PBD vs. ICLN

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Global Clean Energy ETF (PBD) and iShares Global Clean Energy ETF (ICLN).

PBD and ICLN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBD is a passively managed fund by Invesco that tracks the performance of the WilderHill New Energy Global Innovation index. It was launched on Jun 13, 2007. ICLN is a passively managed fund by iShares that tracks the performance of the S&P Global Clean Energy Index. It was launched on Jun 24, 2008. Both PBD and ICLN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PBD vs. ICLN - Performance Comparison

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

PBD vs. ICLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBD Invesco Global Clean Energy ETF	12.30%	43.65%	-26.39%	-10.69%	-29.70%	-22.30%	145.46%	40.00%	-19.32%	28.72%
ICLN iShares Global Clean Energy ETF	11.08%	47.05%	-25.72%	-20.41%	-5.43%	-24.18%	141.82%	44.36%	-9.03%	21.47%

Returns By Period

In the year-to-date period, PBD achieves a 12.30% return, which is significantly higher than ICLN's 11.08% return. Over the past 10 years, PBD has underperformed ICLN with an annualized return of 7.34%, while ICLN has yielded a comparatively higher 8.94% annualized return.

PBD

• 1D: 0.61%
• 1M: -2.10%
• YTD: 12.30%
• 6M: 17.70%
• 1Y: 74.32%
• 3Y*: -0.55%
• 5Y*: -9.18%
• 10Y*: 7.34%

ICLN

• 1D: -0.22%
• 1M: -0.44%
• YTD: 11.08%
• 6M: 15.82%
• 1Y: 61.77%
• 3Y*: -1.04%
• 5Y*: -4.16%
• 10Y*: 8.94%

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

PBD vs. ICLN - Expense Ratio Comparison

PBD has a 0.75% expense ratio, which is higher than ICLN's 0.46% expense ratio.

PBD

Invesco Global Clean Energy ETF

ICLN

iShares Global Clean Energy ETF

Return for Risk

PBD vs. ICLN — Risk / Return Rank

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

PBD

PBD Risk / Return Rank: 97
PBD Sharpe Ratio Rank: 97
PBD Sortino Ratio Rank: 97
PBD Omega Ratio Rank: 96
PBD Calmar Ratio Rank: 98
PBD Martin Ratio Rank: 97

ICLN

ICLN Risk / Return Rank: 94
ICLN Sharpe Ratio Rank: 94
ICLN Sortino Ratio Rank: 94
ICLN Omega Ratio Rank: 89
ICLN Calmar Ratio Rank: 98
ICLN Martin Ratio Rank: 95

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.

PBD vs. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy ETF (PBD) and iShares Global Clean Energy ETF (ICLN). 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.

	PBD	ICLN	Difference
Sharpe ratio Return per unit of total volatility	2.95	2.38	+0.57
Sortino ratio Return per unit of downside risk	3.67	3.01	+0.66
Omega ratio Gain probability vs. loss probability	1.49	1.38	+0.11
Calmar ratio Return relative to maximum drawdown	5.60	5.60	0.00
Martin ratio Return relative to average drawdown	20.83	15.65	+5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBD vs. ICLN - Sharpe Ratio Comparison

The current PBD Sharpe Ratio is 2.95, which is comparable to the ICLN Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of PBD and ICLN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBD	ICLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	2.38	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	-0.15	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.33	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.12	+0.11

Correlation

The correlation between PBD and ICLN is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PBD vs. ICLN - Dividend Comparison

PBD's dividend yield for the trailing twelve months is around 2.01%, more than ICLN's 1.47% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBD Invesco Global Clean Energy ETF	2.01%	2.71%	1.81%	2.85%	2.98%	0.67%	0.48%	1.83%	1.86%	1.76%	2.04%	1.24%
ICLN iShares Global Clean Energy ETF	1.47%	1.63%	1.85%	1.59%	0.89%	1.18%	0.34%	1.36%	2.77%	2.49%	3.88%	2.36%

Drawdowns

PBD vs. ICLN - Drawdown Comparison

The maximum PBD drawdown since its inception was -78.60%, smaller than the maximum ICLN drawdown of -87.15%. Use the drawdown chart below to compare losses from any high point for PBD and ICLN.

Drawdown Indicators

	PBD	ICLN	Difference
Max Drawdown Largest peak-to-trough decline	-78.60%	-87.15%	+8.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.51%	-11.22%	-2.29%
Max Drawdown (5Y) Largest decline over 5 years	-69.26%	-57.16%	-12.10%
Max Drawdown (10Y) Largest decline over 10 years	-75.40%	-66.75%	-8.65%
Current Drawdown Current decline from peak	-50.56%	-50.31%	-0.25%
Average Drawdown Average peak-to-trough decline	-53.49%	-66.84%	+13.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	4.01%	-0.38%

Volatility

PBD vs. ICLN - Volatility Comparison

The current volatility for Invesco Global Clean Energy ETF (PBD) is 7.90%, while iShares Global Clean Energy ETF (ICLN) has a volatility of 10.23%. This indicates that PBD experiences smaller price fluctuations and is considered to be less risky than ICLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBD	ICLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	10.23%	-2.33%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	20.47%	-2.53%
Volatility (1Y) Calculated over the trailing 1-year period	25.35%	26.14%	-0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.42%	27.16%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.11%	27.04%	+0.07%