ICLN vs. ZCLN.TO

Last updated Jun 4, 2026

ICLN (iShares Global Clean Energy ETF) and ZCLN.TO (BMO Clean Energy Index ETF) are both Alternative Energy Equities funds tracking the S&P Global Clean Energy Index, from iShares and BMO respectively. Both are passively managed. Over the past 5 years, ICLN returned 2.10%/yr vs 2.03%/yr for ZCLN.TO. Their correlation of 0.92 suggests significant overlap in exposure. ICLN charges 0.46%/yr vs 0.39%/yr for ZCLN.TO.

Performance

ICLN vs. ZCLN.TO - Performance Comparison

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

Different Trading Currencies

ICLN is traded in USD, while ZCLN.TO is traded in CAD. To make them comparable, the ZCLN.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ICLN having a 40.54% return and ZCLN.TO slightly higher at 41.42%.

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%

ZCLN.TO

• 1D: -2.22%
• 1M: 12.22%
• YTD: 41.42%
• 6M: 38.00%
• 1Y: 80.71%
• 3Y*: 8.41%
• 5Y*: 2.03%
• 10Y*: —

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

ICLN vs. ZCLN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICLN iShares Global Clean Energy ETF	40.54%	47.05%	-25.72%	-20.41%	-5.43%	-33.42%
ZCLN.TO BMO Clean Energy Index ETF	41.42%	44.51%	-26.53%	-18.56%	-5.38%	-33.78%

Correlation

The correlation between ICLN and ZCLN.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021	0.92

The correlation between ICLN and ZCLN.TO has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

ICLN vs. ZCLN.TO — Risk / Return Rank

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

ICLN

ICLN Risk / Return Rank: 87
ICLN Sharpe Ratio Rank: 90
ICLN Sortino Ratio Rank: 84
ICLN Omega Ratio Rank: 78
ICLN Calmar Ratio Rank: 94
ICLN Martin Ratio Rank: 90

ZCLN.TO

ZCLN.TO Risk / Return Rank: 86
ZCLN.TO Sharpe Ratio Rank: 89
ZCLN.TO Sortino Ratio Rank: 84
ZCLN.TO Omega Ratio Rank: 76
ZCLN.TO Calmar Ratio Rank: 92
ZCLN.TO Martin Ratio Rank: 87

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. ZCLN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and BMO Clean Energy Index ETF (ZCLN.TO). 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	ZCLN.TO	Difference
Sharpe ratio Return per unit of total volatility	3.20	2.92	+0.28
Sortino ratio Return per unit of downside risk	3.86	3.60	+0.26
Omega ratio Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio Return relative to maximum drawdown	7.50	7.33	+0.17
Martin ratio Return relative to average drawdown	21.35	20.25	+1.10
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. ZCLN.TO - Sharpe Ratio Comparison

The current ICLN Sharpe Ratio is 3.20, which is comparable to the ZCLN.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of ICLN and ZCLN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICLN	ZCLN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.20	2.92	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	0.07	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.17	+0.09

Drawdowns

ICLN vs. ZCLN.TO - Drawdown Comparison

The maximum ICLN drawdown since its inception was -87.15%, which is greater than ZCLN.TO's maximum drawdown of -65.34%. Use the drawdown chart below to compare losses from any high point for ICLN and ZCLN.TO.

Drawdown Indicators

	ICLN	ZCLN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-87.15%	-65.34%	-21.81%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-11.07%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-43.18%	-43.36%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-57.16%	-56.85%	-0.31%
Max Drawdown (10Y) Largest decline over 10 years	-66.75%	—	—
Current Drawdown Current decline from peak	-37.13%	-23.38%	-13.75%
Average Drawdown Average peak-to-trough decline	-66.61%	-43.17%	-23.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	4.00%	-0.06%

Volatility

ICLN vs. ZCLN.TO - Volatility Comparison

The current volatility for iShares Global Clean Energy ETF (ICLN) is 9.53%, while BMO Clean Energy Index ETF (ZCLN.TO) has a volatility of 10.20%. This indicates that ICLN experiences smaller price fluctuations and is considered to be less risky than ZCLN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICLN	ZCLN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	10.20%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	20.21%	20.86%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	26.38%	27.90%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.21%	27.78%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.20%	28.91%	-1.71%

ICLN vs. ZCLN.TO - Expense Ratio Comparison

ICLN has a 0.46% expense ratio, which is higher than ZCLN.TO's 0.39% expense ratio.

Dividends

ICLN vs. ZCLN.TO - Dividend Comparison

ICLN's dividend yield for the trailing twelve months is around 1.16%, less than ZCLN.TO's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZCLN.TO BMO Clean Energy Index ETF	1.19%	1.71%	2.13%	1.37%	0.93%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICLN and ZCLN.TO in my portfolio?

With a correlation of 0.91, ICLN and ZCLN.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ICLN or ZCLN.TO?

On fees, ZCLN.TO 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 ZCLN.TO?

ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.46% for ICLN.

What is the main difference between ICLN and ZCLN.TO?

Both ETFs track S&P Global Clean Energy Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.46% for ICLN and 0.39% for ZCLN.TO.