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ICLN vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICLN vs. EEM

Last updated Jun 13, 2026

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

Performance

ICLN vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and iShares MSCI Emerging Markets ETF (EEM). 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 27.33% return, which is significantly higher than EEM's 24.07% return. Over the past 10 years, ICLN has outperformed EEM with an annualized return of 11.67%, while EEM has yielded a comparatively lower 9.91% annualized return.

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%

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

ICLN vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

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

ICLN vs. EEM - Sectors Allocation Comparison

Sectors
ICLN
EEM

Utilities

32.8%
2.0%

Industrials

27.8%
6.2%

Energy

26.4%
3.3%

Technology

11.1%
43.6%

Basic Materials

1.1%
6.1%

Consumer Cyclical

0.1%
8.1%

Communication Services

-

5.7%

Consumer Defensive

-

2.7%

Financial Services

-

17.5%

Healthcare

-

2.5%

Real Estate

-

0.9%

Utilities

ICLN
32.8%
EEM
2.0%

Industrials

ICLN
27.8%
EEM
6.2%

Energy

ICLN
26.4%
EEM
3.3%

Technology

ICLN
11.1%
EEM
43.6%

Basic Materials

ICLN
1.1%
EEM
6.1%

Consumer Cyclical

ICLN
0.1%
EEM
8.1%

Communication Services

ICLN

-

EEM
5.7%

Consumer Defensive

ICLN

-

EEM
2.7%

Financial Services

ICLN

-

EEM
17.5%

Healthcare

ICLN

-

EEM
2.5%

Real Estate

ICLN

-

EEM
0.9%

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 Emerging Markets ETF

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

Return for Risk

ICLN vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
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
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. EEM - Risk-Adjusted Trends Comparison

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

ICLNEEMDifference
Sharpe ratioReturn per unit of total volatility
2.17
2.10

+0.07

Sortino ratioReturn per unit of downside risk
2.73
2.73

0.00

Omega ratioGain probability vs. loss probability

1.34

1.40

-0.05

Calmar ratioReturn relative to maximum drawdown

3.73

3.36

+0.37

Martin ratioReturn relative to average drawdown

13.84

12.38

+1.46

ICLN vs. EEM - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.17, which is comparable to the EEM Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of ICLN and EEM, 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. EEM - Drawdown Comparison

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

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Drawdown Indicators

ICLNEEMDifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-66.43%

-20.72%

Max Drawdown (1Y)

Largest decline over 1 year

-16.38%

-13.52%

-2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-43.18%

-17.29%

-25.89%

Max Drawdown (5Y)

Largest decline over 5 years

-57.16%

-37.49%

-19.67%

Max Drawdown (10Y)

Largest decline over 10 years

-66.75%

-39.82%

-26.93%

Current Drawdown

Current decline from peak

-43.03%

-4.12%

-38.91%

Average Drawdown

Average peak-to-trough decline

-66.56%

-16.00%

-50.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.41%

3.67%

+0.74%

Volatility

ICLN vs. EEM - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to iShares MSCI Emerging Markets ETF (EEM) at 10.80%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICLNEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.97%

10.80%

+2.17%

Volatility (6M)

Calculated over the trailing 6-month period

22.62%

19.39%

+3.23%

Volatility (1Y)

Calculated over the trailing 1-year period

28.21%

21.64%

+6.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.55%

19.26%

+8.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.32%

20.64%

+6.68%

ICLN vs. EEM - Expense Ratio Comparison

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

Dividends

ICLN vs. EEM - Dividend Comparison

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

ICLN and EEM 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, ICLN dropped -87.15% vs EEM's -66.43%.

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.

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

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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