ICLN vs VCLN: Grades, Fees and Holdings Compared

iShares Global Clean Energy ETF

ICLNANasdaq

Virtus Duff & Phelps Clean Energy ETF

VCLNCNYSE Arca

Overlap

58.3%by weight

Expense ratio

ICLN −0.21pt a year

ICLN0.38%VCLN0.59%

Avg volume · 30D

ICLN 11705.1×the volume

ICLN6.25MVCLN534

5Y return · a year

VCLN +6.8pt

ICLN−8.3%VCLN−1.5%

ICLN vs VCLN Performance

Oct 29, 2021 – Oct 30, 2026

−35.2%ICLN−7.1%VCLN

Expense ratio: ICLN 0.38%, better; VCLN 0.59%
Fund size: ICLN $1.94B; VCLN $5M
1Y total return: ICLN −10.6%; VCLN −1.8%, better
Yield (12M): ICLN 1.20%; VCLN 2.15%, better
Holdings: ICLN 124; VCLN 46
Avg volume (30D): ICLN 6.25M sh, better; VCLN 534 sh
NAV per share: ICLN $15.35; VCLN $25.50
52W range

ETF.net Grade

Pillar letters and Scores for ICLN, VCLN, with each pillar’s weight
Pillar	ICLN	VCLN
Cost30% weight	A100Higher	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	A76Higher
Tradability15% weight	A84Higher	F3
Holdings10% weight	B59	A72Higher
Durability5% weight	A92Higher	F22

Rank among Clean Energy funds

How we build Categories ›

Same Category. ICLN and VCLN 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 VCLN 9th of 16 funds in the Clean Energy Category.

Rank 1AICLNiShares Global Clean Energy ETFScore 81
Rank 2AFRNWFidelity Clean Energy ETFScore 77
Rank 8CPBWInvesco WilderHill Clean Energy ETFScore 49
Rank 9CVCLNVirtus Duff & Phelps Clean Energy ETFScore 46
Rank 10CHYDRGlobal X Hydrogen ETFScore 44

Our read on each fund

ETF.net Research

ICLNAiShares Global Clean Energy ETF

VCLNCVirtus Duff & Phelps 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.

VCLN Most clean energy ETFs just follow an index. VCLN doesn't: it's an active stock-picker in the space, with a mandate pointed at Europe and the US, priced right at what the average rival in the category charges.

Stated mandate

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

VCLN The Fund seeks capital appreciation and is actively managed rather than designed to replicate a specified securities 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.

VCLN Active by design: the prospectus says it seeks capital appreciation rather than replicating an index, so the manager can skip names a benchmark would have to own.
You pay the going rate for that active mandate: 0.59% a year, level with the median clean energy ETF.
The mandate points at Europe and the US, so exposure leans developed-market clean energy instead of a global sweep.
Held wide, not concentrated: well over a hundred positions, so no single broken story dominates the basket.

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

VCLN Thinly traded with a small asset base, so spreads can run wide and a big order can push the price around.
Index rivals ICLN and FRNW charge 0.39%. The active mandate here costs more every year, whatever the manager does with it.
No index to check it against, and cash comes back once or twice a year rather than monthly.

Full ICLN profile⁠

Full VCLN profile⁠

ICLN vs VCLN Holdings

How ICLN and VCLN differ

Overlap by weight

58.3%

Shared holdings make up 67.6% of VCLN and 65.0% of ICLN.

Level by level

Sector15 Sectors0.0%
Holdings22 in both58.3%
Countryby domicile71.9%
Asset classEquity100%

Sector

Sector weights in ICLN and VCLN, widest gap first
Sector	More in ICLNMore in VCLN	ICLN	VCLN
Industrials	VCLN +39.3 points	0.0%	39.3%
Utilities	VCLN +38.0 points	0.0%	38.0%
Renewable Electricity	ICLN +27.6 points	27.6%	0.0%
Technology	VCLN +21.9 points	0.0%	21.9%
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%
Oil & Gas Refining & Marketing & Transportation	ICLN +1.6 points	1.6%	0.0%
Energy	VCLN +0.8 points	0.0%	0.8%
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 VCLN, widest gap first
Country	More in ICLNMore in VCLN	ICLN	VCLN
China	ICLN +10.5 points	18.8%	8.3%
United Kingdom	VCLN +5.8 points	0.0%	5.8%
Italy	VCLN +5.5 points	0.0%	5.5%
India	ICLN +5.4 points	5.4%	0.0%
Israel	ICLN +4.0 points	4.0%	0.0%
Brazil	ICLN +3.3 points	8.9%	5.6%
Japan	ICLN +3.1 points	3.1%	0.0%
Finland	VCLN +3.0 points	0.0%	3.0%
Other countries (11)	VCLN +12.1 points	59.7%	71.8%

Outside the US: ICLN 36% developed, 64% emerging. VCLN 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

ICLN51.7%
VCLN50.8%

Securities held

ICLN102
VCLN42

Asset class

ICLN: Equity
VCLN: Equity

Holdings

Only in ICLN80
In both22
Only in VCLN20

Only in ICLN

80 securities, 34.6% of ICLN by weight

Chubu Electric Power Inc2.86%
Enlight Renewable Energy2.11%
Equatorial SA2.07%
Suzlon Energy1.76%
Waaree Energies Ltd1.37%
Huadian New Energy Group Corp Ltd1.25%
Huaneng Lancang River Hydropower I1.11%
Shoals Technologies Group Class A0.90%
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%
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%
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%
Tsec Corp0.27%
Corporacion Acciona Energias Renov0.24%
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%

Only in VCLN

20 securities, 31.9% of VCLN by weight

Fortum Oyj2.97%
Prysmian SpA2.89%
Maire SpA2.52%
Infineon Technologies AG2.46%
Balfour Beatty PLC2.30%
Spie SA2.18%
Constellation Energy Corp2.09%
ABB Ltd1.88%
Strabag SE1.65%
NextEra Energy Inc1.54%
Southern Co/The1.46%
Guangdong Investment Ltd1.34%
Xinyi Solar Holdings Ltd1.29%
Volex PLC1.22%
GE Vernova Inc1.13%
Hubbell Inc1.02%
Cameco Corp0.86%
MasTec Inc0.76%
Axia Energia SA0.23%
Axia Energia0.06%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in ICLN and VCLN, widest gap first
Holding	More in ICLNMore in VCLN	ICLN	VCLN
Edp Energias De Portugal	VCLN +2.12 points	2.36%	4.48%
Clearway Energy Inc Class CCWEN	VCLN +1.99 points	2.16%	4.15%
China Yangtze Power Ltd A	ICLN +1.98 points	5.84%	3.86%
Ceres Power Holdings PLCCWR.L	VCLN +1.77 points	0.46%	2.23%
Nextpower IncNXT	ICLN +1.35 points	8.04%	6.69%
First SolarFSLR	ICLN +1.33 points	8.60%	7.27%
Edp Renewables SA	VCLN +0.72 points	0.80%	1.51%
Orsted A/S	VCLN +0.64 points	1.56%	2.20%
Enphase EnergyENPH	ICLN +0.52 points	2.52%	2.00%
Energisa Units	VCLN +0.49 points	0.87%	1.36%
Nordex	ICLN +0.44 points	1.47%	1.03%
Bloom Energy Class ABE	VCLN +0.42 points	6.20%	6.62%
Solaria Energia Y Medio Ambiente’s	VCLN +0.41 points	0.92%	1.33%
Sungrow Power Supply Ltd A	ICLN +0.38 points	1.21%	0.83%
Vestas Wind Systems	VCLN +0.34 points	3.32%	3.66%
Plug PowerPLUG	ICLN +0.32 points	1.42%	1.10%
Ormat Tech IncORA	ICLN +0.23 points	3.07%	2.84%
Solaredge TechnologiesSEDG	VCLN +0.23 points	1.37%	1.60%
Iberdrola	ICLN +0.13 points	7.04%	6.91%
Doosan Fuel Cell Ltd	VCLN +0.11 points	0.69%	0.80%
Axia Energia SA	VCLN +0.05 points	4.17%	4.22%
China Longyuan Power Group H	VCLN +0.03 points	0.91%	0.94%

All 103 ICLN holdings⁠All 189 VCLN 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 VCLN Cost

Overpaying VCLN vs ICLN

$3,929

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

ICLN 0.38%
$7,706
VCLN 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

ICLN 0.38%
VCLN 0.59%
Overpaying

Year by year

Year	ICLN	VCLN	Overpaying
10	$688	$1,058	$370
20	$2,658	$4,051	$1,393
30	$7,706	$11,635	$3,929

Expense ratio

0.38%ICLN, cheaper
0.59%VCLN

ICLN0.38%VCLN0.59%

0.38%0.79%

Middle half of Clean Energy funds
Median 0.59%

ICLN cheapest of 16 funds

VCLN 8th cheapest of 16 funds

ICLN vs VCLN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ICLN 1.20%; VCLN 2.15%, better
Payout (12M): ICLN $0.18; VCLN $0.53
Last payment: ICLN $0.06; VCLN $0.21
Ex-dividend: ICLN Jun 15, 2026; VCLN Jun 22, 2026
Paid on: ICLN Jun 18, 2026; VCLN Jun 29, 2026
Frequency: ICLN Twice a year; VCLN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

ICLNTwice a year · 21 paymentsAll ICLN payments⁠

VCLNTwice a year · 9 paymentsAll VCLN payments⁠

ICLN vs VCLN Risk

Fall from peak · 5 years

ICLN
VCLN

Risk facts

VolatilityStd dev, 3 years: ICLN 27.3%VCLN 25.4%, better
Return per unit of riskSharpe ratio, 3 years: ICLN 0.22VCLN 0.61, better
Worst fallMax drawdown, 5 years: ICLN −57.1%VCLN −45.7%, better
Market sensitivityBeta, 5 years: ICLN 1.49VCLN 1.42; Market = 1

ICLN and VCLN 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 VCLN

In short

Stated mandate

Why people hold it

Worth knowing

How ICLN and VCLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in VCLN

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 VCLN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ICLN

Only in VCLN

Weight gaps