ICLN vs. HJEN

Last updated Jun 4, 2026

ICLN (iShares Global Clean Energy ETF) and HJEN (Direxion Hydrogen ETF) are both Alternative Energy Equities funds - ICLN tracks the S&P Global Clean Energy Index while HJEN tracks the Indxx Hydrogen Economy Index - Benchmark TR Net. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. ICLN charges 0.46%/yr vs 0.45%/yr for HJEN.

Performance

ICLN vs. HJEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and Direxion Hydrogen ETF (HJEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ICLN

• 1D: -2.78%
• 1M: 11.22%
• YTD: 40.54%
• 6M: 39.84%
• 1Y: 83.73%
• 3Y*: 8.92%
• 5Y*: 2.10%
• 10Y*: 11.99%

HJEN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICLN vs. HJEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICLN iShares Global Clean Energy ETF	40.54%	47.05%	-25.72%	-20.41%	-5.43%	-4.88%
HJEN Direxion Hydrogen ETF	0.00%	0.00%	-10.90%	-8.69%	-33.27%	-13.86%

Correlation

The correlation between ICLN and HJEN 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 (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Mar 26, 2021	0.64

The correlation between ICLN and HJEN shifts across timeframes, from 0.44 (3 years) to 0.64 (all time), reflecting how their relationship changes across market environments.

ICLN vs. HJEN - Sectors Allocation Comparison

Sectors	ICLN	HJEN
Utilities	32.8%	-
Industrials	27.8%	31.7%
Energy	26.4%	8.3%
Technology	11.1%	7.6%
Basic Materials	1.1%	9.2%
Consumer Cyclical	0.1%	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	3.3%
Healthcare	-	-
Real Estate	-	-

Return for Risk

ICLN vs. HJEN — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 87
ICLN Sharpe Ratio Rank: 90
ICLN Sortino Ratio Rank: 84
ICLN Omega Ratio Rank: 78
ICLN Calmar Ratio Rank: 94
ICLN Martin Ratio Rank: 90

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. HJEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and Direxion Hydrogen ETF (HJEN). 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.

	ICLN	HJEN	Difference
Sharpe ratio: Return per unit of total volatility	3.20	—	—
Sortino ratio: Return per unit of downside risk	3.86	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	7.50	—	—
Martin ratio: Return relative to average drawdown	21.35	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ICLN	HJEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	—	—

Drawdowns

Drawdown Indicators

	ICLN	HJEN	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	—	—
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	-37.13%	—	—
Average Drawdown Average peak-to-trough decline	-66.61%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	—	—

Volatility

Volatility by Period

	ICLN	HJEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.38%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.21%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.20%	—	—

ICLN vs. HJEN - Expense Ratio Comparison

ICLN has a 0.46% expense ratio, which is higher than HJEN's 0.45% expense ratio.

Dividends

ICLN vs. HJEN - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.16%, while HJEN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HJEN Direxion Hydrogen ETF	0.00%	0.00%	0.91%	1.50%	1.24%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICLN iShares Global Clean Energy ETF	1.16%	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 HJEN in my portfolio?

ICLN and HJEN 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.

Which ETF is better, ICLN or HJEN?

On fees, HJEN is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLN or HJEN?

HJEN is cheaper with a 0.45% expense ratio, compared with 0.46% for ICLN.

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

ICLN has the higher dividend yield at 1.16%, compared with 0.00% for HJEN.

What is the main difference between ICLN and HJEN?

ICLN tracks S&P Global Clean Energy Index, while HJEN tracks Indxx Hydrogen Economy Index - Benchmark TR Net. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.46% for ICLN and 0.45% for HJEN.