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ICLN vs. SWDA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICLN vs. SWDA.L

Last updated Jul 21, 2026
Documentation

ICLN (iShares Global Clean Energy ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, ICLN returned 8.88%/yr vs 12.83%/yr for SWDA.L. At a 0.50 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.20%/yr for SWDA.L.

Performance

ICLN vs. SWDA.L - 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 World UCITS ETF USD (Acc) (SWDA.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ICLN is traded in USD, while SWDA.L is traded in GBp. To make them comparable, the SWDA.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 higher than SWDA.L's 9.14% return. Over the past 10 years, ICLN has underperformed SWDA.L with an annualized return of 8.88%, while SWDA.L has yielded a comparatively higher 12.83% 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%

SWDA.L

1D
0.13%
1M
-0.10%
6M
8.65%
YTD
9.14%
1Y
20.40%
3Y*
18.30%
5Y*
11.36%
10Y*
12.83%
ALL TIME*
7.95%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICLN vs. SWDA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		9.14%21.14%19.09%23.79%-18.13%22.52%15.68%27.97%-9.23%22.42%

Correlation

The correlation between ICLN and SWDA.L is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.42

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Sep 25, 2009

0.50

The correlation between ICLN and SWDA.L has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

ICLN vs. SWDA.L - Sectors Allocation Comparison

Sectors
ICLN
SWDA.L

Utilities

36.5%
2.5%

Technology

27.5%
30.3%

Industrials

24.4%
11.1%

Energy

8.8%
3.8%

Basic Materials

1.5%
3.1%

Financial Services

0.1%
16.3%

Consumer Cyclical

0.1%
8.9%

Communication Services

-

8.5%

Consumer Defensive

-

4.9%

Healthcare

-

8.9%

Real Estate

-

1.7%

Utilities

ICLN
36.5%
SWDA.L
2.5%

Technology

ICLN
27.5%
SWDA.L
30.3%

Industrials

ICLN
24.4%
SWDA.L
11.1%

Energy

ICLN
8.8%
SWDA.L
3.8%

Basic Materials

ICLN
1.5%
SWDA.L
3.1%

Financial Services

ICLN
0.1%
SWDA.L
16.3%

Consumer Cyclical

ICLN
0.1%
SWDA.L
8.9%

Communication Services

ICLN

-

SWDA.L
8.5%

Consumer Defensive

ICLN

-

SWDA.L
4.9%

Healthcare

ICLN

-

SWDA.L
8.9%

Real Estate

ICLN

-

SWDA.L
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Clean Energy ETF

iShares Core MSCI World UCITS ETF USD (Acc)

Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT
Often compared with SWDA.L:
SWDA.L vs. IWDA.LSWDA.L vs. VWRP.LSWDA.L vs. VWCE.DESWDA.L vs. SPYSWDA.L vs. IUSQ.DESWDA.L vs. EUN.LSWDA.L vs. VOO

Return for Risk

ICLN vs. SWDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICLN
ICLN Risk / Return Rank: 4141
Overall Rank
ICLN Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 4242
Sortino Ratio Rank
ICLN Omega Ratio Rank: 3939
Omega Ratio Rank
ICLN Calmar Ratio Rank: 3838
Calmar Ratio Rank
ICLN Martin Ratio Rank: 4343
Martin Ratio Rank
SWDA.L
SWDA.L Risk / Return Rank: 8181
Overall Rank
SWDA.L Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SWDA.L Sortino Ratio Rank: 8080
Sortino Ratio Rank
SWDA.L Omega Ratio Rank: 8080
Omega Ratio Rank
SWDA.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SWDA.L Martin Ratio Rank: 8383
Martin Ratio Rank
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. SWDA.L - 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 World UCITS ETF USD (Acc) (SWDA.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.

ICLNSWDA.LDifference
Sharpe ratioReturn per unit of total volatility
1.18
1.74

-0.56

Sortino ratioReturn per unit of downside risk
1.67
2.59

-0.92

Omega ratioGain probability vs. loss probability

1.20

1.31

-0.11

Calmar ratioReturn relative to maximum drawdown

1.50

2.36

-0.86

Martin ratioReturn relative to average drawdown

5.17

10.05

-4.87

ICLN vs. SWDA.L - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 1.18, which is lower than the SWDA.L Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of ICLN and SWDA.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.

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Drawdowns

ICLN vs. SWDA.L - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than SWDA.L's maximum drawdown of -45.69%. Use the drawdown chart below to compare losses from any high point for ICLN and SWDA.L.

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Drawdown Indicators

ICLNSWDA.LDifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-45.69%

-41.46%

Max Drawdown (1Y)

Largest decline over 1 year

-23.42%

-8.59%

-14.83%

Max Drawdown (3Y)

Largest decline over 3 years

-42.27%

-17.07%

-25.20%

Max Drawdown (5Y)

Largest decline over 5 years

-57.16%

-26.50%

-30.66%

Max Drawdown (10Y)

Largest decline over 10 years

-66.75%

-33.61%

-33.14%

Current Drawdown

Current decline from peak

-50.47%

-1.35%

-49.12%

Average Drawdown

Average peak-to-trough decline

-66.45%

-11.14%

-55.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.78%

2.03%

+4.75%

Volatility

ICLN vs. SWDA.L - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 11.54% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 2.97%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ICLNSWDA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.54%

2.97%

+8.57%

Volatility (6M)

Calculated over the trailing 6-month period

24.70%

9.14%

+15.56%

Volatility (1Y)

Calculated over the trailing 1-year period

29.86%

11.71%

+18.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.93%

15.31%

+12.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.43%

15.69%

+11.74%

ICLN vs. SWDA.L - Expense Ratio Comparison

ICLN has a 0.39% expense ratio, which is higher than SWDA.L's 0.20% expense ratio.

Dividends

ICLN vs. SWDA.L - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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%
SWDA.L
iShares Core MSCI World UCITS ETF USD (Acc)		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

ICLN and SWDA.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.39% for ICLN.

ICLN is categorized as Alternative Energy Equities, while SWDA.L is Global Equities. ICLN tracks S&P Global Clean Energy Index, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.39% for ICLN and 0.20% for SWDA.L.

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