI
10.3%

Energy

ICLN
23.7%
ACWI
3.6%

Technology

ICLN
10.5%
ACWI
33.0%

Basic Materials

ICLN
1.3%
ACWI
3.6%

Consumer Cyclical

ICLN
0.1%
ACWI
8.6%

Communication Services

ICLN

-

ACWI
8.0%

Consumer Defensive

ICLN

-

ACWI
4.7%

Financial Services

ICLN

-

ACWI
15.9%

Healthcare

ICLN

-

ACWI
7.7%

Real Estate

ICLN

-

ACWI
1.6%

Compare stocks, funds, or ETFs

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

iShares Global Clean Energy ETF

iShares MSCI ACWI ETF

Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT
Often compared with ACWI:
ACWI vs. VTACWI vs. SPYACWI vs. VWRL.LACWI vs. ACWXACWI vs. ACWI.LACWI vs. VOOACWI vs. VTI

Return for Risk

ICLN vs. ACWI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICLN
ICLN Risk / Return Rank: 7070
Overall Rank
ICLN Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 6464
Sortino Ratio Rank
ICLN Omega Ratio Rank: 6060
Omega Ratio Rank
ICLN Calmar Ratio Rank: 7979
Calmar Ratio Rank
ICLN Martin Ratio Rank: 7575
Martin Ratio Rank
ACWI
ACWI Risk / Return Rank: 5858
Overall Rank
ACWI Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
ACWI Sortino Ratio Rank: 5656
Sortino Ratio Rank
ACWI Omega Ratio Rank: 5858
Omega Ratio Rank
ACWI Calmar Ratio Rank: 5555
Calmar Ratio Rank
ACWI Martin Ratio Rank: 6565
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.

ICLN vs. ACWI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares MSCI ACWI ETF (ACWI). 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.

ICLNACWIDifference
Sharpe ratioReturn per unit of total volatility
2.27
1.89

+0.38

Sortino ratioReturn per unit of downside risk
2.84
2.60

+0.24

Omega ratioGain probability vs. loss probability

1.36

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

3.96

2.64

+1.31

Martin ratioReturn relative to average drawdown

13.73

11.51

+2.22

ICLN vs. ACWI - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.27, which is comparable to the ACWI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ICLN and ACWI, 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

ICLN vs. ACWI - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than ACWI's maximum drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for ICLN and ACWI.

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Drawdown Indicators

ICLNACWIDifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-56.00%

-31.15%

Max Drawdown (1Y)

Largest decline over 1 year

-16.38%

-9.73%

-6.65%

Max Drawdown (3Y)

Largest decline over 3 years

-43.18%

-16.55%

-26.63%

Max Drawdown (5Y)

Largest decline over 5 years

-57.16%

-26.42%

-30.74%

Max Drawdown (10Y)

Largest decline over 10 years

-66.75%

-33.53%

-33.22%

Current Drawdown

Current decline from peak

-43.56%

-2.83%

-40.73%

Average Drawdown

Average peak-to-trough decline

-66.53%

-8.59%

-57.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.71%

2.23%

+2.48%

Volatility

ICLN vs. ACWI - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 13.47% compared to iShares MSCI ACWI ETF (ACWI) at 5.57%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICLNACWIDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.47%

5.57%

+7.90%

Volatility (6M)

Calculated over the trailing 6-month period

23.14%

11.38%

+11.76%

Volatility (1Y)

Calculated over the trailing 1-year period

28.52%

13.64%

+14.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.69%

16.20%

+11.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.33%

17.08%

+10.25%

ICLN vs. ACWI - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is higher than ACWI's 0.32% expense ratio.

Dividends

ICLN vs. ACWI - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 0.89%, less than ACWI's 1.45% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWI
iShares MSCI ACWI ETF		1.45%1.55%1.70%1.88%1.79%1.71%1.43%2.33%2.18%1.94%2.19%2.56%
ICLN
iShares Global Clean Energy ETF		0.89%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

ICLN and ACWI 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 (13.47%) compared to ACWI (5.57%). In terms of maximum drawdown, ICLN dropped -87.15% vs ACWI's -56.00%.

On 10-year performance, ACWI leads with 13.09% vs 11.38% for ICLN. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, ACWI has performed better with a 13.09% return vs 11.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ACWI is cheaper with a 0.32% expense ratio, compared with 0.39% for ICLN.

ACWI has the higher dividend yield at 1.45%, compared with 0.89% for ICLN.

ICLN is categorized as Alternative Energy Equities, while ACWI is Global Equities. ICLN tracks S&P Global Clean Energy Index, while ACWI tracks MSCI All Country World Index. Their fees differ too: 0.39% for ICLN and 0.32% for ACWI.

ICLN currently has the higher Sharpe Ratio (2.27 vs 1.89), 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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