ICLN vs. INDA

Last updated Jun 13, 2026

ICLN (iShares Global Clean Energy ETF) and INDA (iShares MSCI India ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while INDA is a Asia Pacific Equities fund tracking the MSCI India Index. Both are passively managed. Over the past 10 years, ICLN returned 11.67%/yr vs 7.09%/yr for INDA. At a 0.46 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.69%/yr for INDA.

Performance

ICLN vs. INDA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and iShares MSCI India ETF (INDA). 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 INDA's -10.58% return. Over the past 10 years, ICLN has outperformed INDA with an annualized return of 11.67%, while INDA has yielded a comparatively lower 7.09% 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%

INDA

• 1D: 1.13%
• 1M: 0.73%
• YTD: -10.58%
• 6M: -9.05%
• 1Y: -11.81%
• 3Y*: 4.51%
• 5Y*: 2.79%
• 10Y*: 7.09%

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

ICLN vs. INDA - 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%
INDA iShares MSCI India ETF	-10.58%	2.68%	8.63%	17.16%	-8.94%	21.36%	14.83%	6.49%	-6.67%	36.08%

Correlation

The correlation between ICLN and INDA is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 3, 2012	0.46

ICLN vs. INDA - Sectors Allocation Comparison

Sectors	ICLN	INDA
Utilities	32.8%	4.6%
Industrials	27.8%	10.3%
Energy	26.4%	9.5%
Technology	11.1%	8.3%
Basic Materials	1.1%	8.0%
Consumer Cyclical	0.1%	12.5%
Communication Services	-	4.7%
Consumer Defensive	-	6.2%
Financial Services	-	28.4%
Healthcare	-	6.2%
Real Estate	-	1.4%

Return for Risk

ICLN vs. INDA — 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

INDA

INDA Risk / Return Rank: 3
INDA Sharpe Ratio Rank: 3
INDA Sortino Ratio Rank: 3
INDA Omega Ratio Rank: 3
INDA Calmar Ratio Rank: 4
INDA Martin Ratio Rank: 2

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. INDA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares MSCI India ETF (INDA). 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	INDA	Difference
Sharpe ratio: Return per unit of total volatility	2.17	-0.80	+2.97
Sortino ratio: Return per unit of downside risk	2.73	-1.10	+3.83
Omega ratio: Gain probability vs. loss probability	1.34	0.88	+0.47
Calmar ratio: Return relative to maximum drawdown	3.73	-0.63	+4.37
Martin ratio: Return relative to average drawdown	13.84	-1.46	+15.30

ICLN vs. INDA - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 2.17, which is higher than the INDA Sharpe Ratio of -0.80. The chart below compares the historical Sharpe Ratios of ICLN and INDA, 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. INDA - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than INDA's maximum drawdown of -45.07%. Use the drawdown chart below to compare losses from any high point for ICLN and INDA.

Drawdown Indicators

	ICLN	INDA	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-45.07%	-42.08%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-18.69%	+2.31%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-22.72%	-20.46%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-22.72%	-34.44%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	-45.07%	-21.68%
Current Drawdown Current decline from peak	-43.03%	-17.77%	-25.26%
Average Drawdown Average peak-to-trough decline	-66.56%	-9.59%	-56.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	8.09%	-3.68%

Volatility

ICLN vs. INDA - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to iShares MSCI India ETF (INDA) at 4.16%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than INDA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	INDA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.97%	4.16%	+8.81%
Volatility (6M) Calculated over the trailing 6-month period	22.62%	12.77%	+9.85%
Volatility (1Y) Calculated over the trailing 1-year period	28.21%	14.79%	+13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.55%	15.40%	+12.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	21.11%	+6.21%

ICLN vs. INDA - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is lower than INDA's 0.69% expense ratio.

Dividends

ICLN vs. INDA - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.28%, while INDA 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	1.28%	1.63%	1.85%	1.59%	0.89%	1.18%	0.34%	1.36%	2.77%	2.49%	3.88%	2.36%
INDA iShares MSCI India ETF	0.00%	0.00%	0.76%	0.16%	0.00%	6.44%	0.27%	0.99%	0.94%	1.09%	0.90%	1.19%

Frequently Asked Questions

Can I hold both ICLN and INDA in my portfolio?

ICLN and INDA have a correlation of 0.39, 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 INDA?

ICLN has higher volatility (12.97%) compared to INDA (4.16%). In terms of maximum drawdown, ICLN dropped -87.15% vs INDA's -45.07%.

Which ETF is better, ICLN or INDA?

On 10-year performance, ICLN leads with 11.67% vs 7.09% for INDA. On fees, ICLN is cheaper at 0.39% per year. On volatility, INDA has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICLN or INDA?

Over the 10-year period, ICLN has performed better with a 11.67% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICLN or INDA?

ICLN is cheaper with a 0.39% expense ratio, compared with 0.69% for INDA.

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

ICLN has the higher dividend yield at 1.28%, compared with 0.00% for INDA.

What is the main difference between ICLN and INDA?

ICLN is categorized as Alternative Energy Equities, while INDA is Asia Pacific Equities. ICLN tracks S&P Global Clean Energy Index, while INDA tracks MSCI India Index. Their fees differ too: 0.39% for ICLN and 0.69% for INDA.

Which has better risk-adjusted returns?

ICLN currently has the higher Sharpe Ratio (2.17 vs -0.80), 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.