RAYS vs. ICLN

Last updated Aug 2, 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 0.39%/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%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ICLN

• 1D: -0.68%
• 1M: -10.78%
• 6M: -3.05%
• YTD: 7.10%
• 1Y: 31.07%
• 3Y*: 0.63%
• 5Y*: -3.76%
• 10Y*: 8.55%
• ALL TIME*: -3.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICLN iShares Global Clean Energy ETF	$109.16M	$91.32M	$121.79M
RAYS Global X Solar ETF	$0.00	$0.00	$0.00

RAYS vs. ICLN - Yearly Performance Comparison

	2026 (YTD)
RAYS Global X Solar ETF	0.00%
ICLN iShares Global Clean Energy ETF	-2.83%

RAYS vs. ICLN - Sectors Allocation Comparison

Sectors	RAYS	ICLN
Technology	66.9%	25.0%
Industrials	21.4%	22.6%
Utilities	6.8%	40.9%
Consumer Cyclical	4.0%	0.1%
Basic Materials	0.9%	1.7%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	8.3%
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-

Return for Risk

RAYS vs. ICLN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RAYS

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

ICLN

ICLN Risk / Return Rank: 39
ICLN Sharpe Ratio Rank: 43
ICLN Sortino Ratio Rank: 42
ICLN Omega Ratio Rank: 40
ICLN Calmar Ratio Rank: 33
ICLN Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	RAYS	ICLN	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.55	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.13	—
Martin ratio: Return relative to average drawdown	—	3.93	—

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	—	-28.78%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-36.96%	—
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%	-52.08%	+52.08%
Average Drawdown Average peak-to-trough decline	0.00%	-66.42%	+66.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.23%	—

Volatility

Volatility by Period

	RAYS	ICLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	25.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	30.58%	-30.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	28.04%	-28.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	27.51%	-27.51%

RAYS vs. ICLN - Expense Ratio Comparison

RAYS has a 0.50% expense ratio, which is higher than ICLN's 0.39% 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 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICLN iShares Global Clean Energy ETF	1.05%	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 0.39% 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 0.39% 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 1.05%, 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 0.39% for ICLN.