ICLN vs. PIO
Compare and contrast key facts about iShares Global Clean Energy ETF (ICLN) and Invesco Global Water ETF (PIO).
ICLN and PIO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ICLN is a passively managed fund by iShares that tracks the performance of the S&P Global Clean Energy Index. It was launched on Jun 24, 2008. PIO is a passively managed fund by Invesco that tracks the performance of the NASDAQ OMX Global Water Index. It was launched on Jun 13, 2007. Both ICLN and PIO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ICLN vs. PIO - Performance Comparison
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ICLN vs. PIO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICLN iShares Global Clean Energy ETF | 11.32% | 47.05% | -25.72% | -20.41% | -5.43% | -24.18% | 141.82% | 44.36% | -9.03% | 21.47% |
PIO Invesco Global Water ETF | -1.55% | 14.25% | -0.44% | 22.19% | -24.06% | 25.97% | 14.22% | 35.59% | -9.71% | 26.52% |
Returns By Period
In the year-to-date period, ICLN achieves a 11.32% return, which is significantly higher than PIO's -1.55% return. Both investments have delivered pretty close results over the past 10 years, with ICLN having a 8.96% annualized return and PIO not far behind at 8.80%.
ICLN
- 1D
- 4.45%
- 1M
- 0.38%
- YTD
- 11.32%
- 6M
- 19.07%
- 1Y
- 63.12%
- 3Y*
- -0.97%
- 5Y*
- -4.11%
- 10Y*
- 8.96%
PIO
- 1D
- 2.81%
- 1M
- -10.03%
- YTD
- -1.55%
- 6M
- -3.09%
- 1Y
- 9.33%
- 3Y*
- 8.47%
- 5Y*
- 4.56%
- 10Y*
- 8.80%
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ICLN vs. PIO - Expense Ratio Comparison
ICLN has a 0.46% expense ratio, which is lower than PIO's 0.75% expense ratio.
Return for Risk
ICLN vs. PIO — Risk / Return Rank
ICLN
PIO
ICLN vs. PIO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and Invesco Global Water ETF (PIO). 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 | PIO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.43 | 0.53 | +1.89 |
Sortino ratioReturn per unit of downside risk | 3.06 | 0.89 | +2.17 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.12 | +0.27 |
Calmar ratioReturn relative to maximum drawdown | 5.49 | 0.70 | +4.79 |
Martin ratioReturn relative to average drawdown | 15.39 | 2.54 | +12.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICLN | PIO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 0.53 | +1.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | 0.26 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.49 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.20 | -0.31 |
Correlation
The correlation between ICLN and PIO is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ICLN vs. PIO - Dividend Comparison
ICLN's dividend yield for the trailing twelve months is around 1.46%, more than PIO's 1.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICLN iShares Global Clean Energy ETF | 1.46% | 1.63% | 1.85% | 1.59% | 0.89% | 1.18% | 0.34% | 1.36% | 2.77% | 2.49% | 3.88% | 2.36% |
PIO Invesco Global Water ETF | 1.03% | 1.04% | 0.78% | 0.84% | 1.02% | 1.19% | 0.88% | 1.20% | 2.00% | 1.00% | 1.45% | 1.63% |
Drawdowns
ICLN vs. PIO - Drawdown Comparison
The maximum ICLN drawdown since its inception was -87.15%, which is greater than PIO's maximum drawdown of -64.88%. Use the drawdown chart below to compare losses from any high point for ICLN and PIO.
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Drawdown Indicators
| ICLN | PIO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.15% | -64.88% | -22.27% |
Max Drawdown (1Y)Largest decline over 1 year | -11.22% | -13.14% | +1.92% |
Max Drawdown (5Y)Largest decline over 5 years | -57.16% | -34.27% | -22.89% |
Max Drawdown (10Y)Largest decline over 10 years | -66.75% | -35.76% | -30.99% |
Current DrawdownCurrent decline from peak | -50.20% | -10.61% | -39.59% |
Average DrawdownAverage peak-to-trough decline | -66.84% | -15.50% | -51.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 3.62% | +0.38% |
Volatility
ICLN vs. PIO - Volatility Comparison
iShares Global Clean Energy ETF (ICLN) has a higher volatility of 10.82% compared to Invesco Global Water ETF (PIO) at 6.83%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than PIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLN | PIO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.82% | 6.83% | +3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 20.46% | 10.78% | +9.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.17% | 17.54% | +8.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.16% | 17.48% | +9.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.04% | 18.13% | +8.91% |