ICLN vs. IEUR

Last updated Jun 14, 2026

ICLN (iShares Global Clean Energy ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, ICLN returned 11.67%/yr vs 10.11%/yr for IEUR. A 0.61 correlation means they provide meaningful diversification when combined. ICLN charges 0.39%/yr vs 0.09%/yr for IEUR.

Performance

ICLN vs. IEUR - Performance Comparison

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

Returns By Period

In the year-to-date period, ICLN achieves a 27.33% return, which is significantly higher than IEUR's 7.65% return. Over the past 10 years, ICLN has outperformed IEUR with an annualized return of 11.67%, while IEUR has yielded a comparatively lower 10.11% 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%

IEUR

• 1D: 0.14%
• 1M: 2.40%
• YTD: 7.65%
• 6M: 9.78%
• 1Y: 19.09%
• 3Y*: 16.42%
• 5Y*: 8.26%
• 10Y*: 10.11%

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

ICLN vs. IEUR - 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%
IEUR iShares Core MSCI Europe ETF	7.65%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between ICLN and IEUR is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.61

The correlation between ICLN and IEUR has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

ICLN vs. IEUR - Sectors Allocation Comparison

Sectors	ICLN	IEUR
Utilities	35.4%	4.4%
Industrials	26.2%	20.3%
Energy	24.9%	4.9%
Technology	10.8%	9.4%
Basic Materials	1.3%	5.8%
Consumer Cyclical	0.1%	7.0%
Communication Services	-	3.9%
Consumer Defensive	-	7.7%
Financial Services	-	22.5%
Healthcare	-	12.5%
Real Estate	-	1.5%

Return for Risk

ICLN vs. IEUR — 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

IEUR

IEUR Risk / Return Rank: 35
IEUR Sharpe Ratio Rank: 35
IEUR Sortino Ratio Rank: 35
IEUR Omega Ratio Rank: 33
IEUR Calmar Ratio Rank: 33
IEUR Martin Ratio Rank: 39

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. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares Core MSCI Europe ETF (IEUR). 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	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.10	+1.07
Sortino ratio: Return per unit of downside risk	2.73	1.64	+1.09
Omega ratio: Gain probability vs. loss probability	1.34	1.20	+0.15
Calmar ratio: Return relative to maximum drawdown	3.73	1.44	+2.29
Martin ratio: Return relative to average drawdown	13.84	5.40	+8.44

ICLN vs. IEUR - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.17, which is higher than the IEUR Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of ICLN and IEUR, 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. IEUR - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for ICLN and IEUR.

Drawdown Indicators

	ICLN	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-36.96%	-50.19%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-12.04%	-4.34%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-14.25%	-28.93%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-32.75%	-24.41%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-36.96%	-29.79%
Current Drawdown Current decline from peak	-43.03%	-0.44%	-42.59%
Average Drawdown Average peak-to-trough decline	-66.56%	-8.21%	-58.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	3.22%	+1.19%

Volatility

ICLN vs. IEUR - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to iShares Core MSCI Europe ETF (IEUR) at 5.70%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.97%	5.70%	+7.27%
Volatility (6M) Calculated over the trailing 6-month period	22.62%	13.31%	+9.31%
Volatility (1Y) Calculated over the trailing 1-year period	28.21%	15.83%	+12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.55%	17.81%	+9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	18.68%	+8.64%

ICLN vs. IEUR - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

ICLN vs. IEUR - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.28%, less than IEUR's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IEUR iShares Core MSCI Europe ETF	2.76%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both ICLN and IEUR in my portfolio?

ICLN and IEUR have a correlation of 0.52, 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 IEUR?

ICLN has higher volatility (12.97%) compared to IEUR (5.70%). In terms of maximum drawdown, ICLN dropped -87.15% vs IEUR's -36.96%.

Which ETF is better, ICLN or IEUR?

On 10-year performance, ICLN leads with 11.67% vs 10.11% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLN or IEUR?

Over the 10-year period, ICLN has performed better with a 11.67% return vs 10.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLN or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.39% for ICLN.

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

IEUR has the higher dividend yield at 2.76%, compared with 1.28% for ICLN.

What is the main difference between ICLN and IEUR?

ICLN is categorized as Alternative Energy Equities, while IEUR is Europe Equities. ICLN tracks S&P Global Clean Energy Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.39% for ICLN and 0.09% for IEUR.

Which has better risk-adjusted returns?

ICLN currently has the higher Sharpe Ratio (2.17 vs 1.10), 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.