IBAT vs ICLN: Grades, Fees and Holdings Compared

iShares Energy Storage & Materials ETF

IBATBNasdaq

iShares Global Clean Energy ETF

ICLNANasdaq

Overlap

8.5%by weight

Expense ratio

ICLN −0.09pt a year

IBAT0.47%ICLN0.38%

Avg volume · 30D

ICLN 263.1×the volume

IBAT23.8KICLN6.25M

IBAT vs ICLN Performance

Oct 31, 2025 – Oct 30, 2026

+13.3%IBAT−10.6%ICLN

Expense ratio: IBAT 0.47%; ICLN 0.38%, better
Fund size: IBAT $56M; ICLN $1.94B
1Y total return: IBAT +13.3%, better; ICLN −10.6%
Yield (12M): IBAT 0.84%; ICLN 1.20%, better
Holdings: IBAT 97; ICLN 124
Avg volume (30D): IBAT 23.8K sh; ICLN 6.25M sh, better
NAV per share: IBAT $35.92; ICLN $15.35
52W range

ETF.net Grade

Pillar letters and Scores for IBAT, ICLN, with each pillar’s weight
Pillar	IBAT	ICLN
Cost30% weight	A83	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A73Higher	B55
Tradability15% weight	D37	A84Higher
Holdings10% weight	B55	B59Higher
Durability5% weight	D36	A92Higher

Rank among Clean Energy funds

How we build Categories ›

Same Category. IBAT 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 IBAT 4th 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
Rank 5BFANFirst Trust Global Wind Energy ETFScore 57

Our read on each fund

ETF.net Research

IBATBiShares Energy Storage & Materials ETF

ICLNAiShares Global Clean Energy ETF

In short

IBAT Most EV funds buy carmakers. IBAT drops a layer down the supply chain to the batteries, hydrogen, fuel cells and storage materials underneath, tracking a global STOXX index at a fee that undercuts much of its thematic peer group.

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

IBAT The fund seeks to track an index of global companies involved in battery technologies, hydrogen, fuel cells, and other energy-storage solutions. It provides targeted exposure to companies supporting the transition to a low-carbon economy.

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

Why people hold it

IBAT 0.47% a year, cheaper than Global X's DRIV (0.68%) and Amplify's BATT (0.59%).
Buys the storage layer, not the showroom: battery technology, hydrogen, fuel cells and the materials that feed them.ishares.com
Global mandate, roughly 80 holdings: miners, chemical firms and equipment makers a US large-cap index never touches.
Sits in the upper tier of its battery and EV thematic group on our review.

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

IBAT One theme, one supply chain. Battery and materials demand drives the whole basket in the same direction at the same time.
BlackRock applies business involvement screens, so the portfolio is a filtered slice of the industry rather than the full map.ishares.com
Launched in 2024, so the record is short and payouts come once or twice a year at most. Not an income holding.

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 IBAT profile⁠

Full ICLN profile⁠

IBAT vs ICLN Holdings

How IBAT and ICLN differ

Overlap by weight

8.5%

Shared holdings make up 12.8% of ICLN and 10.1% of IBAT.

Level by level

Sector15 Sectors0.0%
Holdings6 in both8.5%
Countryby domicile43.6%
Asset classEquity100%

Sector

Sector weights in IBAT and ICLN, widest gap first
Sector	More in IBATMore in ICLN	IBAT	ICLN
Materials	IBAT +42.2 points	42.2%	0.0%
Industrials	IBAT +31.1 points	31.1%	0.0%
Renewable Electricity	ICLN +27.6 points	0.0%	27.6%
Technology	IBAT +24.7 points	24.7%	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	IBAT +2.0 points	2.0%	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 IBAT and ICLN, widest gap first
Country	More in IBATMore in ICLN	IBAT	ICLN
Japan	IBAT +28.6 points	31.7%	3.1%
China	ICLN +12.1 points	6.7%	18.8%
South Korea	IBAT +10.2 points	11.7%	1.5%
France	IBAT +10.0 points	10.0%	0.0%
United States	ICLN +9.3 points	28.9%	38.2%
Brazil	ICLN +8.9 points	0.0%	8.9%
Spain	ICLN +8.4 points	0.0%	8.4%
India	ICLN +5.4 points	0.0%	5.4%
Other countries (5)	ICLN +4.7 points	10.9%	15.6%

Outside the US: IBAT 68% developed, 32% emerging. ICLN 36% developed, 64% emerging.

Concentration

Weight in the 10 largest Holdings

IBAT56.5%
ICLN51.7%

Securities held

IBAT85
ICLN102

Asset class

IBAT: Equity
ICLN: Equity

Holdings

Only in IBAT79
In both6
Only in ICLN96

Only in IBAT

79 securities, 90.4% of IBAT by weight

Air Products and Chemicals7.32%
Lair Liquide Societe Anonyme Pour7.07%
Basf N6.53%
Tdk5.99%
Murata Manufacturing5.60%
Samsung Sdi Ltd4.94%
Linde PLC4.13%
Resonac Holdings4.06%
Asahi Kasei3.70%
Eaton PLC3.35%
Furukawa Electric Ltd3.35%
Schneider Electric2.94%
Mitsubishi Chemical Group2.71%
Delta Electronics2.64%
Contemporary Amperex Technology A2.42%
Lg Energy Solution Ltd2.35%
Contemporary Amperex Technology Class2.33%
Shin Etsu Chemical2.25%
Lg Chem Ltd2.15%
Enersys1.55%
Samsung Electro Mechanics Ltd1.46%
Kaori Heat Treatment Ltd1.12%
Kyocera0.90%
Dow0.81%
Gs Yuasa0.79%
Entegris Inc0.76%
Quantumscape Class A0.57%
Toray Industries0.36%
Ganfeng Lithium Ltd H0.36%
Amprius Technologies Inc0.33%
Yadea Group Holdings0.33%
Eve Energy A0.24%
Seojin System Ltd0.24%
Nichicon Corp0.24%
Fuelcell Energy Inc0.24%
Calb Class H Ltd H0.22%
Ningbo Deye Technology Corp A0.21%
Syensqo NV0.20%
Advanced Energy Solution Holding L0.20%
Evonik Industries AG0.19%
Eos Energy Enterprises Class A0.18%
Lg Chem Preferred Stock Ltd0.16%
Mitsui Chemicals0.16%
Zaptec0.15%
Mitsubishi Gas Chemical Inc0.15%
Fluence Energy Inc Class A0.14%
Ganfeng Lithium Group Ltd A0.13%
Umicore SA0.13%
Itm Power PLC0.13%
Arkema SA0.13%

Only in ICLN

96 securities, 87.0% of ICLN by weight

First Solar8.60%
Nextpower Inc8.04%
Iberdrola7.04%
China Yangtze Power Ltd A5.84%
Axia Energia SA4.17%
Vestas Wind Systems3.32%
Ormat Tech Inc3.07%
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%
Shoals Technologies Group Class A0.90%
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%
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%
O.y. Nofar Energy0.44%
T1 Energy0.44%
Inox Wind0.42%
Array Technologies Inc0.39%
Rex American Resources0.37%
Renew Energy Global PLC Class A0.37%
Jinko Solar Ltd A0.35%
Tcl Zhonghuan Renewable Energy Tec0.34%
Sma Solar Technology AG0.33%
Canadian Solar0.33%
Energix Renewable Energies Ltd0.32%
China Southern Power Grid Energy’s0.31%

Weight gaps

All 6 Holdings in both funds, largest gap first.

Holding weights in IBAT and ICLN, widest gap first
Holding	More in IBATMore in ICLN	IBAT	ICLN
Enphase EnergyENPH	ICLN +1.62 points	0.90%	2.52%
Plug PowerPLUG	ICLN +0.96 points	0.46%	1.42%
Bloom Energy Class ABE	IBAT +0.91 points	7.11%	6.20%
Solaredge TechnologiesSEDG	ICLN +0.88 points	0.49%	1.37%
Doosan Fuel Cell Ltd	ICLN +0.47 points	0.22%	0.69%
Ceres Power Holdings PLCCWR.L	ICLN +0.30 points	0.16%	0.46%

All 82 IBAT 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.

IBAT vs ICLN Cost

Overpaying IBAT vs ICLN

$1,712

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

IBAT 0.47%
$9,418
ICLN 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

IBAT 0.47%
ICLN 0.38%
Overpaying

Year by year

Year	IBAT	ICLN	Overpaying
10	$847	$688	$159
20	$3,261	$2,658	$603
30	$9,418	$7,706	$1,712

Expense ratio

0.47%IBAT
0.38%ICLN, cheaper

ICLN0.38%IBAT0.47%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

IBAT 4th cheapest of 16 funds

IBAT vs ICLN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IBAT 0.84%; ICLN 1.20%, better
Payout (12M): IBAT $0.30; ICLN $0.18
Last payment: IBAT $0.18; ICLN $0.06
Ex-dividend: IBAT Jun 15, 2026; ICLN Jun 15, 2026
Paid on: IBAT Jun 18, 2026; ICLN Jun 18, 2026
Frequency: IBAT Twice a year; ICLN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

IBATTwice a year · 5 paymentsAll IBAT payments⁠

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

IBAT vs ICLN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IBAT 30.2%since Apr 2024ICLN 27.3%
Return per unit of riskSharpe ratio, 3 years: IBAT 0.48since Apr 2024ICLN 0.22
Worst fallMax drawdown, 5 years: IBAT −28.2%since Mar 2024ICLN −57.1%
Market sensitivityBeta, 5 years: IBAT 1.57ICLN 1.49; Market = 1

IBAT and ICLN in the news

All news⁠

Deep Dive
Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029
Sep 20, 2026IBATICLN
Deep Dive
The grid fund is more than five times the clean-energy flagship, and they barely overlap
Oct 26, 2026ICLN

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IBAT vs ICLN

In short

Stated mandate

Why people hold it

Worth knowing

How IBAT and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IBAT

Only in ICLN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

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

How IBAT and ICLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in IBAT

Only in ICLN

Weight gaps