ICLN vs PBW: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

Invesco WilderHill Clean Energy ETF

PBWCNYSE Arca

Overlap

13.7%by weight

Expense ratio

ICLN −0.25pt a year

ICLN0.38%PBW0.63%

Avg volume · 30D

ICLN 10.9×the volume

ICLN6.25MPBW574K

10Y return · a year

ICLN +2.1pt

ICLN+7.4%PBW+5.3%

ICLN vs PBW Performance

Oct 29, 2021 – Oct 30, 2026

−35.2%ICLN−67.8%PBW

Expense ratio: ICLN 0.38%, better; PBW 0.63%
Fund size: ICLN $1.94B; PBW $287M
1Y total return: ICLN −10.6%, better; PBW −23.2%
Yield (12M): ICLN 1.20%; PBW 2.65%, better
Holdings: ICLN 124; PBW 74
Avg volume (30D): ICLN 6.25M sh, better; PBW 574K sh
NAV per share: ICLN $15.35; PBW $25.26
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, PBW, with each pillar’s weight
Pillar	ICLN	PBW
Cost30% weight	A100Higher	D30
Mission25% weight	Not scored	Not scored
Risk15% weight	B55Higher	F19
Tradability15% weight	A84	A87Higher
Holdings10% weight	B59	A82Higher
Durability5% weight	A92Higher	A82

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and PBW 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 PBW 8th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 7CACESALPS Clean Energy ETFScore 52
Rank 8CPBWInvesco WilderHill Clean Energy ETFScore 49
Rank 9CVCLNVirtus Duff & Phelps Clean Energy ETFScore 46

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

PBWCInvesco WilderHill 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.

PBW The original clean energy ETF, listed back in 2005. Its index weights names evenly within each sector and caps any one stock at 4% at the quarterly rebalance, so small pure-plays get real say. Costs 0.63%, near the category median.

Stated mandate

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

PBW The fund seeks to track the investment results of the WilderHill Clean Energy Index before fees and expenses. It normally invests at least 90% of total assets in common stocks comprising the index.

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.

PBW Listed in March 2005, it is the elder of the clean energy group, with two decades of history across the theme's booms and busts.
Modified equal-dollar weighting: holdings sit evenly within their sector and no single name may exceed 4% at the quarterly rebalance, so a few giants cannot run the show.wildershares.com
About 70 US-listed clean energy names, with the index reset every March, June, September and December, which trims the quarter's winners and re-ups the laggards.wildershares.com
One of the more actively traded funds in its category, and it pays distributions quarterly.

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

PBW At 0.63% it lands near the category median, though index rivals run cheaper: ICLN charges 0.38%, FRNW 0.39%.
Equal weighting inside each sector pushes money down the cap scale, so small pure-plays swing this portfolio far more than they would in a market-cap-weighted clean energy fund.wildershares.com
The roster is set by qualitative calls at each quarterly rebalance (relevance to climate change, pollution prevention, technological significance), not a purely numeric screen.wildershares.com

Full ICLN profile⁠

Full PBW profile⁠

ICLN vs PBW Holdings

How ICLN and PBW differ

Overlap by weight

13.7%

Shared holdings make up 34.1% of ICLN and 21.6% of PBW.

Level by level

Sector19 Sectors0.0%
Holdings14 in both13.7%
Countryby domicile43.2%
Asset classEquity100%

Sector

Sector weights in ICLN and PBW, widest gap first
Sector	More in ICLNMore in PBW	ICLN	PBW
Renewable Electricity	ICLN +27.6 points	27.6%	0.0%
Industrials	PBW +27.4 points	0.0%	27.4%
Electric Utilities	ICLN +21.0 points	21.0%	0.0%
Materials	PBW +17.5 points	0.0%	17.5%
Energy	PBW +15.9 points	0.0%	15.9%
Technology	PBW +15.7 points	0.0%	15.7%
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	PBW +13.5 points	0.0%	13.5%
Utilities	PBW +7.3 points	0.0%	7.3%
Semiconductor Equipment	ICLN +4.6 points	4.6%	0.0%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
Consumer Staples	PBW +1.6 points	0.0%	1.6%
Financials	PBW +1.2 points	0.0%	1.2%
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 PBW, widest gap first
Country	More in ICLNMore in PBW	ICLN	PBW
United States	PBW +45.7 points	38.2%	83.9%
China	ICLN +13.8 points	18.8%	5.0%
Brazil	ICLN +8.9 points	8.9%	0.0%
Spain	ICLN +8.4 points	8.4%	0.0%
Canada	PBW +5.6 points	0.0%	5.6%
India	ICLN +5.4 points	5.4%	0.0%
Denmark	ICLN +5.1 points	5.1%	0.0%
Israel	ICLN +4.0 points	4.0%	0.0%
Other countries (8)	ICLN +5.7 points	11.2%	5.5%

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

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
PBW18.3%

Securities held

ICLN102
PBW72

Asset class

ICLN: Equity
PBW: Equity

Holdings

Only in ICLN88
In both14
Only in PBW58

Only in ICLN

88 securities, 65.6% 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%
Renew Energy Global PLC Class A0.37%
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%

Only in PBW

58 securities, 78.3% of PBW by weight

Cadeler A/S2.11%
Enovix Corp1.90%
Universal Display Corp1.76%
Tesla Inc1.76%
Itron Inc1.65%
Quanta Services Inc1.64%
Brookfield Renewable Corp1.63%
Bel Fuse Inc1.61%
ESCO Technologies Inc1.60%
Aspen Aerogels Inc1.60%
MYR Group Inc1.59%
Gentherm Inc1.59%
Darling Ingredients Inc1.53%
Solv Energy Inc1.52%
Amprius Technologies Inc1.52%
Beta Technologies Inc1.51%
Lifezone Metals Ltd1.51%
Advanced Energy Industries Inc1.50%
American Superconductor Corp1.49%
Powell Industries Inc1.45%
NIO Inc1.45%
Wolfspeed Inc1.45%
ioneer Ltd1.44%
Sunrun Inc1.43%
XPeng Inc1.42%
OPAL Fuels Inc1.42%
Monolithic Power Systems Inc1.41%
Ameresco Inc1.41%
MP Materials Corp1.39%
Fluence Energy Inc1.39%
QuantumScape Corp1.38%
EVgo Inc1.37%
Solid Power Inc1.35%
Joby Aviation Inc1.35%
Sociedad Quimica y Minera de Chile SA1.33%
Albemarle Corp1.32%
Archer Aviation Inc1.32%
Hyliion Holdings Corp1.31%
IonQ Inc1.29%
Rivian Automotive Inc1.23%
Preformed Line Products Co1.22%
Ballard Power Systems Inc1.22%
Lithium Argentina AG1.21%
Factorial Energy Inc1.21%
Sigma Lithium Corp1.20%
Navitas Semiconductor Corp1.20%
Lithium Americas Corp1.18%
FuelCell Energy Inc1.17%
Energy Vault Holdings Inc1.14%
D-Wave Quantum Inc1.09%

Weight gaps

All 14 Holdings in both funds, largest gap first.

Holding weights in ICLN and PBW, widest gap first
Holding	More in ICLNMore in PBW	ICLN	PBW
First SolarFSLR	ICLN +6.82 points	8.60%	1.78%
Nextpower IncNXT	ICLN +6.09 points	8.04%	1.95%
Bloom Energy Class ABE	ICLN +4.83 points	6.20%	1.37%
Array Technologies IncARRY	PBW +1.43 points	0.39%	1.81%
Jinko Holdings Ads RepJKS	PBW +1.40 points	0.19%	1.59%
Canadian SolarCSIQ	PBW +1.27 points	0.33%	1.60%
Enphase EnergyENPH	ICLN +1.24 points	2.52%	1.28%
Ormat Tech IncORA	ICLN +1.16 points	3.07%	1.91%
Rex American ResourcesREX	PBW +1.13 points	0.37%	1.50%
GevoGEVO	PBW +1.11 points	0.22%	1.33%
T1 EnergyTE	PBW +0.88 points	0.44%	1.32%
Shoals Technologies Group Class ASHLS	PBW +0.60 points	0.90%	1.50%
Plug PowerPLUG	ICLN +0.27 points	1.42%	1.15%
Solaredge TechnologiesSEDG	PBW +0.08 points	1.37%	1.45%

All 103 ICLN holdings⁠All 72 PBW 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 PBW Cost

Overpaying PBW vs ICLN

$4,653

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

ICLN 0.38%
$7,706
PBW 0.63%
$12,359

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
PBW 0.63%
Overpaying

Year by year

Year	ICLN	PBW	Overpaying
10	$688	$1,128	$440
20	$2,658	$4,311	$1,653
30	$7,706	$12,359	$4,653

Expense ratio

0.38%ICLN, cheaper
0.63%PBW

ICLN0.38%PBW0.63%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

PBW 11th cheapest of 16 funds

ICLN vs PBW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICLN 1.20%; PBW 2.65%, better
Payout (12M): ICLN $0.18; PBW $0.67
Last payment: ICLN $0.06; PBW $0.28
Ex-dividend: ICLN Jun 15, 2026; PBW Sep 21, 2026
Paid on: ICLN Jun 18, 2026; PBW Sep 25, 2026
Frequency: ICLN Twice a year; PBW Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

PBWQuarterly · 37 paymentsAll PBW payments⁠

ICLN vs PBW Risk

Fall from peak · 5 years

ICLN
PBW

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%, betterPBW 38.7%
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22, betterPBW 0.13
Worst fallMax drawdown, 5 years: ICLN −57.1%, betterPBW −84.5%
Market sensitivityBeta, 5 years: ICLN 1.49PBW 2.10; Market = 1

ICLN and PBW 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 PBW

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and PBW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in PBW

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 PBW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in PBW

Weight gaps