ICLN vs. RAYS

Last updated Jun 26, 2026

ICLN (iShares Global Clean Energy ETF) and RAYS (Global X Solar ETF) are both Alternative Energy Equities funds - ICLN tracks the S&P Global Clean Energy Index while RAYS tracks the Solactive Solar Index. Both are passively managed. ICLN charges 0.39%/yr vs 0.50%/yr for RAYS.

Performance

ICLN vs. RAYS - Performance Comparison

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

Returns By Period

ICLN

• 1D: -0.93%
• 1M: -11.28%
• YTD: 23.83%
• 6M: 22.71%
• 1Y: 58.94%
• 3Y*: 6.01%
• 5Y*: -1.22%
• 10Y*: 11.35%

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICLN vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
ICLN iShares Global Clean Energy ETF	12.34%
RAYS Global X Solar ETF	0.00%

ICLN vs. RAYS - Sectors Allocation Comparison

Sectors	ICLN	RAYS
Utilities	34.6%	6.8%
Industrials	28.7%	21.4%
Energy	23.7%	-
Technology	10.5%	66.9%
Basic Materials	1.3%	0.9%
Consumer Cyclical	0.1%	4.0%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

ICLN vs. RAYS — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 72
ICLN Sharpe Ratio Rank: 75
ICLN Sortino Ratio Rank: 67
ICLN Omega Ratio Rank: 63
ICLN Calmar Ratio Rank: 80
ICLN Martin Ratio Rank: 74

RAYS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. RAYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and Global X Solar ETF (RAYS). 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	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	2.08	—	—
Sortino ratio: Return per unit of downside risk	2.65	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.62	—	—
Martin ratio: Return relative to average drawdown	12.13	—	—

Drawdowns

ICLN vs. RAYS - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ICLN and RAYS.

Drawdown Indicators

	ICLN	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	0.00%	-87.15%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	—	—
Current Drawdown Current decline from peak	-44.60%	0.00%	-44.60%
Average Drawdown Average peak-to-trough decline	-66.52%	0.00%	-66.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	—	—

Volatility

Volatility by Period

	ICLN	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.13%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.51%	0.00%	+28.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.69%	0.00%	+27.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.32%	0.00%	+27.32%

ICLN vs. RAYS - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is lower than RAYS's 0.50% expense ratio.

Dividends

ICLN vs. RAYS - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 0.91%, while RAYS 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	0.91%	1.63%	1.85%	1.59%	0.89%	1.18%	0.34%	1.36%	2.77%	2.49%	3.88%	2.36%
RAYS Global X Solar ETF	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

Which ETF is better, ICLN or RAYS?

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 RAYS?

ICLN is cheaper with a 0.39% expense ratio, compared with 0.50% for RAYS.

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

ICLN has the higher dividend yield at 0.91%, compared with 0.00% for RAYS.

What is the main difference between ICLN and RAYS?

ICLN tracks S&P Global Clean Energy Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.39% for ICLN and 0.50% for RAYS.