ICLN vs. IEVL.L

Last updated Jul 21, 2026

ICLN (iShares Global Clean Energy ETF) and IEVL.L (iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while IEVL.L is a Europe Equities fund tracking the MSCI Europe Enhanced Value Index. Both are passively managed. Over the past 10 years, ICLN returned 8.88%/yr vs 11.37%/yr for IEVL.L. At a 0.45 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.25%/yr for IEVL.L.

Performance

ICLN vs. IEVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ICLN is traded in USD, while IEVL.L is traded in EUR. To make them comparable, the IEVL.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 10.70% return, which is significantly lower than IEVL.L's 12.07% return. Over the past 10 years, ICLN has underperformed IEVL.L with an annualized return of 8.88%, while IEVL.L has yielded a comparatively higher 11.37% annualized return.

ICLN

• 1D: -1.25%
• 1M: -14.03%
• 6M: 2.76%
• YTD: 10.70%
• 1Y: 34.98%
• 3Y*: 0.42%
• 5Y*: -3.25%
• 10Y*: 8.88%
• ALL TIME*: -3.76%

IEVL.L

• 1D: -0.58%
• 1M: 0.45%
• 6M: 10.60%
• YTD: 12.07%
• 1Y: 30.49%
• 3Y*: 21.66%
• 5Y*: 14.71%
• 10Y*: 11.37%
• ALL TIME*: 8.81%

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

ICLN vs. IEVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICLN iShares Global Clean Energy ETF	10.70%	47.05%	-25.72%	-20.41%	-5.43%	-24.18%	141.82%	44.36%	-9.03%	21.47%
IEVL.L iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating	12.07%	53.18%	3.73%	17.11%	-9.57%	18.05%	-0.67%	19.42%	-17.58%	26.17%

Correlation

The correlation between ICLN and IEVL.L is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jan 19, 2015	0.45

ICLN vs. IEVL.L - Sectors Allocation Comparison

Sectors	ICLN	IEVL.L
Utilities	36.5%	4.7%
Technology	27.5%	9.5%
Industrials	24.4%	19.1%
Energy	8.8%	4.5%
Basic Materials	1.5%	5.1%
Financial Services	0.1%	25.3%
Consumer Cyclical	0.1%	5.7%
Communication Services	-	3.1%
Consumer Defensive	-	8.4%
Healthcare	-	13.8%
Real Estate	-	0.6%

Return for Risk

ICLN vs. IEVL.L — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 41
ICLN Sharpe Ratio Rank: 44
ICLN Sortino Ratio Rank: 42
ICLN Omega Ratio Rank: 39
ICLN Calmar Ratio Rank: 38
ICLN Martin Ratio Rank: 43

IEVL.L

IEVL.L Risk / Return Rank: 87
IEVL.L Sharpe Ratio Rank: 90
IEVL.L Sortino Ratio Rank: 89
IEVL.L Omega Ratio Rank: 89
IEVL.L Calmar Ratio Rank: 84
IEVL.L Martin Ratio Rank: 85

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. IEVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.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	IEVL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.89	-0.71
Sortino ratio: Return per unit of downside risk	1.67	2.63	-0.96
Omega ratio: Gain probability vs. loss probability	1.20	1.33	-0.13
Calmar ratio: Return relative to maximum drawdown	1.50	2.61	-1.11
Martin ratio: Return relative to average drawdown	5.17	9.31	-4.14

ICLN vs. IEVL.L - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 1.18, which is lower than the IEVL.L Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ICLN and IEVL.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. IEVL.L - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than IEVL.L's maximum drawdown of -46.38%. Use the drawdown chart below to compare losses from any high point for ICLN and IEVL.L.

Drawdown Indicators

	ICLN	IEVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-46.38%	-40.77%
Max Drawdown (1Y) Largest decline over 1 year	-23.42%	-11.62%	-11.80%
Max Drawdown (3Y) Largest decline over 3 years	-42.27%	-17.42%	-24.85%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-31.13%	-26.03%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-46.38%	-20.37%
Current Drawdown Current decline from peak	-50.47%	-2.14%	-48.33%
Average Drawdown Average peak-to-trough decline	-66.45%	-9.87%	-56.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.78%	3.27%	+3.51%

Volatility

ICLN vs. IEVL.L - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 11.54% compared to iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating (IEVL.L) at 4.65%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than IEVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	IEVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.54%	4.65%	+6.89%
Volatility (6M) Calculated over the trailing 6-month period	24.70%	13.50%	+11.20%
Volatility (1Y) Calculated over the trailing 1-year period	29.86%	16.11%	+13.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.93%	18.49%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.43%	19.23%	+8.20%

ICLN vs. IEVL.L - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is higher than IEVL.L's 0.25% expense ratio.

Dividends

ICLN vs. IEVL.L - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.02%, while IEVL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICLN iShares Global Clean Energy ETF	1.02%	1.63%	1.85%	1.59%	0.89%	1.18%	0.34%	1.36%	2.77%	2.49%	3.88%	2.36%
IEVL.L iShares Edge MSCI Europe Value Factor UCITS ETF EUR Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ICLN and IEVL.L have a correlation of 0.48, 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 IEVL.L?

On fees, IEVL.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICLN or IEVL.L?

IEVL.L is cheaper with a 0.25% expense ratio, compared with 0.39% for ICLN.

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

ICLN is categorized as Alternative Energy Equities, while IEVL.L is Europe Equities. ICLN tracks S&P Global Clean Energy Index, while IEVL.L tracks MSCI Europe Enhanced Value Index. Their fees differ too: 0.39% for ICLN and 0.25% for IEVL.L.