Tearsheet

Key Takeaways

  • ICLN has returned +28.4% YTD vs +9.8% for SPY, +20.7% for QQQ; +67.4% over the past 12 months (SPY +26.4%, QQQ +40.7%). details →
  • Priced in gold, ICLN has returned -47.0% over the past 3 years, vs +17.4% in dollars — its dollar gains have lagged gold. details →
  • Over the past month, ICLN has seen net inflows of +$263M (+8.6% of assets). details →
  • Risk-adjusted returns trail QQQ: 3-year Sharpe ratio of 0.4 vs 1.2. details →
  • ICLN's +28.4% YTD is ahead of its typical pace — it averaged -6.5% at this point (June 18) over the past 5 years. details →
Last updated: 6/18/2026.

Price Chart

Asset Allocation with ICLN

Risk Tolerance:
ConservativeModerateAggressive
Moderate — 55% equity / 25% bonds / 20% alternatives
10Y Return (ann.)
+10.1%
Volatility
17.2%
Sharpe
0.49
YTD
+16.5%
Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

Learn More →
Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance
Learn More →
Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

 Forward [4,5]NowHistorical (CYE & TTM)
 6/30/276/19/2620252024202320222021
Share Price CYE $21.10$16.43$11.17$15.04$18.90$19.98
Dividend/Share TTM $0.13$0.27$0.21$0.25$0.18$0.25

Valuation [1]
       
P/S3.143.662.411.902.144.206.09
P/E 48.7932.1327.8636.9478.31150.51
P/E (Non-GAAP) [2]27.5335.3624.1220.9511.7321.42112.43
P/FCF 727.40

Yields TTM
       
Earnings Yield3.63%2.05%3.11%3.59%2.71%1.28%0.66%
Dividend Yield0.61%0.61%1.63%1.88%1.64%0.94%1.26%
Total Yield (TY)4.24%2.66%4.74%5.47%4.35%2.21%1.92%

Risk Premium [3]
       
Risk Free Rate (Rf)4.49%4.49%4.18%4.58%3.88%3.88%1.52%
Risk Prem. (TY - Rf)-0.25%-1.83%0.56%0.89%0.47%-1.67%0.40%

Growth Rates [6]
       
Sales Growth16.8%0.3%12.0%-25.9%2.4%  
Earnings Growth [7]    -229.6%  

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
Show more
[4] Forward P/S and Forward P/E determined as:
  (a) Aggregate using constituent analyst consensus. FY1/FY2 blended by months of overlap to the 12-month window ending 6/30/27.
  (b) Uses current weights and market caps. Shown only when ≥90% of weight has estimates.
[5] Forward dividend yield and risk-free rate are carried at current, not projected.
[6] Growth Rates:
  (a) Weighted by current constituent weights. Shown when ≥90% of weight is covered.
  (b) Now and Historical columns show realized year-over-year change.
  (c) Forward growth rates using next fiscal year (FY2) vs. current fiscal year (FY1) consensus. This differs from the blended target date used for calculating Forward P/S and P/E.
[7] Earnings Growth reflects:
  (a) Non-GAAP earnings growth for forward earnings using next fiscal year (FY2) vs. current fiscal year (FY1) consensus.
  (b) GAAP earnings growth for Now and Historical growth rates.

Highlights
YIELD
ICLN's earnings yield is 2.05%, based on its 48.8x trailing P/E. With a 0.61% dividend yield, ICLN is yielding 2.66% in total.
RISK
Compared to US Treasuries at 4.49%, ICLN's total yield implies a -1.83% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.
FORWARD EXPECTATIONS
Based on analyst estimates, ICLN's forward total yield is 4.24%, implying a -0.25% risk premium assuming stable Treasury rates.

Top 20 Holdings for ICLN

Total Weights
Top 5: 35.4% | Top 10: 45.2% | Top 20: 45.2%

TickerHoldingETF WeightSales WeightEarnings WeightFwd P/SFwd P/EFwd Sales GrowthFwd Earnings Growth
Total46.68%100.00%100.00%3.127.5+16.8%+35.4%
Top 2044.19%59.55%97.99%5.129.3+19.1%+40.1%
BEBloom Energy12.04%2.50%0.08%18.3116.6+71.9%+141.1%
FSLRFirst Solar9.59%14.75%60.33%5.012.5+16.5%+36.0%
NXTNextpower7.30%10.91%23.91%4.324.8+15.7%+28.3%
nullN/A1.05%
ENPHEnphase Energy5.40%8.64%11.09%5.521.5+8.1%+18.9%
PLUGPlug Power2.96%4.34%4.5+18.7%
SEDGSolarEdge Technologies2.62%7.48%2.475.1+12.6%+6,522.1%
CWENClearway Energy1.75%4.52%0.08%2.6438.2+11.2%
TET1 Energy1.29%3.43%2.3693.4+43.5%
SHLSShoals Technologies1.24%3.00%2.50%2.724.7+9.0%-1.0%
[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 6/30/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 6/30/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for ICLN Top Holdings

TickerHoldingWeightMkt Price
6/18
1D Rtn1M RtnYTD Rtn1Y Rtn3Y Rtn5Y Rtn10Y Rtn
ICLNiShares Global Clean Energy ETF100.00%21.103.0%0.5%28.4%67.4%17.4%0.3%189.0%
BEBloom Energy12.04%328.9115.4%25.9%278.5%1,429.8%1,816.7%1,234.3% 
FSLRFirst Solar9.59%257.701.1%16.2%-1.4%79.4%36.4%234.8%422.5%
NXTNextpower7.30%125.902.1%-1.0%44.5%113.8%203.9%  
nullN/A1.05%        
ENPHEnphase Energy5.40%52.289.4%11.8%63.1%43.7%-71.2%-68.5%2,343.0%
PLUGPlug Power2.96%2.857.5%-13.9%44.7%150.0%-73.0%-90.2%58.3%
SEDGSolarEdge Technologies2.62%58.056.2%6.5%101.2%241.9%-79.0%-78.0%180.2%
CWENClearway Energy1.75%37.421.8%5.0%15.2%22.7%47.8%82.0%330.1%
TET1 Energy1.29%9.353.4%35.9%40.0%536.1%   
SHLSShoals Technologies1.24%10.4210.4%12.3%22.6%99.4%-57.9%-66.2% 

Guidance Updates for ICLN Top Holdings

 TickerCompanyEarnings DateGuidance MetricMidpoint Value% ChangeGuidance Change
BE_4282026BEBloom Energy4/28/20262026 Revenue3.60 Bil12.5%RaisedRaised Prior Guidance of 3.20 Bil for 2026
NXT_5122026NXTNextpower5/12/20262027 Revenue3.95 Bil14.1%Higher NewNew Guidance Higher than Prior Actual of 3.46 Bil for 2026
SHLS_5052026SHLSShoals Technologies5/5/2026Q2 2026 Revenue160.00 Mil10.3%Higher NewNew Guidance Higher than Prior Actual of 145.00 Mil for Q4 2025

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ICLN Return-24%-5%-20%-26%47%25%-22%
Peers Return19%-37%33%-0%40%13%58%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
ICLN Win Rate33%42%42%50%67%83% 
Peers Win Rate55%32%57%48%67%50% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ICLN Max Drawdown-38%-26%-39%-26%-11%-16% 
Peers Max Drawdown-25%-46%-28%-23%-31%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARKK, URA, BOTZ, ROBO, LIT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker1Y3Y5Y
ICLN2.410.350.07
Equity Top Results (3Y)   
NASA5.735.735.73
ARKX4.134.134.13
OMFL3.753.753.75
IALT2.842.842.84
NUSC2.362.362.36

Results as of 5312026.

How Low Can It Go

EventICLNS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-31.3%-9.5%
  % Gain to Breakeven45.6%10.5%
  Time to Breakeven737 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.3%-6.7%
  % Gain to Breakeven11.5%7.1%
  Time to Breakeven937 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.2%-24.5%
  % Gain to Breakeven26.9%32.4%
  Time to Breakeven77 days427 days
2020 COVID-19 Crash
  % Loss-41.1%-33.7%
  % Gain to Breakeven69.7%50.9%
  Time to Breakeven114 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-15.9%-3.7%
  % Gain to Breakeven19.0%3.9%
  Time to Breakeven254 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.1%-12.2%
  % Gain to Breakeven31.7%13.9%
  Time to Breakeven699 days62 days

Compare to ARKK, URA, BOTZ, ROBO, LIT

In The Past

iShares Global Clean Energy ETF's stock fell -7.3% during the 2025 US Tariff Shock. Such a loss loss requires a 7.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventICLNS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-31.3%-9.5%
  % Gain to Breakeven45.6%10.5%
  Time to Breakeven737 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.2%-24.5%
  % Gain to Breakeven26.9%32.4%
  Time to Breakeven77 days427 days
2020 COVID-19 Crash
  % Loss-41.1%-33.7%
  % Gain to Breakeven69.7%50.9%
  Time to Breakeven114 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-24.1%-12.2%
  % Gain to Breakeven31.7%13.9%
  Time to Breakeven699 days62 days
2014-2016 Oil Price Collapse
  % Loss-31.4%-6.8%
  % Gain to Breakeven45.8%7.3%
  Time to Breakeven1212 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-43.8%-17.9%
  % Gain to Breakeven77.9%21.8%
  Time to Breakeven3025 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-25.5%-15.4%
  % Gain to Breakeven34.2%18.2%
  Time to Breakeven294 days125 days

Compare to ARKK, URA, BOTZ, ROBO, LIT

In The Past

iShares Global Clean Energy ETF's stock fell -7.3% during the 2025 US Tariff Shock. Such a loss loss requires a 7.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

ICLN Dip Buy History


Get Notified
Alerts when dip buy opportunities arise.
Notify Me →

Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

TickerNameDip %Mkt PricePrice DatePeak PricePeak Date# Days
MAGSRoundhill Magnificent Seven ETF-7.8%65.44618202670.94514202635
AKREAkre Focus ETF-20.2%53.15618202666.591062026163
EWZiShares MSCI Brazil ETF-19.2%33.73618202641.73414202665
FXIiShares China Large-Cap ETF-18.3%33.30618202640.781292026140
ILFiShares Latin America 40 ETF-11.0%33.90618202638.10414202665
KWEBKraneShares CSI China Internet ETF-33.0%25.24618202637.661122026157
SCHYSchwab International Dividend Equity ETF-5.2%31.97618202633.733012026109
COWZPacer US Cash Cows 100 ETF-5.6%61.80618202665.48601202617
URAGlobal X Uranium ETF-22.7%47.78618202661.811282026141
BOTZGlobal X Funds Global X Robotics & Artificial Intelligence ETF-7.8%38.37618202641.63513202636
LITGlobal X Lithium & Battery Tech ETF-10.3%82.15618202691.62511202638
ICLNiShares Global Clean Energy ETF-11.2%21.10618202623.75602202616
ARKQARK Autonomous Technology & Robotics ETF-7.4%133.176182026143.82528202621
ARKWARK Next Generation Internet ETF-5.9%146.636182026155.7812222025178
ARKXARK Space & Defense Innovation ETF-8.4%34.56618202637.74528202621
NASATema Space Innovators ETF-25.4%31.25618202641.89527202622
CGBLCapital Group Core Balanced ETF-6.2%34.41618202636.672252026113
GDEWisdomTree Efficient Gold Plus Equity Strategy Fund-9.1%63.98618202670.39511202638
RAAXVanEck Real Assets ETF-6.3%40.03618202642.70511202638
XLVState Street Health Care Select Sector SPDR ETF-6.4%149.406182026159.543012026109
XLEState Street Energy Select Sector SPDR ETF-14.1%53.77618202662.56329202681
XLCState Street Communication Services Select Sector SPDR ETF-8.6%109.456182026119.702012026137
XLYState Street Consumer Discretionary Select Sector SPDR ETF-5.7%117.166182026124.271122026157
XLPState Street Consumer Staples Select Sector SPDR ETF-6.9%83.30618202689.513012026109
XLUState Street Utilities Select Sector SPDR ETF-5.6%44.76618202647.403012026109
VHTVanguard Health Care ETF-5.3%280.416182026296.161072026162
FXNFirst Trust Energy AlphaDEX Fund-13.0%20.17618202623.18329202681
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF-18.5%153.366182026188.18329202681
IGViShares Expanded Tech-Software Sector ETF-18.2%89.096182026108.9512222025178
MISLFirst Trust Indxx Aerospace & Defense ETF-9.0%46.40618202650.981192026150
RINGiShares MSCI Global Gold Miners ETF-28.2%71.35618202699.423012026109
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF-12.7%16.50618202618.91512202637
DBCInvesco DB Commodity Index Tracking Fund-12.8%27.63618202631.69512202637
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF-14.1%31.37618202636.53519202630
GSGiShares GSCI Commodity-5.8%30.01618202631.85318202692
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF-11.5%22.94618202625.91512202637
FTGCFirst Trust Global Tactical Commodity Strategy Fund-9.6%27.59618202630.53512202637
HGERHarbor Commodity All-Weather Strategy ETF-10.6%29.91618202633.47512202637
GLDSPDR Gold Trust-21.9%387.126182026495.901292026140
IAUiShares Gold Trust-21.9%79.336182026101.571292026140
GLDMSPDR Gold MiniShares Trust-21.9%83.446182026106.771292026140
SGOLETFS Physical Swiss Gold Shares-13.1%44.66618202651.411292026140
BARDirexion Daily Gold Bull 3X Shares-16.6%44.34618202653.161292026140
SLViShares Silver Trust-43.6%59.516182026105.601282026141
SIVRETFS Physical Silver Shares Trust ETF-24.8%83.396182026110.871282026141
PPLTETFS Physical Platinum Shares-39.1%15.37618202625.231252026144
CPERUnited States Copper Index Fund ETV-13.9%33.33618202638.711292026140
PALLETFS Physical Palladium Shares-37.5%23.23618202637.181282026141
USOUnited States Oil Fund LP-24.9%114.876182026152.96519202630
UNGUnited States Natural Gas Fund LP-30.5%11.74618202616.902012026137
BNOUnited States Brent Oil Fund LP ETV-7.1%55.85618202660.13504202645
IBITiShares Bitcoin Trust ETF-35.8%35.62618202655.441142026155
FBTCFidelity Wise Origin Bitcoin Fund-35.7%54.77618202685.121142026155
GBTCGrayscale Bitcoin Trust ETF-19.0%61.84618202676.311142026155
ETHAiShares Ethereum Trust ETF-49.7%12.88618202625.591142026155

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-06-17

Asset allocation rotation · Past month

  • Equity ETFs drew the largest net inflows (+$97.8B), followed by Bond (+$27.5B), while Commodity (−$5.3B) and Crypto (−$4.6B) saw the largest outflows.
  • Within the mix, money rotated into Industry Subsector (+$14.7B) and out of Gold (−$5.2B).
  • Relative to fund size, NASA drew the largest inflow (+85.3% of AUM) and THRO the largest outflow (−35.4%).
Largest inflows
#TickerNameTypeNet flow% of AUM
1VOOVanguard S&P 500 ETFEquity US Large Cap Core+$15.29B+1.5%
2SMHVanEck Semiconductor ETFEquity Industry Subsector+$8.9B+12.9%
3XLKState Street Technology Select Sector SPDR ETFEquity Broad Sector+$8.73B+7.2%
4SCHDSchwab U.S. Dividend Equity ETFEquity Dividend Income+$8.16B+8.6%
5SPYMState Street SPDR Portfolio S&P 500 ETFEquity US Large Cap Core+$7.57B+5.2%
6VTIVanguard Total Stock Market ETFEquity US Total Market+$5.97B+0.9%
7DRAMRoundhill Memory ETFOther+$5.9B+38.1%
8VOVanguard Mid-Cap ETFEquity US Mid Cap Core+$5.8B+5.6%
9IVViShares Core S&P 500 ETFEquity US Large Cap Core+$5.61B+0.7%
10SGOViShares 0-3 Month Treasury Bond ETFCash+$5.26B+5.6%
Largest outflows
#TickerNameTypeNet flow% of AUM
1SPYState Street SPDR S&P 500 ETF TrustEquity US Large Cap Core-$17.1B-2.2%
2QUALiShares MSCI USA Quality Factor ETFEquity Factor Smart Beta-$7.06B-15.3%
3EFViShares MSCI EAFE Value ETFEquity International Developed Broad-$5.61B-21.2%
4GLDSPDR Gold SharesCommodity Gold-$3.62B-2.5%
5IBITiShares Bitcoin Trust ETFCrypto-$3.23B-6.3%
6TLTiShares 20+ Year Treasury Bond ETFBond Long Treasury-$2.8B-6.8%
7IAGGiShares Core International Aggregate Bond ETFBond International-$2.77B-24.6%
8IVEiShares S&P 500 Value ETFEquity US Large Value-$2.61B-5.4%
9THROiShares U.S. Thematic Rotation Active ETFEquity Thematic-$2.38B-35.4%
10IAUiShares Gold TrustCommodity Gold-$1.4B-2.1%

Largest ETF fund flows across ~2563 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About ICLN

0Holdings Count: 106
Expense Ratio: 0.39%
Inception Date: 2008-06-24
iShares Global Clean Energy ETF
The iShares Global Clean Energy ETF (ICLN) provides investors with exposure to the worldwide clean energy industry. It achieves this by mirroring the investment performance of an index comprising international companies focused on sustainable power solutions.
Asset Class: Equity | ETF Website

Recent Active Movers

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity9.9 Mil
Short Interest: % Change Since 515202661.2%
Average Daily Volume6.6 Mil
Days-to-Cover Short Interest1.5 days