Data as of .
ICLN vs PBW: which is really different?
ICLN and PBW hold 12% of their weight in the same names, and ICLN returned more over the year.
ETFIQ Off-Index Score: ICLN scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
12% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ICLN and PBW hold 12% of their money in the same securities at the same weight.
| Holding | ICLN | PBW |
|---|---|---|
| FIRST SOLAR | 7.58% | 1.52% |
| BLOOM ENERGY CLASS A | 9.06% | 1.50% |
| PLUG POWER | 2.74% | 1.46% |
| ENPHASE ENERGY | 4.29% | 1.29% |
| NEXTPOWER INC | 6.36% | 1.27% |
| SHOALS TECHNOLOGIES GROUP CLASS A | 1.19% | 1.32% |
| SOLAREDGE TECHNOLOGIES | 1.99% | 1.17% |
| T1 ENERGY | 0.82% | 0.82% |
| ARRAY TECHNOLOGIES INC | 0.56% | 0.97% |
| CANADIAN SOLAR | 0.50% | 1.46% |
| BROOKFIELD RENEWABLE SUBORDINATE V | 0.47% | 1.45% |
| REX AMERICAN RESOURCES | 0.37% | 1.91% |
| Only in ICLN | Only in PBW |
|---|---|
| CHINA YANGTZE POWER LTD A 7.78% | Beta Technologies Inc 2.59% |
| VESTAS WIND SYSTEMS 4.33% | Darling Ingredients Inc 2.39% |
| EQUATORIAL SA 3.36% | Cadeler A/S 2.29% |
| EDP ENERGIAS DE PORTUGAL 2.93% | Gevo Inc 2.15% |
| CHUBU ELECTRIC POWER INC 2.72% | Itron Inc 2.10% |
| ENLIGHT RENEWABLE ENERGY 1.98% | OPAL Fuels Inc 2.04% |
| CLEARWAY ENERGY INC CLASS C 1.89% | Gentherm Inc 2.01% |
| SUZLON ENERGY 1.85% | Preformed Line Products Co 1.95% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Sep 18, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ICLN | PBW | ICLN | PBW | ICLN | PBW | |
| 3 months | −16.8% | −25.8% | −19.0 pts | −28.1 pts | −14.3 pts | −23.4 pts |
| 6 months | −2.5% | −0.1% | −20.5 pts | −18.1 pts | −26.8 pts | −24.3 pts |
| 1 year | +18.0% | +11.1% | +1.4 pts | −5.5 pts | −3.8 pts | −10.7 pts |
| 3 years | +18.6% | −4.3% | −59.8 pts | −82.7 pts | −79.5 pts | −102.5 pts |
| Since launch | +9.3% | −25.2% | −794.3 pts | −828.8 pts | −1681.0 pts | −1715.5 pts |
| ICLN iShares Global Clean Energy ETF Holds 138 stocks in clean energy, 8% of its weight in S&P 500 companies | PBW Invesco WilderHill Clean Energy ETF Holds 74 stocks in clean energy, 8% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | iShares | Invesco |
| Theme | Clean energy | Clean energy |
| In the S&P 500 | 7.7% | 7.7% |
| Active share vs the S&P 500 | 100.0% | 97.9% |
| In the Nasdaq-100 | 0.0% | 3.2% |
| Holdings | 138 | 74 |
| Top ten, share of the fund | 51.9% | 21.3% |
| Expense ratio | 0.38% | 0.63% |
| Fee for the differing part | 0.38% | 0.64% |
| Total return, 1 year | +18.0% | +11.1% |
| vs the S&P 500 | +1.4 pts | −5.5 pts |
| vs the Nasdaq-100 | −3.8 pts | −10.7 pts |
| Below its high | −43.5% | −74.5% |
| Net assets | $2.1bn | $363m |
ICLN in plain words
By weight, 8% of ICLN's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 52% of the fund across 138 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +18.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 1.4 pts. It sits 43.5% below its all-time high of Jan 7, 2021.
PBW in plain words
By weight, 8% of PBW's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 21% of the fund across 74 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +11.1% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 5.5 pts. It sits 74.5% below its all-time high of Feb 9, 2021.
Questions people ask
- Do ICLN and PBW hold the same stocks?
- By their latest filings, 12% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, ICLN or PBW?
- ICLN has 8% of its weight in S&P 500 names and PBW has 8%, so ICLN differs more from the index.
- Which is cheaper, ICLN or PBW?
- ICLN charges 0.38% a year and PBW charges 0.63%, so ICLN is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ICLN against PBW, data as of Sep 18, 2026. https://etfiq.com/compare/themes/icln-vs-pbw Free to use with attribution; the underlying files are at Open data.