RAYS vs. ICLN

Last updated Jun 4, 2026

RAYS (Global X Solar ETF) and ICLN (iShares Global Clean Energy ETF) are both Alternative Energy Equities funds - RAYS tracks the Solactive Solar Index while ICLN tracks the S&P Global Clean Energy Index. Both are passively managed. RAYS charges 0.50%/yr vs 0.46%/yr for ICLN.

Performance

RAYS vs. ICLN - Performance Comparison

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

Returns By Period

RAYS

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

RAYS vs. ICLN - Yearly Performance Comparison

	2026 (YTD)
RAYS Global X Solar ETF	0.00%
ICLN iShares Global Clean Energy ETF	24.07%

RAYS vs. ICLN - Sectors Allocation Comparison

Sectors	RAYS	ICLN
Technology	66.9%	11.1%
Industrials	21.4%	27.8%
Utilities	6.8%	32.8%
Consumer Cyclical	4.0%	0.1%
Basic Materials	0.9%	1.1%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	26.4%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

RAYS vs. ICLN — 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

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.

RAYS vs. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Solar ETF (RAYS) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	RAYS	ICLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.08	—
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	—

Drawdowns

RAYS vs. ICLN - Drawdown Comparison

The maximum RAYS drawdown since its inception was 0.00%, smaller than the maximum ICLN drawdown of -87.15%. Use the drawdown chart below to compare losses from any high point for RAYS and ICLN.

Drawdown Indicators

	RAYS	ICLN	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-87.15%	+87.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.22%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-43.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-57.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.75%	—
Current Drawdown Current decline from peak	0.00%	-37.13%	+37.13%
Average Drawdown Average peak-to-trough decline	0.00%	-66.61%	+66.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.94%	—

Volatility

Volatility by Period

	RAYS	ICLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	26.38%	-26.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	27.21%	-27.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	27.20%	-27.20%

RAYS vs. ICLN - Expense Ratio Comparison

RAYS has a 0.50% expense ratio, which is higher than ICLN's 0.46% expense ratio.

Dividends

RAYS vs. ICLN - Dividend Comparison

RAYS has not paid dividends to shareholders, while ICLN's dividend yield for the trailing twelve months is around 1.16%.

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%
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, RAYS or ICLN?

On fees, ICLN is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYS or ICLN?

ICLN is cheaper with a 0.46% expense ratio, compared with 0.50% for RAYS.

Which ETF pays a higher dividend yield, RAYS or ICLN?

ICLN has the higher dividend yield at 1.16%, compared with 0.00% for RAYS.

What is the main difference between RAYS and ICLN?

RAYS tracks Solactive Solar Index, while ICLN tracks S&P Global Clean Energy Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.50% for RAYS and 0.46% for ICLN.