ICLN vs. CTEX

Last updated Jun 24, 2026

ICLN (iShares Global Clean Energy ETF) and CTEX (ProShares S&P Kensho Cleantech ETF) are both Alternative Energy Equities funds - ICLN tracks the S&P Global Clean Energy Index while CTEX tracks the S&P Kensho Cleantech Index. Both are passively managed. Over the past 3 years, ICLN returned 6.74%/yr vs 11.07%/yr for CTEX. Their correlation of 0.88 suggests significant overlap in exposure. ICLN charges 0.39%/yr vs 0.58%/yr for CTEX.

Performance

ICLN vs. CTEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and ProShares S&P Kensho Cleantech ETF (CTEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICLN achieves a 26.14% return, which is significantly higher than CTEX's 20.77% 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%

CTEX

• 1D: -6.36%
• 1M: -8.02%
• YTD: 20.77%
• 6M: 16.43%
• 1Y: 116.42%
• 3Y*: 11.07%
• 5Y*: —
• 10Y*: —

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

ICLN vs. CTEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICLN iShares Global Clean Energy ETF	26.14%	47.05%	-25.72%	-20.41%	-5.43%	-1.92%
CTEX ProShares S&P Kensho Cleantech ETF	20.77%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%

Correlation

The correlation between ICLN and CTEX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.88

The correlation between ICLN and CTEX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

ICLN vs. CTEX - Sectors Allocation Comparison

Sectors	ICLN	CTEX
Utilities	34.6%	16.5%
Industrials	28.7%	38.2%
Energy	23.7%	36.3%
Technology	10.5%	6.1%
Basic Materials	1.3%	-
Consumer Cyclical	0.1%	2.6%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

ICLN vs. CTEX — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 70
ICLN Sharpe Ratio Rank: 74
ICLN Sortino Ratio Rank: 64
ICLN Omega Ratio Rank: 60
ICLN Calmar Ratio Rank: 79
ICLN Martin Ratio Rank: 75

CTEX

CTEX Risk / Return Rank: 79
CTEX Sharpe Ratio Rank: 87
CTEX Sortino Ratio Rank: 71
CTEX Omega Ratio Rank: 69
CTEX Calmar Ratio Rank: 90
CTEX Martin Ratio Rank: 77

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. CTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and ProShares S&P Kensho Cleantech ETF (CTEX). 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	CTEX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.65	-0.38
Sortino ratio: Return per unit of downside risk	2.84	2.98	-0.14
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	3.96	5.35	-1.39
Martin ratio: Return relative to average drawdown	13.73	13.69	+0.03

ICLN vs. CTEX - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.27, which is comparable to the CTEX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ICLN and CTEX, 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. CTEX - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than CTEX's maximum drawdown of -70.31%. Use the drawdown chart below to compare losses from any high point for ICLN and CTEX.

Drawdown Indicators

	ICLN	CTEX	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-70.31%	-16.84%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-21.90%	+5.52%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-56.83%	+13.65%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	—	—
Current Drawdown Current decline from peak	-43.56%	-17.23%	-26.33%
Average Drawdown Average peak-to-trough decline	-66.53%	-41.61%	-24.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.71%	8.53%	-3.82%

Volatility

ICLN vs. CTEX - Volatility Comparison

The current volatility for iShares Global Clean Energy ETF (ICLN) is 13.47%, while ProShares S&P Kensho Cleantech ETF (CTEX) has a volatility of 19.24%. This indicates that ICLN experiences smaller price fluctuations and is considered to be less risky than CTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	CTEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.47%	19.24%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	23.14%	32.48%	-9.34%
Volatility (1Y) Calculated over the trailing 1-year period	28.52%	44.17%	-15.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.69%	43.59%	-15.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	43.59%	-16.26%

ICLN vs. CTEX - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is lower than CTEX's 0.58% expense ratio.

Dividends

ICLN vs. CTEX - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 0.89%, less than CTEX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEX ProShares S&P Kensho Cleantech ETF	1.73%	2.17%	0.57%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ICLN and CTEX in my portfolio?

ICLN and CTEX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICLN or CTEX?

CTEX has higher volatility (19.24%) compared to ICLN (13.47%). In terms of maximum drawdown, ICLN dropped -87.15% vs CTEX's -70.31%.

Which ETF is better, ICLN or CTEX?

On 3-year performance, CTEX leads with 11.07% vs 6.74% for ICLN. On fees, ICLN is cheaper at 0.39% per year. On volatility, ICLN has been the lower-risk option at 13.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLN or CTEX?

Over the 3-year period, CTEX has performed better with a 11.07% return vs 6.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLN or CTEX?

ICLN is cheaper with a 0.39% expense ratio, compared with 0.58% for CTEX.

Which ETF pays a higher dividend yield, ICLN or CTEX?

CTEX has the higher dividend yield at 1.73%, compared with 0.89% for ICLN.

What is the main difference between ICLN and CTEX?

ICLN tracks S&P Global Clean Energy Index, while CTEX tracks S&P Kensho Cleantech Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.39% for ICLN and 0.58% for CTEX.

Which has better risk-adjusted returns?

CTEX currently has the higher Sharpe Ratio (2.65 vs 2.27), 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.