ICLN vs TAN: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

Invesco Solar ETF

TANDNYSE Arca

Overlap

31.4%by weight

Expense ratio

ICLN −0.32pt a year

ICLN0.38%TAN0.70%

Avg volume · 30D

ICLN 6.3×the volume

ICLN6.25MTAN988K

10Y return · a year

TAN +1.2pt

ICLN+7.4%TAN+8.6%

ICLN vs TAN Performance

Oct 29, 2021 – Oct 30, 2026

−35.2%ICLN−59.2%TAN

Expense ratio: ICLN 0.38%, better; TAN 0.70%
Fund size: ICLN $1.94B; TAN $872M
1Y total return: ICLN −10.6%, better; TAN −18.2%
Yield (12M): ICLN 1.20%, better; TAN 0.00%
Holdings: ICLN 124; TAN 42
Avg volume (30D): ICLN 6.25M sh, better; TAN 988K sh
NAV per share: ICLN $15.35; TAN $40.21
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, TAN, with each pillar’s weight
Pillar	ICLN	TAN
Cost30% weight	A100Higher	F13
Mission25% weight	Not scored	Not scored
Risk15% weight	B55Higher	D28
Tradability15% weight	A84	A85Higher
Holdings10% weight	B59Higher	F24
Durability5% weight	A92Higher	A84

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and TAN 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 TAN 14th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 13DPBDInvesco Global Clean Energy ETFScore 38
Rank 14DTANInvesco Solar ETFScore 36
Rank 15DRNRGGlobal X Renewable Energy Producers ETFScore 30

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

TANDInvesco Solar 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.

TAN The purest way to buy the sun. Since 2008 this fund has tracked one index of roughly 40 solar companies, panel makers to installers, rather than blending solar into a mixed clean-energy basket.

Stated mandate

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

TAN The fund seeks to provide exposure to the MAC Global Solar Energy 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.

TAN One theme, taken literally: about 40 solar names via the MAC Global Solar Energy Index, with no wind or hydro riding along.invesco.com
Trading since April 2008, it has run through solar's full boom-and-bust cycles and sits in the upper half of its clean energy peer group.
A multi-billion-dollar fund that trades actively, so building or exiting a position rarely means wrestling with a thin order book.

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

TAN The 0.70% fee sits above the clean energy median. Broader rivals ICLN and FRNW charge 0.39% for wider coverage of the theme.
Roughly 40 stocks in a single industry: moves here land harder than in a diversified fund, in both directions.
Not an income holding. The fund has recently gone without paying distributions.

Full ICLN profile⁠

Full TAN profile⁠

ICLN vs TAN Holdings

How ICLN and TAN differ

Overlap by weight

31.4%

Shared holdings make up 74.6% of TAN and 31.4% of ICLN.

Level by level

Sector16 Sectors0.0%
Holdings22 in both31.4%
Countryby domicile65.5%
Asset classEquity100%

Sector

Sector weights in ICLN and TAN, widest gap first
Sector	More in ICLNMore in TAN	ICLN	TAN
Energy	TAN +55.1 points	0.0%	55.1%
Utilities	TAN +32.4 points	0.0%	32.4%
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%
Financials	TAN +5.4 points	0.0%	5.4%
Semiconductor Equipment	ICLN +4.6 points	4.6%	0.0%
Industrials	TAN +3.9 points	0.0%	3.9%
Technology	TAN +3.2 points	0.0%	3.2%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
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 TAN, widest gap first
Country	More in ICLNMore in TAN	ICLN	TAN
Israel	TAN +14.5 points	4.0%	18.5%
United States	TAN +13.2 points	38.2%	51.4%
Brazil	ICLN +8.9 points	8.9%	0.0%
China	ICLN +7.6 points	18.8%	11.2%
Denmark	ICLN +5.1 points	5.1%	0.0%
Taiwan	TAN +4.4 points	1.1%	5.5%
India	ICLN +4.0 points	5.4%	1.4%
Spain	ICLN +3.3 points	8.4%	5.1%
Other countries (7)	ICLN +3.2 points	10.1%	6.9%

Outside the US: ICLN 36% developed, 64% emerging. TAN 21% developed, 79% emerging.

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
TAN61.8%

Securities held

ICLN102
TAN36

Asset class

ICLN: Equity
TAN: Equity

Holdings

Only in ICLN80
In both22
Only in TAN14

Only in ICLN

80 securities, 68.3% of ICLN by weight

Iberdrola7.04%
Bloom Energy Class A6.20%
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%
Equatorial SA2.07%
Suzlon Energy1.76%
Orsted A/S1.56%
Nordex1.47%
Plug Power1.42%
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%
Edp Renewables SA0.80%
Sichuan Chuantou Energy Ltd A0.78%
Longi Green Energy Technology A0.74%
Green Plains0.74%
Premier Energies Ltd0.73%
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%
Ceres Power Holdings PLC0.46%
Inox Wind0.42%
Rex American Resources0.37%
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%
Erg0.30%
Century Iron and Steel Industrial0.30%
Suzhou Maxwell Technologies Ltd A0.30%
Verbio0.29%
Corporacion Acciona Energias Renov0.24%
Auren Energia SA0.23%
Meridian Energy Ltd0.22%
Shanghai Aiko Solar Energy Ltd A0.22%
Barito Renewables Energy0.22%

Only in TAN

14 securities, 25.4% of TAN by weight

HA Sustainable Infrastructure Capital Inc5.33%
GCL Technology Holdings Ltd4.05%
Sunrun Inc3.92%
Xinyi Solar Holdings Ltd2.77%
Daqo New Energy Corp1.86%
Grenergy Renovables SA1.78%
West Holdings Corp1.09%
Gigastorage Corp1.08%
Flat Glass Group Co Ltd0.93%
Motech Industries Inc0.88%
Xinyi Energy Holdings Ltd0.72%
Bcpg Pcl0.50%
Tess Holdings Co Ltd0.29%
Invesco Government & Agency Portfolio0.15%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in ICLN and TAN, widest gap first
Holding	More in ICLNMore in TAN	ICLN	TAN
Enlight Renewable Energy	TAN +6.42 points	2.11%	8.53%
Doral Group Renewable Energy Resou	TAN +4.32 points	0.73%	5.05%
Enphase EnergyENPH	TAN +3.45 points	2.52%	5.97%
Nextpower IncNXT	TAN +2.93 points	8.04%	10.97%
Solaredge TechnologiesSEDG	TAN +2.49 points	1.37%	3.86%
Solaria Energia Y Medio Ambiente’s	TAN +2.39 points	0.92%	3.31%
Clearway Energy Inc Class CCWEN	TAN +2.34 points	2.16%	4.50%
O.y. Nofar Energy	TAN +2.28 points	0.44%	2.72%
Shoals Technologies Group Class ASHLS	TAN +2.02 points	0.90%	2.92%
Energix Renewable Energies Ltd	TAN +1.85 points	0.32%	2.17%
Sma Solar Technology AG	TAN +1.82 points	0.33%	2.15%
United Renewable Energy	TAN +1.67 points	0.48%	2.15%
Scatec Solar	TAN +1.51 points	0.17%	1.68%
Array Technologies IncARRY	TAN +1.06 points	0.39%	1.45%
Tsec Corp	TAN +1.06 points	0.27%	1.32%
First SolarFSLR	TAN +1.04 points	8.60%	9.64%
T1 EnergyTE	TAN +1.02 points	0.44%	1.46%
Renew Energy Global PLC Class ARNW	TAN +1.02 points	0.37%	1.39%
Canadian SolarCSIQ	TAN +0.91 points	0.33%	1.24%
Jinko Holdings Ads RepJKS	TAN +0.68 points	0.19%	0.87%
Hd Hyundai Energy Solutions Ltd	TAN +0.68 points	0.21%	0.89%
Cw Enerji Muhendislik Ticaret Ve’s	TAN +0.28 points	0.06%	0.34%

All 103 ICLN holdings⁠All 36 TAN 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 TAN Cost

Overpaying TAN vs ICLN

$5,900

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

ICLN 0.38%
$7,706
TAN 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
TAN 0.70%
Overpaying

Year by year

Year	ICLN	TAN	Overpaying
10	$688	$1,250	$562
20	$2,658	$4,760	$2,102
30	$7,706	$13,606	$5,900

Expense ratio

0.38%ICLN, cheaper
0.70%TAN

ICLN0.38%TAN0.70%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

TAN 14th cheapest of 16 funds

ICLN vs TAN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICLN 1.20%, better; TAN 0.00%
Payout (12M): ICLN $0.18; TAN None
Last payment: ICLN $0.06; TAN No data
Ex-dividend: ICLN Jun 15, 2026; TAN No data
Paid on: ICLN Jun 18, 2026; TAN No data
Frequency: ICLN Twice a year; TAN No data

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

TAN6 paymentsAll TAN payments⁠

ICLN vs TAN Risk

Fall from peak · 5 years

ICLN
TAN

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%, betterTAN 38.1%
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22, betterTAN 0.04
Worst fallMax drawdown, 5 years: ICLN −57.1%, betterTAN −74.0%
Market sensitivityBeta, 5 years: ICLN 1.49TAN 1.85; Market = 1

ICLN and TAN 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, 2026ICLNTAN
Deep Dive
Solar funds fall 3% after the Fed hike. The 1,137 MW of PPAs pay from 2029
Sep 20, 2026ICLNTAN
Top Movers
Memory-chip funds jump after SK hynix's record quarter as Israel funds fall
Oct 28, 2026TAN

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ICLN vs TAN

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and TAN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in TAN

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

Memory-chip funds jump after SK hynix's record quarter as Israel funds fall

How ICLN and TAN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in TAN

Weight gaps