ICLN vs. IBZL.L

Last updated Jun 13, 2026

ICLN (iShares Global Clean Energy ETF) and IBZL.L (iShares MSCI Brazil UCITS ETF (Dist)) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while IBZL.L is a Latin America Equities fund tracking the MSCI Brazil NR USD. Both are passively managed. Over the past 10 years, ICLN returned 11.67%/yr vs 7.97%/yr for IBZL.L. At a 0.42 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.74%/yr for IBZL.L.

Performance

ICLN vs. IBZL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ICLN is traded in USD, while IBZL.L is traded in GBp. To make them comparable, the IBZL.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ICLN achieves a 27.33% return, which is significantly higher than IBZL.L's 10.87% return. Over the past 10 years, ICLN has outperformed IBZL.L with an annualized return of 11.67%, while IBZL.L has yielded a comparatively lower 7.97% 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%

IBZL.L

• 1D: 4.15%
• 1M: -7.27%
• YTD: 10.87%
• 6M: 10.55%
• 1Y: 31.39%
• 3Y*: 8.88%
• 5Y*: 5.61%
• 10Y*: 7.97%

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

ICLN vs. IBZL.L - 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%
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	10.87%	46.23%	-28.40%	30.25%	14.67%	-21.41%	-14.69%	19.08%	-3.13%	25.19%

Correlation

The correlation between ICLN and IBZL.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 25, 2008	0.42

The correlation between ICLN and IBZL.L shifts across timeframes, from 0.35 (5 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

ICLN vs. IBZL.L - Sectors Allocation Comparison

Sectors	ICLN	IBZL.L
Utilities	32.8%	12.0%
Industrials	27.8%	10.9%
Energy	26.4%	17.9%
Technology	11.1%	1.2%
Basic Materials	1.1%	15.1%
Consumer Cyclical	0.1%	1.3%
Communication Services	-	1.8%
Consumer Defensive	-	4.6%
Financial Services	-	33.1%
Healthcare	-	2.1%
Real Estate	-	-

Return for Risk

ICLN vs. IBZL.L — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 75
ICLN Sharpe Ratio Rank: 78
ICLN Sortino Ratio Rank: 70
ICLN Omega Ratio Rank: 67
ICLN Calmar Ratio Rank: 81
ICLN Martin Ratio Rank: 81

IBZL.L

IBZL.L Risk / Return Rank: 46
IBZL.L Sharpe Ratio Rank: 50
IBZL.L Sortino Ratio Rank: 49
IBZL.L Omega Ratio Rank: 48
IBZL.L Calmar Ratio Rank: 40
IBZL.L Martin Ratio Rank: 42

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. IBZL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L). 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	IBZL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.32	+0.84
Sortino ratio: Return per unit of downside risk	2.73	1.91	+0.82
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	3.73	1.56	+2.18
Martin ratio: Return relative to average drawdown	13.84	5.06	+8.78

ICLN vs. IBZL.L - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.17, which is higher than the IBZL.L Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of ICLN and IBZL.L, 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. IBZL.L - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than IBZL.L's maximum drawdown of -77.68%. Use the drawdown chart below to compare losses from any high point for ICLN and IBZL.L.

Drawdown Indicators

	ICLN	IBZL.L	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-77.68%	-9.47%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-20.09%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-30.07%	-13.11%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-30.74%	-26.42%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-54.81%	-11.94%
Current Drawdown Current decline from peak	-43.03%	-27.42%	-15.61%
Average Drawdown Average peak-to-trough decline	-66.56%	-42.82%	-23.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	6.18%	-1.77%

Volatility

ICLN vs. IBZL.L - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to iShares MSCI Brazil UCITS ETF (Dist) (IBZL.L) at 7.95%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than IBZL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	IBZL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.97%	7.95%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	22.62%	19.29%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	28.21%	23.63%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.55%	27.82%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	32.48%	-5.16%

ICLN vs. IBZL.L - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is lower than IBZL.L's 0.74% expense ratio.

Dividends

ICLN vs. IBZL.L - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.28%, less than IBZL.L's 3.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBZL.L iShares MSCI Brazil UCITS ETF (Dist)	3.26%	4.32%	6.46%	5.44%	13.60%	6.32%	1.92%	2.53%	2.45%	1.46%	1.64%	3.54%
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

Can I hold both ICLN and IBZL.L in my portfolio?

ICLN and IBZL.L have a correlation of 0.47, 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 IBZL.L?

On fees, ICLN is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLN or IBZL.L?

ICLN is cheaper with a 0.39% expense ratio, compared with 0.74% for IBZL.L.

What is the main difference between ICLN and IBZL.L?

ICLN is categorized as Alternative Energy Equities, while IBZL.L is Latin America Equities. ICLN tracks S&P Global Clean Energy Index, while IBZL.L tracks MSCI Brazil NR USD. Their fees differ too: 0.39% for ICLN and 0.74% for IBZL.L.