ICLN vs. CMU.L

Last updated Jul 21, 2026

ICLN (iShares Global Clean Energy ETF) and CMU.L (Amundi ETF MSCI EMU ESG Leaders Select) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while CMU.L is a Europe Equities fund tracking the MSCI EMU NR EUR. Both are passively managed. Over the past 10 years, ICLN returned 8.88%/yr vs 10.39%/yr for CMU.L. At a 0.49 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.15%/yr for CMU.L.

Performance

ICLN vs. CMU.L - Performance Comparison

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

Different Trading Currencies

ICLN is traded in USD, while CMU.L is traded in GBp. To make them comparable, the CMU.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ICLN achieves a 10.70% return, which is significantly lower than CMU.L's 15.26% return. Over the past 10 years, ICLN has underperformed CMU.L with an annualized return of 8.88%, while CMU.L has yielded a comparatively higher 10.39% annualized return.

ICLN

• 1D: -1.25%
• 1M: -14.03%
• 6M: 2.76%
• YTD: 10.70%
• 1Y: 34.98%
• 3Y*: 0.42%
• 5Y*: -3.25%
• 10Y*: 8.88%
• ALL TIME*: -3.76%

CMU.L

• 1D: -0.03%
• 1M: -2.03%
• 6M: 15.02%
• YTD: 15.26%
• 1Y: 26.35%
• 3Y*: 16.52%
• 5Y*: 10.06%
• 10Y*: 10.39%
• ALL TIME*: 6.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICLN vs. CMU.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICLN iShares Global Clean Energy ETF	10.70%	47.05%	-25.72%	-20.41%	-5.43%	-24.18%	141.82%	44.36%	-9.03%	21.47%
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	15.26%	35.19%	-0.27%	20.43%	-15.42%	12.00%	7.79%	23.82%	-16.57%	28.37%

Correlation

The correlation between ICLN and CMU.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 9, 2011	0.49

ICLN vs. CMU.L - Sectors Allocation Comparison

Sectors	ICLN	CMU.L
Utilities	36.5%	6.4%
Technology	27.5%	20.7%
Industrials	24.4%	16.7%
Energy	8.8%	0.0%
Basic Materials	1.5%	3.5%
Financial Services	0.1%	28.4%
Consumer Cyclical	0.1%	10.5%
Communication Services	-	2.2%
Consumer Defensive	-	6.1%
Healthcare	-	4.5%
Real Estate	-	1.0%

Return for Risk

ICLN vs. CMU.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICLN

ICLN Risk / Return Rank: 41
ICLN Sharpe Ratio Rank: 44
ICLN Sortino Ratio Rank: 42
ICLN Omega Ratio Rank: 39
ICLN Calmar Ratio Rank: 38
ICLN Martin Ratio Rank: 43

CMU.L

CMU.L Risk / Return Rank: 69
CMU.L Sharpe Ratio Rank: 73
CMU.L Sortino Ratio Rank: 73
CMU.L Omega Ratio Rank: 73
CMU.L Calmar Ratio Rank: 62
CMU.L Martin Ratio Rank: 65

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. CMU.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and Amundi ETF MSCI EMU ESG Leaders Select (CMU.L). 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.

	ICLN	CMU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.56	-0.38
Sortino ratio: Return per unit of downside risk	1.67	2.29	-0.61
Omega ratio: Gain probability vs. loss probability	1.20	1.28	-0.08
Calmar ratio: Return relative to maximum drawdown	1.50	2.05	-0.55
Martin ratio: Return relative to average drawdown	5.17	7.70	-2.53

ICLN vs. CMU.L - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 1.18, which is comparable to the CMU.L Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ICLN and CMU.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ICLN vs. CMU.L - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than CMU.L's maximum drawdown of -40.93%. Use the drawdown chart below to compare losses from any high point for ICLN and CMU.L.

Drawdown Indicators

	ICLN	CMU.L	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-40.93%	-46.22%
Max Drawdown (1Y) Largest decline over 1 year	-23.42%	-12.77%	-10.65%
Max Drawdown (3Y) Largest decline over 3 years	-42.27%	-13.90%	-28.37%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-35.44%	-21.72%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-40.93%	-25.82%
Current Drawdown Current decline from peak	-50.47%	-2.84%	-47.63%
Average Drawdown Average peak-to-trough decline	-66.45%	-10.13%	-56.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.78%	3.41%	+3.37%

Volatility

ICLN vs. CMU.L - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 11.54% compared to Amundi ETF MSCI EMU ESG Leaders Select (CMU.L) at 4.07%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than CMU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	CMU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.54%	4.07%	+7.47%
Volatility (6M) Calculated over the trailing 6-month period	24.70%	14.23%	+10.47%
Volatility (1Y) Calculated over the trailing 1-year period	29.86%	16.83%	+13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.93%	19.27%	+8.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.43%	18.86%	+8.57%

ICLN vs. CMU.L - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is higher than CMU.L's 0.15% expense ratio.

Dividends

ICLN vs. CMU.L - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.02%, while CMU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMU.L Amundi ETF MSCI EMU ESG Leaders Select	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICLN iShares Global Clean Energy ETF	1.02%	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

Can I hold both ICLN and CMU.L in my portfolio?

ICLN and CMU.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICLN or CMU.L?

On fees, CMU.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLN or CMU.L?

CMU.L is cheaper with a 0.15% expense ratio, compared with 0.39% for ICLN.

What is the main difference between ICLN and CMU.L?

ICLN is categorized as Alternative Energy Equities, while CMU.L is Europe Equities. ICLN tracks S&P Global Clean Energy Index, while CMU.L tracks MSCI EMU NR EUR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.39% for ICLN and 0.15% for CMU.L.