CNRG vs ICLN: Grades, Fees and Holdings Compared

State Street SPDR S&P Kensho Clean Power ETF

CNRGBNYSE Arca

iShares Global Clean Energy ETF

ICLNANasdaq

Overlap

19.5%by weight

Expense ratio

ICLN −0.07pt a year

CNRG0.45%ICLN0.38%

Avg volume · 30D

ICLN 690.2×the volume

CNRG9.06KICLN6.25M

5Y return · a year

CNRG +2.6pt

CNRG−5.7%ICLN−8.3%

CNRG vs ICLN Performance

Oct 29, 2021 – Oct 30, 2026

−25.4%CNRG−35.2%ICLN

Expense ratio: CNRG 0.45%; ICLN 0.38%, better
Fund size: CNRG $163M; ICLN $1.94B
1Y total return: CNRG −23.2%; ICLN −10.6%, better
Yield (12M): CNRG 1.66%, better; ICLN 1.20%
Holdings: CNRG 40; ICLN 124
Avg volume (30D): CNRG 9.06K sh; ICLN 6.25M sh, better
NAV per share: CNRG $78.65; ICLN $15.35
52W range

ETF.net Grade

Pillar letters and Scores for CNRG, ICLN, with each pillar’s weight
Pillar	CNRG	ICLN
Cost30% weight	A83	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	B55Higher
Tradability15% weight	B57	A84Higher
Holdings10% weight	A79Higher	B59
Durability5% weight	B67	A92Higher

Rank among Clean Energy funds

How we build Categories ›

Same Category. CNRG and ICLN are both graded against the same 16 Clean Energy funds, so their Grades compare head to head.

Clean Energy⁠

Category · 16 funds

See all 16 ›

ICLN ranks 1st and CNRG 3rd of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 3BCNRGState Street SPDR S&P Kensho Clean Power ETFScore 66
Rank 4BIBATiShares Energy Storage & Materials ETFScore 65

Our read on each fund

ETF.net Research

CNRGBState Street SPDR S&P Kensho Clean Power ETF

ICLNAiShares Global Clean Energy ETF

In short

CNRG A focused read on clean power: about 40 global stocks tracked to an S&P Kensho index, at a fee below the clean-energy midpoint. Small fund, sharp mandate, one of the stronger builds in the theme.

ICLN The big, global way to own the energy transition: since 2008, ICLN has tracked roughly 100 clean-power companies across developed and emerging markets, charging 0.38% a year, below the typical clean-energy fee.

Stated mandate

CNRG The fund seeks to provide investment results that generally correspond to the total return performance of the S&P Kensho Clean Power Index before fees and expenses.

ICLN The fund seeks to track an index representing global equities in the clean energy sector.

Why people hold it

CNRG Charges 0.45% a year, under the 0.59% median for clean-energy funds and below pricier peers like FAN (0.61%) and ACES (0.55%).
About 40 holdings, so each name carries real weight. This is a concentrated take on clean power, not a broad index with a green label stapled on.
Rules-based and global: it tracks the S&P Kensho Clean Power Index rather than leaving the theme to a manager's judgment.ssga.com
Live since 2018, giving it a longer record through the theme's boom and bust than most clean-energy launches.

ICLN At 0.38% with no waiver propping it up, it undercuts FRNW (0.39%) and CNRG (0.45%) and sits below the category median fee.
Global by design: the S&P index draws from developed and emerging markets, so you get Europe's wind and grid names, not just US solar.blackrock.com
Liquidity is built into the rules. Index entrants need $300M market cap and $3M median daily trading, and the fund itself trades very actively.blackrock.com
A multi-billion-dollar iShares fund running since 2008, and one of the strongest implementations in its peer group.

Worth knowing

CNRG Thinly traded compared with the theme's headline funds, which can mean wider bid-ask spreads at the moment you transact.
A concentrated slice of one policy-sensitive sector. Swings run harder than a broad equity fund's, in both directions.
Distributions come quarterly, but yield is incidental here. The fund is built around the clean-power theme, not payout.

ICLN One theme, about 100 stocks. Renewable developers and utilities are capital-intensive, so interest-rate moves land hard here.spglobal.com
Emerging-market listings come with the global reach, adding currency and local-market risk.blackrock.com
Weights blend float market cap with a clean-energy exposure score, so some holdings are partial players, not pure plays.spglobal.com blackrock.com

Full CNRG profile⁠

Full ICLN profile⁠

CNRG vs ICLN Holdings

How CNRG and ICLN differ

Overlap by weight

19.5%

Shared holdings make up 33.8% of ICLN and 31.4% of CNRG.

Level by level

Sector16 Sectors0.0%
Holdings13 in both19.5%
Countryby domicile51.8%
Asset classEquity100%

Sector

Sector weights in CNRG and ICLN, widest gap first
Sector	More in CNRGMore in ICLN	CNRG	ICLN
Industrials	CNRG +35.2 points	35.2%	0.0%
Utilities	CNRG +32.6 points	32.6%	0.0%
Renewable Electricity	ICLN +27.6 points	0.0%	27.6%
Technology	CNRG +27.1 points	27.1%	0.0%
Electric Utilities	ICLN +21.0 points	0.0%	21.0%
Heavy Electrical Equipment	ICLN +15.6 points	0.0%	15.6%
Semiconductors	ICLN +14.5 points	0.0%	14.5%
Electrical Components & Equipment	ICLN +14.1 points	0.0%	14.1%
Semiconductor Equipment	ICLN +4.6 points	0.0%	4.6%
Consumer Discretionary	CNRG +2.6 points	2.6%	0.0%
Energy	CNRG +2.5 points	2.5%	0.0%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	0.0%	1.6%
Steel	ICLN +0.3 points	0.0%	0.3%
Construction & Engineering	ICLN +0.3 points	0.0%	0.3%
Independent Power Producers & Energy Traders	ICLN +0.3 points	0.0%	0.3%
Industrial Machinery & Supplies & Components	ICLN +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in CNRG and ICLN, widest gap first
Country	More in CNRGMore in ICLN	CNRG	ICLN
United States	CNRG +41.5 points	79.7%	38.2%
China	ICLN +13.8 points	5.0%	18.8%
Spain	ICLN +8.4 points	0.0%	8.4%
Canada	CNRG +5.7 points	5.7%	0.0%
Brazil	ICLN +5.3 points	3.6%	8.9%
Denmark	ICLN +5.1 points	0.0%	5.1%
India	ICLN +3.4 points	2.0%	5.4%
Portugal	ICLN +3.2 points	0.0%	3.2%
Other countries (6)	ICLN +7.8 points	4.1%	11.9%

Outside the US: ICLN 36% developed, 64% emerging.

Concentration

Weight in the 10 largest Holdings

CNRG38.0%
ICLN51.7%

Securities held

CNRG38
ICLN102

Asset class

CNRG: Equity
ICLN: Equity

Holdings

Only in CNRG25
In both13
Only in ICLN89

Only in CNRG

25 securities, 68.6% of CNRG by weight

Constellation Energy4.33%
Transalta Corp4.23%
Ge Vernova Inc4.05%
Aes Corp4.03%
Nextera Energy Inc3.82%
Cia Energetica De Spon Adr3.60%
Avista Corp3.50%
Generac Holdings Inc3.37%
Tesla Inc3.32%
Ameresco Inc Class A3.23%
Tenaris SA Adr3.13%
Daqo New Energy Corp Adr3.09%
Enlight Renewable Energy Ltd3.04%
Energy Vault Holdings Inc2.99%
Fuelcell Energy Inc2.98%
Valmont Industries2.65%
Sunrun Inc2.53%
Corning Inc2.41%
American Superconductor Corp2.39%
Ballard Power Systems Inc1.45%
Eos Energy Enterprises Inc1.29%
Enel Chile SA Adr1.03%
Hyster Yale Inc0.98%
Fluence Energy Inc0.88%
Tigo Energy Inc0.27%

Only in ICLN

89 securities, 65.8% of ICLN by weight

Iberdrola7.04%
China Yangtze Power Ltd A5.84%
Axia Energia SA4.17%
Vestas Wind Systems3.32%
Chubu Electric Power Inc2.86%
Edp Energias De Portugal2.36%
Clearway Energy Inc Class C2.16%
Enlight Renewable Energy2.11%
Equatorial SA2.07%
Suzlon Energy1.76%
Orsted A/S1.56%
Nordex1.47%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.25%
Sungrow Power Supply Ltd A1.21%
Huaneng Lancang River Hydropower I1.11%
Solaria Energia Y Medio Ambiente’s0.92%
China Longyuan Power Group H0.91%
Energisa Units0.87%
China Three Gorges Renewables(Grou0.86%
Edp Renewables SA0.80%
Sichuan Chuantou Energy Ltd A0.78%
Longi Green Energy Technology A0.74%
Green Plains0.74%
Premier Energies Ltd0.73%
Doral Group Renewable Energy Resou0.73%
Doosan Fuel Cell Ltd0.69%
Engie Brasil Energia SA0.68%
Nhpc Ltd0.64%
Cpfl Energia0.61%
Brookfield Renewable Subordinate V0.58%
Verbund AG0.55%
Cs Wind0.53%
Xinjiang Goldwind Science and Tech0.50%
United Renewable Energy0.48%
Ceres Power Holdings PLC0.46%
O.y. Nofar Energy0.44%
Inox Wind0.42%
Rex American Resources0.37%
Jinko Solar Ltd A0.35%
Tcl Zhonghuan Renewable Energy Tec0.34%
Sma Solar Technology AG0.33%
Energix Renewable Energies Ltd0.32%
China Southern Power Grid Energy’s0.31%
Guangxi Guiguan Electric Power Ltd0.31%
Central New Energy Holding Group L0.31%
Erg0.30%
Century Iron and Steel Industrial0.30%
Suzhou Maxwell Technologies Ltd A0.30%
Verbio0.29%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in CNRG and ICLN, widest gap first
Holding	More in CNRGMore in ICLN	CNRG	ICLN
First Solar IncFSLR	ICLN +5.79 points	2.81%	8.60%
Nextpower IncNXT	ICLN +5.21 points	2.83%	8.04%
Bloom Energy Corp ABE	ICLN +2.44 points	3.76%	6.20%
Shoals Technologies Group ASHLS	CNRG +2.34 points	3.24%	0.90%
Canadian Solar IncCSIQ	CNRG +2.10 points	2.43%	0.33%
Array Technologies IncARRY	CNRG +1.68 points	2.07%	0.39%
Jinko Holdings LtdJKS	CNRG +1.68 points	1.87%	0.19%
Renew Energy Global PLC ARNW	CNRG +1.63 points	2.00%	0.37%
T1 Energy IncTE	CNRG +1.03 points	1.47%	0.44%
Solaredge Technologies IncSEDG	CNRG +0.85 points	2.22%	1.37%
Plug Power IncPLUG	CNRG +0.55 points	1.97%	1.42%
Enphase Energy IncENPH	ICLN +0.49 points	2.03%	2.52%
Ormat Technologies IncORA	ICLN +0.40 points	2.67%	3.07%

All 38 CNRG holdings⁠All 103 ICLN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CNRG vs ICLN Cost

Overpaying CNRG vs ICLN

$1,335

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CNRG 0.45%
$9,041
ICLN 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

CNRG 0.45%
ICLN 0.38%
Overpaying

Year by year

Year	CNRG	ICLN	Overpaying
10	$812	$688	$124
20	$3,128	$2,658	$470
30	$9,041	$7,706	$1,335

Expense ratio

0.45%CNRG
0.38%ICLN, cheaper

ICLN0.38%CNRG0.45%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

CNRG 3rd cheapest of 16 funds

CNRG vs ICLN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CNRG 1.66%, better; ICLN 1.20%
Payout (12M): CNRG $1.27; ICLN $0.18
Last payment: CNRG $0.36; ICLN $0.06
Ex-dividend: CNRG Sep 21, 2026; ICLN Jun 15, 2026
Paid on: CNRG Sep 23, 2026; ICLN Jun 18, 2026
Frequency: CNRG Quarterly; ICLN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

CNRGQuarterly · 32 paymentsAll CNRG payments⁠

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

CNRG vs ICLN Risk

Fall from peak · 5 years

CNRG
ICLN

Risk facts

VolatilityStd dev, 3 years: CNRG 34.4%ICLN 27.3%, better
Return per unit of riskSharpe ratio, 3 years: CNRG 0.31, betterICLN 0.22
Worst fallMax drawdown, 5 years: CNRG −59.2%ICLN −57.1%, better
Market sensitivityBeta, 5 years: CNRG 1.87ICLN 1.49; Market = 1

CNRG and ICLN in the news

All news⁠

Filings Digest
AllianceBernstein's AB US Research Advanced ETF began trading on Nasdaq Monday
Oct 27, 2026CNRG
Deep Dive
The grid fund is more than five times the clean-energy flagship, and they barely overlap
Oct 26, 2026ICLN
Deep Dive
Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029
Sep 20, 2026ICLN

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CNRG vs ICLN

In short

Stated mandate

Why people hold it

Worth knowing

How CNRG and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CNRG

Only in ICLN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

AllianceBernstein's AB US Research Advanced ETF began trading on Nasdaq Monday

The grid fund is more than five times the clean-energy flagship, and they barely overlap

Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029

How CNRG and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CNRG

Only in ICLN

Weight gaps