ICLN vs. CXSE

Last updated Jun 26, 2026

ICLN (iShares Global Clean Energy ETF) and CXSE (WisdomTree China ex-State-Owned Enterprises Fund) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index. Both are passively managed. Over the past 10 years, ICLN returned 11.35%/yr vs 7.10%/yr for CXSE. At a 0.48 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.32%/yr for CXSE.

Performance

ICLN vs. CXSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICLN achieves a 23.83% return, which is significantly higher than CXSE's -3.41% return. Over the past 10 years, ICLN has outperformed CXSE with an annualized return of 11.35%, while CXSE has yielded a comparatively lower 7.10% annualized return.

ICLN

• 1D: -0.93%
• 1M: -11.28%
• YTD: 23.83%
• 6M: 22.71%
• 1Y: 58.94%
• 3Y*: 6.01%
• 5Y*: -1.22%
• 10Y*: 11.35%

CXSE

• 1D: 0.79%
• 1M: -4.09%
• YTD: -3.41%
• 6M: -4.78%
• 1Y: 13.70%
• 3Y*: 10.14%
• 5Y*: -9.16%
• 10Y*: 7.10%

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

ICLN vs. CXSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICLN iShares Global Clean Energy ETF	23.83%	47.05%	-25.72%	-20.41%	-5.43%	-24.18%	141.82%	44.36%	-9.03%	21.47%
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-3.41%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%

Correlation

The correlation between ICLN and CXSE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012	0.48

The correlation between ICLN and CXSE has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.

ICLN vs. CXSE - Sectors Allocation Comparison

Sectors	ICLN	CXSE
Utilities	34.6%	0.2%
Industrials	28.7%	12.7%
Energy	23.7%	0.4%
Technology	10.5%	27.4%
Basic Materials	1.3%	3.2%
Consumer Cyclical	0.1%	24.6%
Communication Services	-	12.1%
Consumer Defensive	-	4.0%
Financial Services	-	6.2%
Healthcare	-	8.6%
Real Estate	-	0.8%

Return for Risk

ICLN vs. CXSE — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 72
ICLN Sharpe Ratio Rank: 75
ICLN Sortino Ratio Rank: 67
ICLN Omega Ratio Rank: 63
ICLN Calmar Ratio Rank: 80
ICLN Martin Ratio Rank: 74

CXSE

CXSE Risk / Return Rank: 19
CXSE Sharpe Ratio Rank: 20
CXSE Sortino Ratio Rank: 19
CXSE Omega Ratio Rank: 19
CXSE Calmar Ratio Rank: 19
CXSE Martin Ratio Rank: 17

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. CXSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and WisdomTree China ex-State-Owned Enterprises Fund (CXSE). 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	CXSE	Difference
Sharpe ratio: Return per unit of total volatility	2.08	0.63	+1.44
Sortino ratio: Return per unit of downside risk	2.65	1.01	+1.64
Omega ratio: Gain probability vs. loss probability	1.33	1.13	+0.20
Calmar ratio: Return relative to maximum drawdown	3.62	0.78	+2.84
Martin ratio: Return relative to average drawdown	12.13	1.53	+10.61

ICLN vs. CXSE - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.08, which is higher than the CXSE Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of ICLN and CXSE, 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. CXSE - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than CXSE's maximum drawdown of -70.01%. Use the drawdown chart below to compare losses from any high point for ICLN and CXSE.

Drawdown Indicators

	ICLN	CXSE	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-70.01%	-17.14%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-17.70%	+1.32%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-32.12%	-11.06%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-64.47%	+7.31%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-70.01%	+3.26%
Current Drawdown Current decline from peak	-44.60%	-48.33%	+3.73%
Average Drawdown Average peak-to-trough decline	-66.52%	-27.91%	-38.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	9.00%	-4.13%

Volatility

ICLN vs. CXSE - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 13.11% compared to WisdomTree China ex-State-Owned Enterprises Fund (CXSE) at 7.23%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than CXSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	CXSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.11%	7.23%	+5.88%
Volatility (6M) Calculated over the trailing 6-month period	23.13%	15.57%	+7.56%
Volatility (1Y) Calculated over the trailing 1-year period	28.51%	21.68%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.69%	32.36%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	28.73%	-1.41%

ICLN vs. CXSE - Expense Ratio Comparison

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

Dividends

ICLN vs. CXSE - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 0.91%, less than CXSE's 1.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.50%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
ICLN iShares Global Clean Energy ETF	0.91%	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 CXSE in my portfolio?

ICLN and CXSE have a correlation of 0.50, 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 CXSE?

ICLN has higher volatility (13.11%) compared to CXSE (7.23%). In terms of maximum drawdown, ICLN dropped -87.15% vs CXSE's -70.01%.

Which ETF is better, ICLN or CXSE?

On 10-year performance, ICLN leads with 11.35% vs 7.10% for CXSE. On fees, CXSE is cheaper at 0.32% per year. On volatility, CXSE has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLN or CXSE?

Over the 10-year period, ICLN has performed better with a 11.35% return vs 7.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLN or CXSE?

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

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

CXSE has the higher dividend yield at 1.50%, compared with 0.91% for ICLN.

What is the main difference between ICLN and CXSE?

ICLN is categorized as Alternative Energy Equities, while CXSE is China Equities. ICLN tracks S&P Global Clean Energy Index, while CXSE tracks WisdomTree China ex-State-Owned Enterprises Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.39% for ICLN and 0.32% for CXSE.

Which has better risk-adjusted returns?

ICLN currently has the higher Sharpe Ratio (2.08 vs 0.63), 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.