ZCLN.TO vs. ICLN
ZCLN.TO (BMO Clean Energy Index ETF) and ICLN (iShares Global Clean Energy ETF) are both Alternative Energy Equities funds tracking the S&P Global Clean Energy Index, from BMO and iShares respectively. Both are passively managed. Over the past 5 years, ZCLN.TO returned 4.92%/yr vs 5.02%/yr for ICLN. Their correlation of 0.91 suggests significant overlap in exposure. ZCLN.TO charges 0.39%/yr vs 0.46%/yr for ICLN.
Performance
ZCLN.TO vs. ICLN - Performance Comparison
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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 stocks are quite close, with ZCLN.TO having a 43.19% return and ICLN slightly lower at 42.32%.
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
ICLN
- 1D
- -2.38%
- 1M
- 13.44%
- YTD
- 42.32%
- 6M
- 39.30%
- 1Y
- 86.10%
- 3Y*
- 10.19%
- 5Y*
- 5.02%
- 10Y*
- 12.79%
ZCLN.TO vs. ICLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 43.19% | 37.90% | -20.23% | -20.37% | 1.41% | -34.06% |
ICLN iShares Global Clean Energy ETF | 42.32% | 40.30% | -19.33% | -22.16% | 1.31% | -33.69% |
Correlation
The correlation between ZCLN.TO and ICLN is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.91 |
The correlation between ZCLN.TO and ICLN has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
ZCLN.TO vs. ICLN — Risk / Return Rank
ZCLN.TO
ICLN
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 ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.51 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 6.68 | -0.23 |
| Martin ratioReturn relative to average drawdown | 19.07 | 19.85 | -0.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZCLN.TO | ICLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 3.38 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.20 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.15 | -0.27 |
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 -74.66%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and ICLN.
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Drawdown Indicators
| ZCLN.TO | ICLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.07% | -74.66% | +13.59% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -12.95% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -38.80% | -38.60% | -0.20% |
Max Drawdown (5Y)Largest decline over 5 years | -50.26% | -50.59% | +0.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -62.62% | — |
Current DrawdownCurrent decline from peak | -16.13% | -18.91% | +2.78% |
Average DrawdownAverage peak-to-trough decline | -40.49% | -42.36% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 4.35% | +0.02% |
Volatility
ZCLN.TO vs. ICLN - Volatility Comparison
BMO Clean Energy Index ETF (ZCLN.TO) has a higher volatility of 9.92% compared to iShares Global Clean Energy ETF (ICLN) at 9.42%. This indicates that ZCLN.TO's price experiences larger fluctuations and is considered to be riskier 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
| ZCLN.TO | ICLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.92% | 9.42% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 20.45% | 19.91% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 25.62% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.89% | 25.07% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 25.08% | +1.98% |
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.
Dividends
ZCLN.TO vs. ICLN - Dividend Comparison
ZCLN.TO's dividend yield for the trailing twelve months is around 1.19%, more than ICLN's 1.16% yield.
| 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% |
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, ZCLN.TO and ICLN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, ZCLN.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCLN.TO is cheaper with a 0.39% expense ratio, compared with 0.46% for ICLN.
Both ETFs track S&P Global Clean Energy Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZCLN.TO and 0.46% for ICLN.
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