Do ICLN and PBW hold the same stocks?

By their latest filings, 15% of their books are the same securities at the same weight. 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 9% 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.

Data as of Nov 4, 2026.

Thematic ETFs

ICLN vs PBW: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, ICLN returned −2.3% to PBW's −13.3%; 15% of their weight is in the same names.

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Net assets: $2.1bn on Nov 4, 2026 for iShares Global Clean Energy ETF, and $296m on Nov 3, 2026 for Invesco WilderHill Clean Energy ETF.

ICLN on its own →PBW on its own →

At a glance

8.8%

ICLN in the S&P 500

8.1%

PBW in the S&P 500

−2.3%

ICLN total return, 1 year

−13.3%

PBW total return, 1 year

ICLN · 1 year to Nov 4, 2026 91% of its weight is outside the S&P 500

9% of ICLN's weight is in S&P 500 companies and 91% is outside the index. Holdings as of Nov 3, 2026.

PBW · 1 year to Nov 4, 2026 92% of its weight is outside the S&P 500

8% of PBW's weight is in S&P 500 companies and 92% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ICLN costs 0.25 points a year less; their one-year returns differ by 11.0 points; ICLN is 6.8 times larger.

Points (pts) are percentage points.

ICLN vs PBW: Holdings Overlap & Returns
Measure	ICLN	PBW
Return
Measure	ICLN	PBW
Total return, 1 year	−2.3%	−13.3%
Drawdown
Measure	ICLN	PBW
Below its all-time high	54.7%, high on Jun 25, 2008	77.8%, high on Feb 9, 2021
Against its benchmark
Measure	ICLN	PBW
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 28.1 pts
Cost and size
Measure	ICLN	PBW
Expense ratio	0.38%	0.63%
Net assets, as of Nov 3, 2026	$2.0bn	$296m
Holdings
Measure	ICLN	PBW
Holdings in common	15%

Method

Risk and return

Jul 3, 2008 to Oct 30, 2026 · 956 weekly returns

ICLN PBW

Return

Total return edge ICLN −53.6% −60.9%

Annualized edge ICLN −4.1% −5.0%

Price return edge ICLN (slight) −67.8% −72.0%

Risk

Volatility edge ICLN 32.2% 38.0%

Max drawdown edge ICLN (slight) −86.1% −88.0%

Risk-adjusted

Sharpe edge PBW −0.01 0.02

Sortino edge PBW −0.02 0.03

Calmar edge ICLN (slight) −0.05 −0.06

Reading

From Jul 2008 to Oct 2026, ICLN returned more: −53.6% to −60.9%. ICLN swung less: 32.2% to 38.0%. ICLN fell slightly less at its worst: −86.1% to −88.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: ICLN vs PBW: Holdings Overlap & Returns
Measure	ICLN	PBW	Edge	How it is measured
Return
Total return	−53.6%	−60.9%	ICLN	Price change plus distributions, reinvested.
Annualized	−4.1%	−5.0%	ICLN	Total return as a yearly rate.
Price return	−67.8%	−72.0%	ICLN (slight)	Price change alone, distributions left out.
Risk
Volatility	32.2%	38.0%	ICLN	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.2%	27.0%	ICLN	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−86.1%	−88.0%	ICLN (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.01	0.02	PBW	Return above Treasury bills per unit of volatility.
Sortino	−0.02	0.03	PBW	Return above Treasury bills per unit of downside deviation.
Calmar	−0.05	−0.06	ICLN (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 956 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

15%

By the books each fund has filed, ICLN and PBW hold 15% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

15% in common

Positions both hold · largest shared weight first ICLN PBW

NEXTPOWER INC 9.29% 2.33%

ORMAT TECH INC 3.08% 1.94%

FIRST SOLAR 8.75% 1.85%

ENPHASE ENERGY 2.85% 1.50%

SOLAREDGE TECHNOLOGIES 1.44% 1.54%

BLOOM ENERGY CLASS A 6.23% 1.31%

PLUG POWER 1.40% 1.13%

SHOALS TECHNOLOGIES GROUP CLASS A 1.01% 1.67%

BROOKFIELD RENEWABLE SUBORDINATE V 0.58% 1.68%

ARRAY TECHNOLOGIES INC 0.51% 2.35%

T1 ENERGY 0.44% 1.30%

REX AMERICAN RESOURCES 0.35% 1.51%

Only in one fund ↓

Only in ICLN

IBERDROLA 6.71%

CHINA YANGTZE POWER LTD A 5.59%

AXIA ENERGIA SA 3.84%

VESTAS WIND SYSTEMS 3.32%

CHUBU ELECTRIC POWER INC 2.70%

EDP ENERGIAS DE PORTUGAL 2.26%

CLEARWAY ENERGY INC CLASS C 2.21%

ENLIGHT RENEWABLE ENERGY 1.96%

Only in PBW

Cadeler A/S 2.01%

EVgo Inc 2.00%

Universal Display Corp 1.84%

Tesla Inc 1.73%

Beta Technologies Inc 1.72%

Itron Inc 1.70%

Quanta Services Inc 1.68%

Solv Energy Inc 1.66%

Check overlap with more funds →

Window by window

Window by window: ICLN vs PBW: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ICLN	PBW	ICLN	PBW
3 months	−8.3%	−20.4%	not measured	−20.1 pts vs IWV
6 months	−21.9%	−32.9%	not measured	−37.8 pts vs IWV
1 year	−2.3%	−13.3%	not measured	−28.1 pts vs IWV
3 years	+27.1%	+4.1%	not measured	−76.9 pts vs IWV
Since launchNot the same days: ICLN Jun 2008 · PBW Mar 2005	−54.7%	−52.4%	not measured	not measured

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Side by side

ICLN iShares Global Clean Energy ETF · Holds 106 stocks in clean energy, 9% of its weight in S&P 500 companies PBW Invesco WilderHill Clean Energy ETF · Holds 73 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 8.8% 8.1%

Active share vs the S&P 500 100.0% 97.9%

In the Nasdaq-100 0.0% 3.3%

Holdings 106 73

Top ten, share of the fund 52.4% 19.7%

Expense ratio 0.38% 0.63%

Fee for the differing part 0.38% 0.64%

Total return, 1 year −2.3% −13.3%

vs its benchmark not measured −28.1 pts vs IWV

Below its high −54.7% −77.8%

Net assets, ICLN as of Nov 4, 2026 and PBW as of Nov 3, 2026 $2.1bn $296m

As of Nov 4, 2026. Source: ETFIQ.

15% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

ICLN

By weight, 9% 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 106 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested. It sits 54.7% below its all-time high of Jun 25, 2008.

PBW

Over the year to Nov 4, 2026 the fund returned −13.3% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 28.1 pts.

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 20% of the fund across 73 positions, as published by its issuer for Nov 3, 2026. It sits 77.8% below its all-time high of Feb 9, 2021.

Questions people ask

Do ICLN and PBW hold the same stocks?: By their latest filings, 15% of their books are the same securities at the same weight. 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 9% 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

ICLN vs VCLN ICLN vs QCLN ICLN vs CNRG ICLN vs SMOG PBW vs TAN PBW vs QCLN PBW vs CNRG PBW vs SMOG

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →ICLN on its own →PBW on its own →ICLN dividend history →ICLN holdings →PBW dividend history →PBW holdings →Method →Standards and sources →

Sources and dates

ICLN filings on SEC EDGAR ↗

ICLN prospectus with the expense ratio (SEC) ↗

iShares page for ICLN ↗

PBW filings on SEC EDGAR ↗

PBW prospectus with the expense ratio (SEC) ↗

Invesco page for PBW ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, ICLN against PBW, data as of Nov 4, 2026. https://etfiq.com/compare/themes/icln-vs-pbw

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.