ICLN vs PBD: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

Invesco Global Clean Energy ETF

PBDDNYSE Arca

Overlap

17.6%by weight

Expense ratio

ICLN −0.37pt a year

ICLN0.38%PBD0.75%

Avg volume · 30D

ICLN 61.2×the volume

ICLN6.25MPBD102K

10Y return · a year

ICLN +1.9pt

ICLN+7.4%PBD+5.5%

ICLN vs PBD Performance

Oct 29, 2021 – Oct 30, 2026

−35.2%ICLN−46.3%PBD

Expense ratio: ICLN 0.38%, better; PBD 0.75%
Fund size: ICLN $1.94B; PBD $97M
1Y total return: ICLN −10.6%; PBD −8.7%, better
Yield (12M): ICLN 1.20%; PBD 1.71%, better
Holdings: ICLN 124; PBD 115
Avg volume (30D): ICLN 6.25M sh, better; PBD 102K sh
NAV per share: ICLN $15.35; PBD $15.02
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, PBD, with each pillar’s weight
Pillar	ICLN	PBD
Cost30% weight	A100Higher	F7
Mission25% weight	Not scored	Not scored
Risk15% weight	B55Higher	C50
Tradability15% weight	A84Higher	C46
Holdings10% weight	B59	A89Higher
Durability5% weight	A92Higher	B69

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and PBD 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 PBD 13th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 12CCTECGlobal X CleanTech ETFScore 43
Rank 13DPBDInvesco Global Clean Energy ETFScore 38
Rank 14DTANInvesco Solar ETFScore 36

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

PBDDInvesco Global Clean Energy ETF

In short

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.

PBD The 2007 original in global clean energy: about 110 names spanning cleaner generation, conservation and efficiency worldwide, reshuffled every quarter. Broader than the cap-weighted giants, and priced at 0.75% for that reach.

Stated mandate

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

PBD The Fund seeks to track, before fees and expenses, the WilderHill New Energy Global Innovation Index. That index targets companies worldwide involved in cleaner energy, conservation, efficiency, renewable energy, and related technologies.

Why people hold it

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.

PBD Launched in 2007, a year ahead of ICLN, the category's biggest name. It has traded through a full clean-energy boom and bust with the same index behind it.ishares.com
About 110 holdings across cleaner energy, conservation and efficiency, held worldwide via ADRs and GDRs where needed. No single stock carries the fund.invesco.com
The index is rebalanced and reconstituted quarterly, so the basket refreshes with the theme rather than drifting toward whatever already won.invesco.com

Worth knowing

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

PBD At 0.75% a year it runs above the clean-energy median (0.59%) and near double ICLN and FRNW at 0.39%. The broad global basket is not the cheap way in.
A smaller, moderately traded fund rather than one of the category's heavyweights, so bid-ask spreads can run wider than the largest names in the group.
One narrow global theme, tilted away from mega-caps and sensitive to policy and rates. Swings are larger than a broad world index fund's.

Full ICLN profile⁠

Full PBD profile⁠

ICLN vs PBD Holdings

How ICLN and PBD differ

Overlap by weight

17.6%

Shared holdings make up 40.2% of ICLN and 25.2% of PBD.

Level by level

Sector18 Sectors0.0%
Holdings28 in both17.6%
Countryby domicile54.7%
Asset classEquity100%

Sector

Sector weights in ICLN and PBD, widest gap first
Sector	More in ICLNMore in PBD	ICLN	PBD
Industrials	PBD +43.6 points	0.0%	43.6%
Renewable Electricity	ICLN +27.6 points	27.6%	0.0%
Electric Utilities	ICLN +21.0 points	21.0%	0.0%
Technology	PBD +19.2 points	0.0%	19.2%
Utilities	PBD +17.6 points	0.0%	17.6%
Heavy Electrical Equipment	ICLN +15.6 points	15.6%	0.0%
Semiconductors	ICLN +14.5 points	14.5%	0.0%
Electrical Components & Equipment	ICLN +14.1 points	14.1%	0.0%
Consumer Discretionary	PBD +11.8 points	0.0%	11.8%
Materials	PBD +5.3 points	0.0%	5.3%
Semiconductor Equipment	ICLN +4.6 points	4.6%	0.0%
Financials	PBD +1.7 points	0.0%	1.7%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
Consumer Staples	PBD +0.9 points	0.0%	0.9%
Steel	ICLN +0.3 points	0.3%	0.0%
Construction & Engineering	ICLN +0.3 points	0.3%	0.0%
Independent Power Producers & Energy Traders	ICLN +0.3 points	0.3%	0.0%
Industrial Machinery & Supplies & Components	ICLN +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in ICLN and PBD, widest gap first
Country	More in ICLNMore in PBD	ICLN	PBD
United States	ICLN +14.4 points	38.2%	23.8%
Taiwan	PBD +10.6 points	1.1%	11.7%
Brazil	ICLN +8.9 points	8.9%	0.0%
South Korea	PBD +8.1 points	1.5%	9.6%
China	ICLN +6.0 points	18.8%	12.8%
India	ICLN +5.4 points	5.4%	0.0%
France	PBD +3.9 points	0.0%	3.9%
Spain	ICLN +3.6 points	8.4%	4.8%
Other countries (19)	PBD +15.8 points	17.6%	33.4%

Outside the US: ICLN 36% developed, 64% emerging. PBD 51% developed, 49% emerging.

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
PBD12.5%

Securities held

ICLN102
PBD111

Asset class

ICLN: Equity
PBD: Equity

Holdings

Only in ICLN74
In both28
Only in PBD83

Only in ICLN

74 securities, 59.4% of ICLN by weight

Nextpower Inc8.04%
Iberdrola7.04%
China Yangtze Power Ltd A5.84%
Axia Energia SA4.17%
Chubu Electric Power Inc2.86%
Edp Energias De Portugal2.36%
Clearway Energy Inc Class C2.16%
Equatorial SA2.07%
Suzlon Energy1.76%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.25%
Sungrow Power Supply Ltd A1.21%
Huaneng Lancang River Hydropower I1.11%
China Longyuan Power Group H0.91%
Energisa Units0.87%
China Three Gorges Renewables(Grou0.86%
Sichuan Chuantou Energy Ltd A0.78%
Longi Green Energy Technology A0.74%
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%
Xinjiang Goldwind Science and Tech0.50%
United Renewable Energy0.48%
T1 Energy0.44%
Inox Wind0.42%
Rex American Resources0.37%
Renew Energy Global PLC Class A0.37%
Jinko Solar Ltd A0.35%
Tcl Zhonghuan Renewable Energy Tec0.34%
China Southern Power Grid Energy’s0.31%
Guangxi Guiguan Electric Power Ltd0.31%
Central New Energy Holding Group L0.31%
Century Iron and Steel Industrial0.30%
Suzhou Maxwell Technologies Ltd A0.30%
Tsec Corp0.27%
Auren Energia SA0.23%
Meridian Energy Ltd0.22%
Shanghai Aiko Solar Energy Ltd A0.22%
Barito Renewables Energy0.22%
Gevo0.22%
Ntpc Green Energy Ltd0.22%
Enel Americas SA0.22%
Hd Hyundai Energy Solutions Ltd0.21%
Trina Solar A0.21%
Energy Absolute Non-Voting Dr Pcl0.20%
Ja Solar Technology Ltd A0.19%
Dajin Heavy Industry Ltd A0.17%

Only in PBD

83 securities, 74.7% of PBD by weight

SES AI Corp1.64%
Lotte Energy Materials Corp1.44%
Nibe Industrier AB1.25%
Samsung SDI Co Ltd1.20%
Landis+Gyr Group AG1.16%
Tamura Corp1.16%
NFI Group Inc1.13%
J&V Energy Technology Co Ltd1.12%
LG Energy Solution Ltd1.11%
Mercury NZ Ltd1.08%
Elia Group SA/NV1.05%
Teco Electric and Machinery Co Ltd1.05%
Sino-American Silicon Products Inc1.04%
Core & Main Inc1.04%
Universal Display Corp1.04%
Acciona SA1.03%
Signify NV1.03%
Ta Ya Electric Wire & Cable1.03%
Allis Electric Co Ltd1.02%
Terna - Rete Elettrica Nazionale1.02%
Shihlin Electric & Engineering Corp1.01%
Itron Inc1.01%
Toyo Tanso Co Ltd1.01%
Kingspan Group PLC1.00%
Legrand SA1.00%
Ecopro BM Co Ltd0.99%
Rexel SA0.99%
Chung-Hsin Electric & Machinery Manufacturing Corp0.98%
HA Sustainable Infrastructure Capital Inc0.97%
Xinyi Energy Holdings Ltd0.96%
Littelfuse Inc0.96%
Nexans SA0.96%
Spie SA0.96%
Voltronic Power Technology Corp0.95%
Nkt A/S0.95%
Blue Bird Corp0.94%
Wacker Chemie AG0.94%
Prysmian SpA0.93%
Sanyo Denki Co Ltd0.93%
Hubbell Inc0.93%
GS Yuasa Corp0.93%
Yadea Group Holdings Ltd0.90%
Darling Ingredients Inc0.89%
AcBel Polytech Inc0.89%
Xinyi Solar Holdings Ltd0.89%
West Holdings Corp0.89%
LS Electric Co Ltd0.88%
Motech Industries Inc0.88%
Zhejiang Leapmotor Technology Co Ltd0.87%
Wolfspeed Inc0.85%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in ICLN and PBD, widest gap first
Holding	More in ICLNMore in PBD	ICLN	PBD
First SolarFSLR	ICLN +7.75 points	8.60%	0.85%
Bloom Energy Class ABE	ICLN +5.15 points	6.20%	1.05%
Vestas Wind Systems	ICLN +2.34 points	3.32%	0.98%
Ormat Tech IncORA	ICLN +2.20 points	3.07%	0.87%
Enphase EnergyENPH	ICLN +1.83 points	2.52%	0.69%
Enlight Renewable Energy	ICLN +1.23 points	2.11%	0.88%
Corporacion Acciona Energias Renov	PBD +0.82 points	0.24%	1.06%
Scatec Solar	PBD +0.76 points	0.17%	0.93%
Plug PowerPLUG	ICLN +0.76 points	1.42%	0.66%
Verbund AG	PBD +0.74 points	0.55%	1.29%
Erg	PBD +0.71 points	0.30%	1.01%
Verbio	PBD +0.70 points	0.29%	0.99%
Sma Solar Technology AG	PBD +0.58 points	0.33%	0.91%
Orsted A/S	ICLN +0.55 points	1.56%	1.01%
Energix Renewable Energies Ltd	PBD +0.55 points	0.32%	0.87%
Nordex	ICLN +0.44 points	1.47%	1.03%
Cs Wind	PBD +0.41 points	0.53%	0.94%
Array Technologies IncARRY	PBD +0.37 points	0.39%	0.76%
Solaredge TechnologiesSEDG	ICLN +0.35 points	1.37%	1.02%
Canadian SolarCSIQ	PBD +0.34 points	0.33%	0.67%
Jinko Holdings Ads RepJKS	PBD +0.34 points	0.19%	0.53%
O.y. Nofar Energy	PBD +0.30 points	0.44%	0.74%
Doosan Fuel Cell Ltd	PBD +0.22 points	0.69%	0.91%
Ceres Power Holdings PLCCWR.L	PBD +0.22 points	0.46%	0.68%
Green PlainsGPRE	PBD +0.21 points	0.74%	0.95%
Edp Renewables SA	PBD +0.17 points	0.80%	0.97%
Solaria Energia Y Medio Ambiente’s	PBD +0.07 points	0.92%	0.99%
Shoals Technologies Group Class ASHLS	PBD +0.07 points	0.90%	0.97%

All 103 ICLN holdings⁠All 110 PBD 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.

ICLN vs PBD Cost

Overpaying PBD vs ICLN

$6,776

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

ICLN 0.38%
$7,706
PBD 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
PBD 0.75%
Overpaying

Year by year

Year	ICLN	PBD	Overpaying
10	$688	$1,336	$648
20	$2,658	$5,078	$2,420
30	$7,706	$14,482	$6,776

Expense ratio

0.38%ICLN, cheaper
0.75%PBD

ICLN0.38%PBD0.75%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

PBD 15th cheapest of 16 funds

ICLN vs PBD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICLN 1.20%; PBD 1.71%, better
Payout (12M): ICLN $0.18; PBD $0.26
Last payment: ICLN $0.06; PBD $0.07
Ex-dividend: ICLN Jun 15, 2026; PBD Sep 21, 2026
Paid on: ICLN Jun 18, 2026; PBD Sep 25, 2026
Frequency: ICLN Twice a year; PBD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

PBDQuarterly · 36 paymentsAll PBD payments⁠

ICLN vs PBD Risk

Fall from peak · 5 years

ICLN
PBD

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%PBD 26.1%, better
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22, betterPBD 0.19
Worst fallMax drawdown, 5 years: ICLN −57.1%, betterPBD −69.1%
Market sensitivityBeta, 5 years: ICLN 1.49PBD 1.62; Market = 1

ICLN and PBD in the news

All news⁠

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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ICLN vs PBD

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and PBD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in PBD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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 ICLN and PBD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in PBD

Weight gaps