ICLN vs. FSLR
ICLN (iShares Global Clean Energy ETF) is Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while FSLR (First Solar, Inc.) is a stock. Over the past 10 years, ICLN returned 11.67%/yr vs 18.76%/yr for FSLR. A 0.66 correlation means they provide meaningful diversification when combined.
Performance
ICLN vs. FSLR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ICLN achieves a 27.33% return, which is significantly higher than FSLR's 2.33% return. Over the past 10 years, ICLN has underperformed FSLR with an annualized return of 11.67%, while FSLR has yielded a comparatively higher 18.76% annualized return.
ICLN
- 1D
- 0.87%
- 1M
- -5.47%
- YTD
- 27.33%
- 6M
- 27.01%
- 1Y
- 60.20%
- 3Y*
- 5.25%
- 5Y*
- -0.21%
- 10Y*
- 11.67%
FSLR
- 1D
- -1.42%
- 1M
- 14.54%
- YTD
- 2.33%
- 6M
- 4.91%
- 1Y
- 52.57%
- 3Y*
- 10.90%
- 5Y*
- 27.42%
- 10Y*
- 18.76%
ICLN vs. FSLR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FSLR First Solar, Inc. | 2.33% | 48.22% | 2.30% | 15.01% | 71.86% | -11.89% | 76.77% | 31.81% | -37.12% | 110.41% |
Correlation
The correlation between ICLN and FSLR is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2008 | 0.66 |
The correlation between ICLN and FSLR has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ICLN vs. FSLR — Risk / Return Rank
ICLN
FSLR
ICLN vs. FSLR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and First Solar, Inc. (FSLR). 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 | FSLR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.22 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 1.70 | +2.03 |
| Martin ratioReturn relative to average drawdown | 13.84 | 3.57 | +10.27 |
Loading charts...
Drawdowns
ICLN vs. FSLR - Drawdown Comparison
The maximum ICLN drawdown since its inception was -87.15%, smaller than the maximum FSLR drawdown of -96.22%. Use the drawdown chart below to compare losses from any high point for ICLN and FSLR.
Loading charts...
Drawdown Indicators
| ICLN | FSLR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.15% | -96.22% | +9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -16.38% | -35.10% | +18.72% |
Max Drawdown (3Y)Largest decline over 3 years | -43.18% | -59.97% | +16.79% |
Max Drawdown (5Y)Largest decline over 5 years | -57.16% | -59.97% | +2.81% |
Max Drawdown (10Y)Largest decline over 10 years | -66.75% | -61.26% | -5.49% |
Current DrawdownCurrent decline from peak | -43.03% | -16.01% | -27.02% |
Average DrawdownAverage peak-to-trough decline | -66.56% | -63.20% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 16.63% | -12.22% |
Volatility
ICLN vs. FSLR - Volatility Comparison
The current volatility for iShares Global Clean Energy ETF (ICLN) is 12.97%, while First Solar, Inc. (FSLR) has a volatility of 23.37%. This indicates that ICLN experiences smaller price fluctuations and is considered to be less risky than FSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ICLN | FSLR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.97% | 23.37% | -10.40% |
Volatility (6M)Calculated over the trailing 6-month period | 22.62% | 41.98% | -19.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 58.23% | -30.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 54.07% | -26.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.32% | 50.84% | -23.52% |
Dividends
ICLN vs. FSLR - Dividend Comparison
ICLN's dividend yield for the trailing twelve months is around 1.28%, while FSLR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSLR First Solar, Inc. | 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 | 1.28% | 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 FSLR have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSLR has higher volatility (23.37%) compared to ICLN (12.97%). In terms of maximum drawdown, ICLN dropped -87.15% vs FSLR's -96.22%.
ICLN currently has the higher Sharpe Ratio (2.17 vs 1.02), 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.
Find the right allocation for ICLN and FSLR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer