ICLN vs RNRG: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

Global X Renewable Energy Producers ETF

RNRGDNasdaq

Overlap

19.0%by weight

Expense ratio

ICLN −0.27pt a year

ICLN0.38%RNRG0.65%

Avg volume · 30D

ICLN 1341.9×the volume

ICLN6.25MRNRG4.66K

10Y return · a year

ICLN +6.2pt

ICLN+7.4%RNRG+1.2%

ICLN vs RNRG Performance

Oct 29, 2021 – Oct 30, 2026

−35.2%ICLN−36.9%RNRG

Expense ratio: ICLN 0.38%, better; RNRG 0.65%
Fund size: ICLN $1.94B; RNRG $22M
1Y total return: ICLN −10.6%; RNRG −8.2%, better
Yield (12M): ICLN 1.20%; RNRG 1.96%, better
Holdings: ICLN 124; RNRG 39
Avg volume (30D): ICLN 6.25M sh, better; RNRG 4.66K sh
NAV per share: ICLN $15.35; RNRG $30.13
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, RNRG, with each pillar’s weight
Pillar	ICLN	RNRG
Cost30% weight	A100Higher	F20
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	B62Higher
Tradability15% weight	A84Higher	F19
Holdings10% weight	B59Higher	D32
Durability5% weight	A92Higher	D34

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and RNRG 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 RNRG 15th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 14DTANInvesco Solar ETFScore 36
Rank 15DRNRGGlobal X Renewable Energy Producers ETFScore 30
Rank 16FKGRNKraneShares MSCI China Clean Technology Index ETFScore 19

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

RNRGDGlobal X Renewable Energy Producers 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.

RNRG Most clean-energy funds buy the factories. RNRG buys the power plants: roughly 40 global companies that generate and sell renewable electricity. A utility-flavored take on the theme, running since 2015.

Stated mandate

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

RNRG The fund seeks investment results that generally track the price and yield performance of the Indxx Renewable Energy Producers Index before fees and expenses.

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.

RNRG Owns the producers, not the plumbing: its index targets companies that generate and sell renewable power rather than panel and turbine manufacturers.
One global basket of about 40 producers, so operators outside the US carry real weight instead of a token sleeve.
Risk profile screens better than most of its clean-energy group, closer to contracted power operators than to boom-and-bust equipment makers.
Trading since 2015, so it has lived through the theme's full boom and hangover rather than arriving at the peak.

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

RNRG At 0.65% a year it prices above the middle of the clean-energy shelf, and broader peers such as ICLN and FRNW charge less for wider coverage.
Small and thinly traded, so spreads can be wide and size takes patience to work through.
Producers-only and roughly 40 names: it moves differently from broad clean-energy indexes that lean on manufacturers and tech.

Full ICLN profile⁠

Full RNRG profile⁠

ICLN vs RNRG Holdings

As of Oct 13, 2026

How ICLN and RNRG differ

Overlap by weight

19.0%

Shared holdings make up 68.1% of RNRG and 19.0% of ICLN.

Level by level

Sector15 Sectors0.0%
Holdings18 in both19.0%
Countryby domicile47.2%
Asset classEquity100%

Sector

Sector weights in ICLN and RNRG, widest gap first
Sector	More in ICLNMore in RNRG	ICLN	RNRG
Utilities	RNRG +95.1 points	0.0%	95.1%
Renewable Electricity	ICLN +27.6 points	27.6%	0.0%
Electric Utilities	ICLN +21.0 points	21.0%	0.0%
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%
Semiconductor Equipment	ICLN +4.6 points	4.6%	0.0%
Industrials	RNRG +1.9 points	0.0%	1.9%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
Materials	RNRG +1.6 points	0.0%	1.6%
Technology	RNRG +1.4 points	0.0%	1.4%
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 RNRG, widest gap first
Country	More in ICLNMore in RNRG	ICLN	RNRG
United States	ICLN +28.1 points	38.2%	10.1%
New Zealand	RNRG +13.6 points	0.0%	13.6%
China	ICLN +12.8 points	18.8%	6.0%
Austria	RNRG +8.1 points	0.0%	8.1%
Canada	RNRG +8.1 points	0.0%	8.1%
Indonesia	RNRG +5.6 points	0.0%	5.6%
Israel	RNRG +4.3 points	4.0%	8.3%
India	ICLN +4.0 points	5.4%	1.4%
Other countries (13)	RNRG +5.3 points	33.6%	38.9%

Outside the US: ICLN 36% developed, 64% emerging. RNRG 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
RNRG56.0%

Securities held

ICLN102
RNRG38

Asset class

ICLN: Equity
RNRG: Equity

Holdings

Only in ICLN84
In both18
Only in RNRG20

Only in ICLN

84 securities, 80.6% of ICLN by weight

First Solar8.60%
Nextpower Inc8.04%
Iberdrola7.04%
Bloom Energy Class A6.20%
China Yangtze Power Ltd A5.84%
Vestas Wind Systems3.32%
Chubu Electric Power Inc2.86%
Enphase Energy2.52%
Edp Energias De Portugal2.36%
Equatorial SA2.07%
Suzlon Energy1.76%
Nordex1.47%
Plug Power1.42%
Solaredge Technologies1.37%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.25%
Sungrow Power Supply Ltd A1.21%
Huaneng Lancang River Hydropower I1.11%
Shoals Technologies Group Class A0.90%
Energisa Units0.87%
China Three Gorges Renewables(Grou0.86%
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%
Nhpc Ltd0.64%
Cpfl Energia0.61%
Brookfield Renewable Subordinate V0.58%
Cs Wind0.53%
Xinjiang Goldwind Science and Tech0.50%
United Renewable Energy0.48%
Ceres Power Holdings PLC0.46%
O.y. Nofar Energy0.44%
T1 Energy0.44%
Inox Wind0.42%
Array Technologies Inc0.39%
Rex American Resources0.37%
Jinko Solar Ltd A0.35%
Tcl Zhonghuan Renewable Energy Tec0.34%
Sma Solar Technology AG0.33%
Canadian Solar0.33%
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%
Corporacion Acciona Energias Renov0.24%

Only in RNRG

20 securities, 32.1% of RNRG by weight

Brookfield Renewable Partner4.56%
Mercury Nz Ltd4.15%
Contact Energy Ltd3.95%
China Power International3.36%
Northland Power Inc3.16%
Drax Group PLC2.73%
Pertamina Geothermal Energy1.77%
Grenergy Renovables1.74%
Sunrun Inc1.41%
Sk Eternix Co Ltd0.87%
Xplr Infrastructure Lp0.76%
Xinyi Energy Holdings Ltd0.65%
Other Payable & Receivables0.55%
West Holdings Corp0.48%
Akfen Yenilenebilir Enerji A0.43%
Renova Inc0.38%
Mogan Enerji Yatirim Holding0.35%
Ic Enterra Yenilenebilir Ene0.30%
China Datang Corp Renewabl-H0.24%
Birlesim Grup Enerji Yatirim0.19%

Weight gaps

All 18 Holdings in both funds, largest gap first.

Holding weights in ICLN and RNRG, widest gap first
Holding	More in ICLNMore in RNRG	ICLN	RNRG
Verbund AG	RNRG +6.79 points	0.55%	7.34%
Edp Renewables SA	RNRG +5.13 points	0.80%	5.93%
Engie Brasil Energia SA	RNRG +4.82 points	0.68%	5.50%
Meridian Energy Ltd	RNRG +4.46 points	0.22%	4.68%
Orsted A/S	RNRG +4.41 points	1.56%	5.97%
Barito Renewables Energy	RNRG +4.27 points	0.22%	4.49%
Axia Energia SA	RNRG +3.87 points	4.17%	8.04%
Enlight Renewable Energy	RNRG +3.02 points	2.11%	5.13%
Erg	RNRG +2.61 points	0.30%	2.91%
Energix Renewable Energies Ltd	RNRG +2.33 points	0.32%	2.65%
Ormat Tech IncORA	RNRG +1.32 points	3.07%	4.39%
Scatec Solar	RNRG +1.24 points	0.17%	1.41%
Verbio	RNRG +1.18 points	0.29%	1.47%
Solaria Energia Y Medio Ambiente’s	RNRG +0.97 points	0.92%	1.89%
Renew Energy Global PLC Class ARNW	RNRG +0.94 points	0.37%	1.31%
China Longyuan Power Group H	RNRG +0.80 points	0.91%	1.71%
Clearway Energy Inc Class CCWEN	RNRG +0.71 points	2.16%	2.87%
Energy Absolute Non-Voting Dr Pcl	RNRG +0.26 points	0.20%	0.46%

All 103 ICLN holdings⁠All 38 RNRG 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 RNRG Cost

Overpaying RNRG vs ICLN

$5,011

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

ICLN 0.38%
$7,706
RNRG 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
RNRG 0.65%
Overpaying

Year by year

Year	ICLN	RNRG	Overpaying
10	$688	$1,163	$475
20	$2,658	$4,440	$1,782
30	$7,706	$12,717	$5,011

Expense ratio

0.38%ICLN, cheaper
0.65%RNRG

ICLN0.38%RNRG0.65%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

RNRG 13th cheapest of 16 funds

ICLN vs RNRG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICLN 1.20%; RNRG 1.96%, better
Payout (12M): ICLN $0.18; RNRG $0.59
Last payment: ICLN $0.06; RNRG $0.21
Ex-dividend: ICLN Jun 15, 2026; RNRG Jun 29, 2026
Paid on: ICLN Jun 18, 2026; RNRG Jul 7, 2026
Frequency: ICLN Twice a year; RNRG Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

RNRGTwice a year · 28 paymentsAll RNRG payments⁠

ICLN vs RNRG Risk

Fall from peak · 5 years

ICLN
RNRG

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%RNRG 20.0%, better
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22, betterRNRG 0.07
Worst fallMax drawdown, 5 years: ICLN −57.1%RNRG −52.1%, better
Market sensitivityBeta, 5 years: ICLN 1.49RNRG 1.06; Market = 1

ICLN and RNRG 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 RNRG

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and RNRG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in RNRG

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 RNRG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in RNRG

Weight gaps