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ICLN vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ICLN vs. TLT

Last updated Jun 4, 2026

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 11.99%/yr vs -1.66%/yr for TLT. At a correlation of -0.15, they often move in opposite directions. ICLN charges 0.46%/yr vs 0.15%/yr for TLT.

Performance

ICLN vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Clean Energy ETF (ICLN) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ICLN achieves a 40.54% return, which is significantly higher than TLT's -0.27% return. Over the past 10 years, ICLN has outperformed TLT with an annualized return of 11.99%, while TLT has yielded a comparatively lower -1.66% annualized return.

ICLN

1D
-2.78%
1M
11.22%
YTD
40.54%
6M
39.84%
1Y
83.73%
3Y*
8.92%
5Y*
2.10%
10Y*
11.99%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ICLN vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ICLN
iShares Global Clean Energy ETF		40.54%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		-0.27%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 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.10

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

0.25

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

0.14

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

0.02

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2008

-0.15

The correlation between ICLN and TLT shifts across timeframes, from -0.15 (all time) to 0.25 (3 years), reflecting how their relationship changes across market environments.

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 20+ Year Treasury Bond ETF

Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

ICLN vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ICLN
ICLN Risk / Return Rank: 8787
Overall Rank
ICLN Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 8484
Sortino Ratio Rank
ICLN Omega Ratio Rank: 7878
Omega Ratio Rank
ICLN Calmar Ratio Rank: 9494
Calmar Ratio Rank
ICLN Martin Ratio Rank: 9090
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
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. 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.

ICLNTLTDifference
Sharpe ratioReturn per unit of total volatility
3.20
0.51

+2.69

Sortino ratioReturn per unit of downside risk
3.86
0.80

+3.06

Omega ratioGain probability vs. loss probability

1.48

1.09

+0.39

Calmar ratioReturn relative to maximum drawdown

7.50

0.65

+6.85

Martin ratioReturn relative to average drawdown

21.35

1.63

+19.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICLN vs. TLT - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 3.20, which is higher than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of ICLN and TLT, 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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Sharpe Ratios by Period

ICLNTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.20

0.51

+2.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

-0.40

+0.48

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

-0.11

+0.55

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.08

0.26

-0.33

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

ICLNTLTDifference

Max Drawdown

Largest peak-to-trough decline

-87.15%

-48.35%

-38.80%

Max Drawdown (1Y)

Largest decline over 1 year

-11.22%

-7.58%

-3.64%

Max Drawdown (3Y)

Largest decline over 3 years

-43.18%

-19.18%

-24.00%

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 Drawdown

Current decline from peak

-37.13%

-40.44%

+3.31%

Average Drawdown

Average peak-to-trough decline

-66.61%

-13.82%

-52.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.94%

3.04%

+0.90%

Volatility

ICLN vs. TLT - Volatility Comparison

iShares Global Clean Energy ETF (ICLN) has a higher volatility of 9.53% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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

ICLNTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.53%

2.76%

+6.77%

Volatility (6M)

Calculated over the trailing 6-month period

20.21%

6.50%

+13.71%

Volatility (1Y)

Calculated over the trailing 1-year period

26.38%

9.77%

+16.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.21%

15.87%

+11.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.20%

14.91%

+12.29%

ICLN vs. TLT - Expense Ratio Comparison

ICLN has a 0.46% 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 1.16%, less than TLT's 4.59% yield.

PositionTTM20252024202320222021202020192018201720162015
ICLN
iShares Global Clean Energy ETF		1.16%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		4.59%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 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ICLN has higher volatility (9.53%) compared to TLT (2.76%). In terms of maximum drawdown, ICLN dropped -87.15% vs TLT's -48.35%.

On 10-year performance, ICLN leads with 11.99% vs -1.66% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 11.99% return vs -1.66%. 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 0.46% for ICLN.

TLT has the higher dividend yield at 4.59%, compared with 1.16% 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: 0.46% for ICLN and 0.15% for TLT.

ICLN currently has the higher Sharpe Ratio (3.20 vs 0.51), 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.

Portfolio Optimizer

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