Do ICLN and TAN hold the same stocks?

By their latest filings, 33% 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 TAN?

ICLN has 9% of its weight in S&P 500 names and TAN has 10%, so ICLN differs more from the index.

Which is cheaper, ICLN or TAN?

ICLN charges 0.38% a year and TAN charges 0.70%, so ICLN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

ICLN vs TAN: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, ICLN returned −2.3% to TAN's −4.5%; 33% 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 $937m on Nov 3, 2026 for Invesco Solar ETF.

ICLN on its own →TAN on its own →

At a glance

8.8%

ICLN in the S&P 500

9.7%

TAN in the S&P 500

−2.3%

ICLN total return, 1 year

−4.5%

TAN 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.

TAN · 1 year to Nov 4, 2026 90% of its weight is outside the S&P 500

10% of TAN's weight is in S&P 500 companies and 90% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

ICLN costs 0.32 points a year less; their one-year returns differ by 2.2 points; ICLN is 2.1 times larger.

Points (pts) are percentage points.

ICLN vs TAN: Holdings Overlap & Returns
Measure	ICLN	TAN
Return
Measure	ICLN	TAN
Total return, 1 year	−2.3%	−4.5%
Drawdown
Measure	ICLN	TAN
Below its all-time high	54.7%, high on Jun 25, 2008	79.0%, high on May 16, 2008
Against its benchmark
Measure	ICLN	TAN
What it tracks	Clean energy	Clean energy
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 19.5 pts
Cost and size
Measure	ICLN	TAN
Expense ratio	0.38%	0.70%
Net assets, as of Nov 3, 2026	$2.0bn	$937m
Holdings
Measure	ICLN	TAN
Holdings in common	33%

Method

Risk and return

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

ICLN TAN

Return

Total return edge ICLN −53.6% −76.1%

Annualized edge ICLN −4.1% −7.5%

Price return edge ICLN −67.8% −82.4%

Risk

Volatility edge ICLN 32.2% 44.6%

Max drawdown edge ICLN (slight) −86.1% −94.7%

Risk-adjusted

Sharpe edge TAN −0.01 0.02

Sortino edge TAN −0.02 0.02

Calmar edge ICLN −0.05 −0.08

Reading

From Jul 2008 to Oct 2026, ICLN returned more: −53.6% to −76.1%. ICLN swung less: 32.2% to 44.6%. ICLN fell slightly less at its worst: −86.1% to −94.7%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: ICLN vs TAN: Holdings Overlap & Returns
Measure	ICLN	TAN	Edge	How it is measured
Return
Total return	−53.6%	−76.1%	ICLN	Price change plus distributions, reinvested.
Annualized	−4.1%	−7.5%	ICLN	Total return as a yearly rate.
Price return	−67.8%	−82.4%	ICLN	Price change alone, distributions left out.
Risk
Volatility	32.2%	44.6%	ICLN	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	23.2%	31.2%	ICLN	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−86.1%	−94.7%	ICLN (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.01	0.02	TAN	Return above Treasury bills per unit of volatility.
Sortino	−0.02	0.02	TAN	Return above Treasury bills per unit of downside deviation.
Calmar	−0.05	−0.08	ICLN	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

33%

By the books each fund has filed, ICLN and TAN hold 33% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

33% in common

Positions both hold · largest shared weight first ICLN TAN

NEXTPOWER INC 9.29% 12.58%

FIRST SOLAR 8.75% 9.66%

ENPHASE ENERGY 2.85% 6.69%

CLEARWAY ENERGY INC CLASS C 2.21% 4.49%

ENLIGHT RENEWABLE ENERGY 1.96% 7.63%

SOLAREDGE TECHNOLOGIES 1.44% 3.96%

SHOALS TECHNOLOGIES GROUP CLASS A 1.01% 3.12%

SOLARIA ENERGIA Y MEDIO AMBIENTE S 0.93% 3.18%

DORAL GROUP RENEWABLE ENERGY RESOU 0.71% 4.88%

ARRAY TECHNOLOGIES INC 0.51% 1.80%

T1 ENERGY 0.44% 1.38%

O.Y. NOFAR ENERGY 0.43% 2.54%

Only in one fund ↓

Only in ICLN

IBERDROLA 6.71%

BLOOM ENERGY CLASS A 6.23%

CHINA YANGTZE POWER LTD A 5.59%

AXIA ENERGIA SA 3.84%

VESTAS WIND SYSTEMS 3.32%

ORMAT TECH INC 3.08%

CHUBU ELECTRIC POWER INC 2.70%

EDP ENERGIAS DE PORTUGAL 2.26%

Only in TAN

HA Sustainable Infrastructure Capital Inc 5.20%

Sunrun Inc 4.27%

GCL Technology Holdings Ltd 3.71%

Xinyi Solar Holdings Ltd 2.65%

United Renewable Energy Co Ltd 1.92%

Daqo New Energy Corp 1.72%

Grenergy Renovables SA 1.72%

West Holdings Corp 0.99%

Check overlap with more funds →

Window by window

Window by window: ICLN vs TAN: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ICLN	TAN	ICLN	TAN
3 months	−8.3%	−10.7%	not measured	−9.4 pts vs ACWI
6 months	−21.9%	−24.3%	not measured	−26.9 pts vs ACWI
1 year	−2.3%	−4.5%	not measured	−19.5 pts vs ACWI
3 years	+27.1%	+3.0%	not measured	−74.6 pts vs ACWI
Since launchNot the same days: ICLN Jun 2008 · TAN Apr 2008	−54.7%	−76.1%	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 TAN Invesco Solar ETF · Holds 37 stocks in clean energy, 10% of its weight in S&P 500 companies

Issuer iShares Invesco

Theme Clean energy Clean energy

In the S&P 500 8.8% 9.7%

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

In the Nasdaq-100 0.0% 0.0%

Holdings 106 37

Top ten, share of the fund 52.4% 63.1%

Expense ratio 0.38% 0.70%

Fee for the differing part 0.38% 0.70%

Total return, 1 year −2.3% −4.5%

vs its benchmark not measured −19.5 pts vs ACWI

Below its high −54.7% −79.0%

Net assets, ICLN as of Nov 4, 2026 and TAN as of Nov 3, 2026 $2.1bn $937m

As of Nov 4, 2026. Source: ETFIQ.

33% 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.

TAN

By weight, 10% of TAN'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 63% of the fund across 37 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −4.5% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was behind by 19.5 pts. It sits 79.0% below its all-time high of May 16, 2008.

Questions people ask

Do ICLN and TAN hold the same stocks?: By their latest filings, 33% 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 TAN?: ICLN has 9% of its weight in S&P 500 names and TAN has 10%, so ICLN differs more from the index.
Which is cheaper, ICLN or TAN?: ICLN charges 0.38% a year and TAN charges 0.70%, so ICLN is cheaper. Fees come from each fund's prospectus.

Other comparisons

ICLN vs QCLN ICLN vs SMOG ICLN vs CCSO ICLN vs KGRN TAN vs CNRG TAN vs ACES TAN vs CCSO TAN vs CTEC

Where to next

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

Sources and dates

ICLN filings on SEC EDGAR ↗

ICLN prospectus with the expense ratio (SEC) ↗

iShares page for ICLN ↗

TAN filings on SEC EDGAR ↗

TAN prospectus with the expense ratio (SEC) ↗

Invesco page for TAN ↗

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

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