ZCLN.TO vs. ICLN

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Clean Energy Index ETF (ZCLN.TO) and iShares Global Clean Energy ETF (ICLN).

ZCLN.TO and ICLN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZCLN.TO is a passively managed fund by BMO that tracks the performance of the S&P Global Clean Energy Index. It was launched on Jan 26, 2021. 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 ZCLN.TO 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

ZCLN.TO vs. ICLN - Performance Comparison

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

ZCLN.TO vs. ICLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZCLN.TO BMO Clean Energy Index ETF	12.59%	37.90%	-20.23%	-20.37%	1.41%	-34.06%
ICLN iShares Global Clean Energy ETF	12.83%	40.30%	-19.33%	-22.16%	1.31%	-33.69%

Different Trading Currencies

ZCLN.TO is traded in CAD, while ICLN is traded in USD. To make them comparable, the ICLN values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ZCLN.TO having a 12.59% return and ICLN slightly higher at 12.83%.

ZCLN.TO

• 1D: 3.39%
• 1M: 2.58%
• YTD: 12.59%
• 6M: 16.82%
• 1Y: 55.63%
• 3Y*: -0.61%
• 5Y*: -2.35%
• 10Y*: —

ICLN

• 1D: 4.34%
• 1M: 2.37%
• YTD: 12.83%
• 6M: 18.97%
• 1Y: 57.68%
• 3Y*: -0.02%
• 5Y*: -2.12%
• 10Y*: 9.69%

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

ZCLN.TO vs. ICLN - Expense Ratio Comparison

ZCLN.TO has a 0.39% expense ratio, which is lower than ICLN's 0.46% expense ratio.

ICLN

iShares Global Clean Energy ETF

ZCLN.TO

BMO Clean Energy Index ETF

Return for Risk

ZCLN.TO vs. ICLN — Risk / Return Rank

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

ZCLN.TO

ZCLN.TO Risk / Return Rank: 91
ZCLN.TO Sharpe Ratio Rank: 92
ZCLN.TO Sortino Ratio Rank: 92
ZCLN.TO Omega Ratio Rank: 84
ZCLN.TO Calmar Ratio Rank: 95
ZCLN.TO Martin Ratio Rank: 90

ICLN

ICLN Risk / Return Rank: 95
ICLN Sharpe Ratio Rank: 96
ICLN Sortino Ratio Rank: 95
ICLN Omega Ratio Rank: 92
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.

ZCLN.TO vs. ICLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Clean Energy Index ETF (ZCLN.TO) 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.

	ZCLN.TO	ICLN	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.32	-0.22
Sortino ratio Return per unit of downside risk	2.77	2.96	-0.19
Omega ratio Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio Return relative to maximum drawdown	4.23	4.40	-0.17
Martin ratio Return relative to average drawdown	11.99	12.64	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCLN.TO vs. ICLN - Sharpe Ratio Comparison

The current ZCLN.TO Sharpe Ratio is 2.10, which is comparable to the ICLN Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of ZCLN.TO 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

	ZCLN.TO	ICLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.32	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	-0.09	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	0.11	-0.40

Correlation

The correlation between ZCLN.TO and ICLN is 0.91, 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

ZCLN.TO vs. ICLN - Dividend Comparison

ZCLN.TO's dividend yield for the trailing twelve months is around 1.52%, more than ICLN's 1.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZCLN.TO BMO Clean Energy Index ETF	1.52%	1.71%	2.13%	1.37%	0.93%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ICLN iShares Global Clean Energy ETF	1.46%	1.63%	1.85%	1.59%	0.89%	1.18%	0.34%	1.36%	2.77%	2.49%	3.88%	2.36%

Drawdowns

ZCLN.TO vs. ICLN - Drawdown Comparison

The maximum ZCLN.TO drawdown since its inception was -61.07%, smaller than the maximum ICLN drawdown of -75.60%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and ICLN.

Drawdown Indicators

	ZCLN.TO	ICLN	Difference
Max Drawdown Largest peak-to-trough decline	-61.07%	-87.15%	+26.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.95%	-11.22%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-50.26%	-57.16%	+6.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.75%	—
Current Drawdown Current decline from peak	-34.06%	-50.20%	+16.14%
Average Drawdown Average peak-to-trough decline	-40.99%	-66.84%	+25.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.57%	4.00%	+0.57%

Volatility

ZCLN.TO vs. ICLN - Volatility Comparison

BMO Clean Energy Index ETF (ZCLN.TO) and iShares Global Clean Energy ETF (ICLN) have volatilities of 10.35% and 10.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCLN.TO	ICLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.35%	10.85%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	21.15%	20.28%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	26.67%	25.02%	+1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.78%	25.01%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.94%	24.89%	+2.05%