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RAYS vs. ICLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RAYS vs. ICLN

Last updated Jun 24, 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.

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Returns By Period

RAYS

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

ICLN

1D
-4.44%
1M
-7.52%
YTD
26.14%
6M
25.31%
1Y
64.46%
3Y*
6.74%
5Y*
-0.79%
10Y*
11.38%
*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		14.44%

RAYS vs. ICLN - Sectors Allocation Comparison

Sectors
RAYS
ICLN

Technology

66.9%
10.5%

Industrials

21.4%
28.7%

Utilities

6.8%
34.6%

Consumer Cyclical

4.0%
0.1%

Basic Materials

0.9%
1.3%

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

23.7%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

RAYS
66.9%
ICLN
10.5%

Industrials

RAYS
21.4%
ICLN
28.7%

Utilities

RAYS
6.8%
ICLN
34.6%

Consumer Cyclical

RAYS
4.0%
ICLN
0.1%

Basic Materials

RAYS
0.9%
ICLN
1.3%

Communication Services

RAYS

-

ICLN

-

Consumer Defensive

RAYS

-

ICLN

-

Energy

RAYS

-

ICLN
23.7%

Financial Services

RAYS

-

ICLN

-

Healthcare

RAYS

-

ICLN

-

Real Estate

RAYS

-

ICLN

-

Compare stocks, funds, or ETFs

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

Global X Solar ETF

iShares Global Clean Energy ETF

Often compared with RAYS:
RAYS vs. TANRAYS vs. PBWRAYS vs. FANRAYS vs. KWTRAYS vs. XOMRAYS vs. DBBRAYS vs. CVX
Often compared with ICLN:
ICLN vs. TANICLN vs. QCLNICLN vs. GRIDICLN vs. INRG.LICLN vs. PBWICLN vs. CNRGICLN vs. LIT

Return for Risk

RAYS vs. ICLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 7070
Overall Rank
ICLN Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ICLN Sortino Ratio Rank: 6464
Sortino Ratio Rank
ICLN Omega Ratio Rank: 6060
Omega Ratio Rank
ICLN Calmar Ratio Rank: 7979
Calmar Ratio Rank
ICLN Martin Ratio Rank: 7575
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.

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.

RAYSICLNDifference
Sharpe ratioReturn per unit of total volatility

—

2.27

—

Sortino ratioReturn per unit of downside risk

—

2.84

—

Omega ratioGain probability vs. loss probability

—

1.36

—

Calmar ratioReturn relative to maximum drawdown

—

3.96

—

Martin ratioReturn relative to average drawdown

—

13.73

—

RAYS vs. ICLN - Sharpe Ratio Comparison

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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.

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Drawdown Indicators

RAYSICLNDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-87.15%

+87.15%

Max Drawdown (1Y)

Largest decline over 1 year

—

-16.38%

—

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%

-43.56%

+43.56%

Average Drawdown

Average peak-to-trough decline

0.00%

-66.53%

+66.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

4.71%

—

Volatility

RAYS vs. ICLN - Volatility Comparison

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Volatility by Period

RAYSICLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

13.47%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

23.14%

—

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

28.52%

-28.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

27.69%

-27.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

27.33%

-27.33%

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 0.89%.

PositionTTM20252024202320222021202020192018201720162015
ICLN
iShares Global Clean Energy ETF		0.89%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

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.

ICLN is cheaper with a 0.39% expense ratio, compared with 0.50% for RAYS.

ICLN has the higher dividend yield at 0.89%, compared with 0.00% for RAYS.

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.

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