ICLN vs. TLT
ICLN (iShares Global Clean Energy ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, ICLN returned 8.55%/yr vs -2.38%/yr for TLT. Their -0.15 correlation means they have often moved in opposite directions in the past. ICLN charges 0.39%/yr vs 0.15%/yr for TLT.
Performance
ICLN vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, ICLN achieves a 7.10% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, ICLN has outperformed TLT with an annualized return of 8.55%, while TLT has yielded a comparatively lower -2.38% annualized return.
ICLN
- 1D
- -0.68%
- 1M
- -10.78%
- 6M
- -3.05%
- YTD
- 7.10%
- 1Y
- 31.07%
- 3Y*
- 0.63%
- 5Y*
- -3.76%
- 10Y*
- 8.55%
- ALL TIME*
- -3.93%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $109.16M | $91.32M | $121.79M | |
| $2.33B | $2.02B | $2.19B |
ICLN vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICLN iShares Global Clean Energy ETF | 7.10% | 47.05% | -25.72% | -20.41% | -5.43% | -24.18% | 141.82% | 44.36% | -9.03% | 21.47% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between ICLN and TLT is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2008 | -0.15 |
The correlation between ICLN and TLT shifts across timeframes, from -0.15 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ICLN vs. TLT — Risk / Return Rank
ICLN
TLT
ICLN vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.99 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | -0.14 | +1.26 |
| Martin ratioReturn relative to average drawdown | 3.93 | -0.30 | +4.22 |
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Drawdowns
ICLN vs. TLT - Drawdown Comparison
The maximum ICLN drawdown since its inception was -87.15%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for ICLN and TLT.
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Drawdown Indicators
| ICLN | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.15% | -48.35% | -38.80% |
Max Drawdown (1Y)Largest decline over 1 year | -28.78% | -7.74% | -21.04% |
Max Drawdown (3Y)Largest decline over 3 years | -36.96% | -14.79% | -22.17% |
Max Drawdown (5Y)Largest decline over 5 years | -57.16% | -43.70% | -13.46% |
Max Drawdown (10Y)Largest decline over 10 years | -66.75% | -48.35% | -18.40% |
Current DrawdownCurrent decline from peak | -52.08% | -42.36% | -9.72% |
Average DrawdownAverage peak-to-trough decline | -66.42% | -13.99% | -52.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.23% | 3.57% | +4.66% |
Volatility
ICLN vs. TLT - Volatility Comparison
iShares Global Clean Energy ETF (ICLN) has a higher volatility of 10.74% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLN | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.74% | 2.46% | +8.28% |
Volatility (6M)Calculated over the trailing 6-month period | 25.25% | 6.85% | +18.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.58% | 9.32% | +21.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.04% | 15.74% | +12.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.51% | 14.83% | +12.68% |
ICLN vs. TLT - Expense Ratio Comparison
ICLN has a 0.39% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
ICLN vs. TLT - Dividend Comparison
ICLN's dividend yield for the trailing twelve months is around 1.05%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICLN iShares Global Clean Energy ETF | 1.05% | 1.63% | 1.85% | 1.59% | 0.89% | 1.18% | 0.34% | 1.36% | 2.77% | 2.49% | 3.88% | 2.36% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
ICLN and TLT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ICLN has higher volatility (10.74%) compared to TLT (2.46%). In terms of maximum drawdown, ICLN dropped -87.15% vs TLT's -48.35%.
On 10-year performance, ICLN leads with 8.55% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ICLN has performed better with a 8.55% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.39% for ICLN.
TLT has the higher dividend yield at 4.34%, compared with 1.05% for ICLN.
ICLN is categorized as Alternative Energy Equities, while TLT is Government Bonds. ICLN tracks S&P Global Clean Energy Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.39% for ICLN and 0.15% for TLT.
ICLN currently has the higher Sharpe Ratio (1.06 vs -0.11), 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.
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