Do ICLN and QCLN hold the same stocks?

By their latest filings, 25% 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 QCLN?

ICLN has 9% of its weight in S&P 500 names and QCLN has 34%, so ICLN differs more from the index.

Which is cheaper, ICLN or QCLN?

ICLN charges 0.38% a year and QCLN charges 0.59%, so ICLN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

ICLN vs QCLN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, ICLN returned −2.3% to QCLN's +1.6%; 25% 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 $489m on Nov 3, 2026 for First Trust Nasdaq Clean Edge Green Energy Index Fund.

ICLN on its own →QCLN on its own →

At a glance

8.8%

ICLN in the S&P 500

33.5%

QCLN in the S&P 500

−2.3%

ICLN total return, 1 year

+1.6%

QCLN 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.

QCLN · 1 year to Nov 4, 2026 67% of its weight is outside the S&P 500

34% of QCLN's weight is in S&P 500 companies and 67% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ICLN costs 0.21 points a year less; their one-year returns differ by 3.9 points; ICLN is 4.1 times larger.

Points (pts) are percentage points.

ICLN vs QCLN: Holdings Overlap & Returns
Measure	ICLN	QCLN
Return
Measure	ICLN	QCLN
Total return, 1 year	−2.3%	+1.6%
Drawdown
Measure	ICLN	QCLN
Below its all-time high	54.7%, high on Jun 25, 2008	47.7%, high on Feb 9, 2021
Against its benchmark
Measure	ICLN	QCLN
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	ICLN	QCLN
Expense ratio	0.38%	0.59%
Net assets, as of Nov 3, 2026	$2.0bn	$489m
Holdings
Measure	ICLN	QCLN
Holdings in common	25%

Method

Risk and return

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

ICLN QCLN

Return

Total return edge QCLN −53.6% +108.8%

Annualized edge QCLN −4.1% +4.1%

Price return edge QCLN −67.8% +89.6%

Risk

Volatility edge ICLN (slight) 32.2% 34.7%

Max drawdown edge QCLN −86.1% −69.6%

Risk-adjusted

Sharpe edge QCLN −0.01 0.25

Sortino edge QCLN −0.02 0.35

Calmar edge QCLN −0.05 0.06

Reading

From Jul 2008 to Oct 2026, QCLN returned more: +108.8% to −53.6%. ICLN swung slightly less: 32.2% to 34.7%. QCLN fell less at its worst: −69.6% to −86.1%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: ICLN vs QCLN: Holdings Overlap & Returns
Measure	ICLN	QCLN	Edge	How it is measured
Return
Total return	−53.6%	+108.8%	QCLN	Price change plus distributions, reinvested.
Annualized	−4.1%	+4.1%	QCLN	Total return as a yearly rate.
Price return	−67.8%	+89.6%	QCLN	Price change alone, distributions left out.
Risk
Volatility	32.2%	34.7%	ICLN (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.2%	24.4%	ICLN (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−86.1%	−69.6%	QCLN	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.01	0.25	QCLN	Return above Treasury bills per unit of volatility.
Sortino	−0.02	0.35	QCLN	Return above Treasury bills per unit of downside deviation.
Calmar	−0.05	0.06	QCLN	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

25%

By the books each fund has filed, ICLN and QCLN hold 25% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

25% in common

Positions both hold · largest shared weight first ICLN QCLN

BLOOM ENERGY CLASS A 6.23% 8.90%

NEXTPOWER INC 9.29% 5.02%

FIRST SOLAR 8.75% 3.95%

ORMAT TECH INC 3.08% 2.09%

ENLIGHT RENEWABLE ENERGY 1.96% 3.27%

CLEARWAY ENERGY INC CLASS C 2.21% 1.51%

ENPHASE ENERGY 2.85% 1.45%

SOLAREDGE TECHNOLOGIES 1.44% 0.73%

PLUG POWER 1.40% 0.71%

SHOALS TECHNOLOGIES GROUP CLASS A 1.01% 0.52%

RENEW ENERGY GLOBAL PLC CLASS A 0.35% 0.61%

T1 ENERGY 0.44% 0.30%

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%

EQUATORIAL SA 1.93%

SUZLON ENERGY 1.78%

Only in QCLN

Tesla, Inc. 9.29%

Monolithic Power Systems, Inc. 8.99%

ON Semiconductor Corporation 8.41%

Rivian Automotive, Inc. (Class A) 6.42%

Acuity Inc. 3.58%

Advanced Energy Industries, Inc. 3.45%

Brookfield Renewable Partners LP 3.29%

Albemarle Corporation 2.87%

Check overlap with more funds →

Window by window

Window by window: ICLN vs QCLN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ICLN	QCLN	ICLN	QCLN
3 months	−8.3%	−11.9%	not measured	−11.6 pts vs IWV
6 months	−21.9%	−25.1%	not measured	−30.0 pts vs IWV
1 year	−2.3%	+1.6%	not measured	−13.2 pts vs IWV
3 years	+27.1%	+27.3%	not measured	−53.7 pts vs IWV
Since launchNot the same days: ICLN Jun 2008 · QCLN Feb 2007	−54.7%	+149.5%	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 QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund · Holds 57 stocks in clean energy, 34% of its weight in S&P 500 companies

Issuer iShares First Trust

Theme Clean energy Clean energy

In the S&P 500 8.8% 33.5%

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

In the Nasdaq-100 0.0% 18.3%

Holdings 106 57

Top ten, share of the fund 52.4% 61.3%

Expense ratio 0.38% 0.59%

Fee for the differing part 0.38% 0.60%

Total return, 1 year −2.3% +1.6%

vs its benchmark not measured −13.2 pts vs IWV

Below its high −54.7% −47.7%

Net assets, ICLN as of Nov 4, 2026 and QCLN as of Nov 3, 2026 $2.1bn $489m

As of Nov 4, 2026. Source: ETFIQ.

25% 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.

QCLN

Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the Russell 3000 Index, so a holder was behind by 13.2 pts.

By weight, 34% of QCLN'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 61% of the fund across 57 positions, as published by its issuer for Nov 3, 2026. It sits 47.7% below its all-time high of Feb 9, 2021.

Questions people ask

Do ICLN and QCLN hold the same stocks?: By their latest filings, 25% 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 QCLN?: ICLN has 9% of its weight in S&P 500 names and QCLN has 34%, so ICLN differs more from the index.
Which is cheaper, ICLN or QCLN?: ICLN charges 0.38% a year and QCLN charges 0.59%, so ICLN is cheaper. Fees come from each fund's prospectus.

Other comparisons

ICLN vs PBW ICLN vs KGRN ICLN vs CTEC ICLN vs RNRG QCLN vs TAN QCLN vs CNRG QCLN vs SMOG QCLN vs ACES

Where to next

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

Sources and dates

ICLN filings on SEC EDGAR ↗

ICLN prospectus with the expense ratio (SEC) ↗

iShares page for ICLN ↗

QCLN filings on SEC EDGAR ↗

QCLN prospectus with the expense ratio (SEC) ↗

First Trust page for QCLN ↗

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 QCLN, data as of Nov 4, 2026. https://etfiq.com/compare/themes/icln-vs-qcln

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