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PIO vs. ICLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PIO vs. ICLN

Last updated Jun 4, 2026

PIO (Invesco Global Water ETF) and ICLN (iShares Global Clean Energy ETF) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water Index, while ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 10 years, PIO returned 8.55%/yr vs 11.99%/yr for ICLN. A 0.63 correlation means they provide meaningful diversification when combined. PIO charges 0.75%/yr vs 0.46%/yr for ICLN.

Performance

PIO vs. ICLN - Performance Comparison

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

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Returns By Period

In the year-to-date period, PIO achieves a 0.14% return, which is significantly lower than ICLN's 40.54% return. Over the past 10 years, PIO has underperformed ICLN with an annualized return of 8.55%, while ICLN has yielded a comparatively higher 11.99% annualized return.

PIO

1D
0.36%
1M
-2.45%
YTD
0.14%
6M
-1.81%
1Y
2.91%
3Y*
8.97%
5Y*
3.23%
10Y*
8.55%

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

PIO vs. ICLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PIO
Invesco Global Water ETF		0.14%14.25%-0.44%22.19%-24.06%25.97%14.22%35.59%-9.71%26.52%
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%

Correlation

The correlation between PIO and ICLN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.53

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

0.57

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

0.57

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

0.63

The correlation between PIO and ICLN shifts across timeframes, from 0.44 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

PIO vs. ICLN - Sectors Allocation Comparison

Sectors
PIO
ICLN

Industrials

56.4%
27.8%

Basic Materials

8.6%
1.1%

Technology

8.0%
11.1%

Utilities

7.7%
32.8%

Consumer Cyclical

6.3%
0.1%

Healthcare

4.6%

-

Financial Services

0.2%

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

26.4%

Real Estate

-

-

Industrials

PIO
56.4%
ICLN
27.8%

Basic Materials

PIO
8.6%
ICLN
1.1%

Technology

PIO
8.0%
ICLN
11.1%

Utilities

PIO
7.7%
ICLN
32.8%

Consumer Cyclical

PIO
6.3%
ICLN
0.1%

Healthcare

PIO
4.6%
ICLN

-

Financial Services

PIO
0.2%
ICLN

-

Communication Services

PIO

-

ICLN

-

Consumer Defensive

PIO

-

ICLN

-

Energy

PIO

-

ICLN
26.4%

Real Estate

PIO

-

ICLN

-

Compare stocks, funds, or ETFs

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

Invesco Global Water ETF

iShares Global Clean Energy ETF

Often compared with PIO:
PIO vs. PHOPIO vs. CGWPIO vs. FIWPIO vs. AQWAPIO vs. EBLUPIO vs. COMPPIO vs. VOO
Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT

Return for Risk

PIO vs. ICLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PIO
PIO Risk / Return Rank: 1111
Overall Rank
PIO Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
PIO Sortino Ratio Rank: 1111
Sortino Ratio Rank
PIO Omega Ratio Rank: 1111
Omega Ratio Rank
PIO Calmar Ratio Rank: 1111
Calmar Ratio Rank
PIO Martin Ratio Rank: 1212
Martin Ratio Rank
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
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.

PIO vs. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) 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.

PIOICLNDifference
Sharpe ratioReturn per unit of total volatility
0.20
3.20

-3.00

Sortino ratioReturn per unit of downside risk
0.39
3.86

-3.47

Omega ratioGain probability vs. loss probability

1.05

1.48

-0.43

Calmar ratioReturn relative to maximum drawdown

0.22

7.50

-7.28

Martin ratioReturn relative to average drawdown

0.63

21.35

-20.71

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

PIO vs. ICLN - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.20, which is lower than the ICLN Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of PIO and ICLN, 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

PIOICLNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

3.20

-3.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

0.08

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.47

0.44

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

-0.08

+0.28

Drawdowns

PIO vs. ICLN - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, smaller than the maximum ICLN drawdown of -87.15%. Use the drawdown chart below to compare losses from any high point for PIO and ICLN.

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Drawdown Indicators

PIOICLNDifference

Max Drawdown

Largest peak-to-trough decline

-64.88%

-87.15%

+22.27%

Max Drawdown (1Y)

Largest decline over 1 year

-13.14%

-11.22%

-1.92%

Max Drawdown (3Y)

Largest decline over 3 years

-17.08%

-43.18%

+26.10%

Max Drawdown (5Y)

Largest decline over 5 years

-34.27%

-57.16%

+22.89%

Max Drawdown (10Y)

Largest decline over 10 years

-35.76%

-66.75%

+30.99%

Current Drawdown

Current decline from peak

-9.07%

-37.13%

+28.06%

Average Drawdown

Average peak-to-trough decline

-15.43%

-66.61%

+51.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.60%

3.94%

+0.66%

Volatility

PIO vs. ICLN - Volatility Comparison

The current volatility for Invesco Global Water ETF (PIO) is 4.44%, while iShares Global Clean Energy ETF (ICLN) has a volatility of 9.53%. This indicates that PIO 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.

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Volatility by Period

PIOICLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

9.53%

-5.09%

Volatility (6M)

Calculated over the trailing 6-month period

12.12%

20.21%

-8.09%

Volatility (1Y)

Calculated over the trailing 1-year period

14.58%

26.38%

-11.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.63%

27.21%

-9.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.22%

27.20%

-8.98%

PIO vs. ICLN - Expense Ratio Comparison

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

Dividends

PIO vs. ICLN - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 1.02%, less than ICLN's 1.16% 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%
PIO
Invesco Global Water ETF		1.02%1.04%0.78%0.84%1.02%1.19%0.88%1.20%2.00%1.00%1.45%1.63%

Frequently Asked Questions

PIO and ICLN have a correlation of 0.44, 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 PIO (4.44%). In terms of maximum drawdown, PIO dropped -64.88% vs ICLN's -87.15%.

On 10-year performance, ICLN leads with 11.99% vs 8.55% for PIO. On fees, ICLN is cheaper at 0.46% per year. On volatility, PIO has been the lower-risk option at 4.44%. 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 8.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ICLN is cheaper with a 0.46% expense ratio, compared with 0.75% for PIO.

ICLN has the higher dividend yield at 1.16%, compared with 1.02% for PIO.

PIO is categorized as Water Equities, while ICLN is Alternative Energy Equities. PIO tracks NASDAQ OMX Global Water Index, while ICLN tracks S&P Global Clean Energy Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.75% for PIO and 0.46% for ICLN.

ICLN currently has the higher Sharpe Ratio (3.20 vs 0.20), 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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