Clean Energy Stocks
Top 10 of 75 ICLN holdings, updated
As of 12 October 2026, clean energy stocks are trailing the S&P 500, over the past month and over the longer run. ICLN trails the S&P 500 by 6.5 points over one month and ranks #79 of 115 groups Zensei tracks. 6 of the 16 clean energy stocks Zensei prices in ICLN beat the fund this month.
Where clean energy stocks stand now
As of 12 October 2026, Clean Energy (ICLN) ranks #79 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 6.5 points behind over the past month and 5.8 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, ICLN's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. ICLN's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via iShares Global Clean Energy ETF, whose 75 tracked holdings are led by Bloom Energy Corp, China Yangtze Power Co Ltd and Nextpower Inc. Weighted by portfolio, the fund's holdings trade at roughly 24.9× earnings. The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
Top clean energy stocks right now
The largest clean energy stocks by weight in ICLN, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of ICLN
- 1Bloom Energy CorpBE10.1%
- 2China Yangtze Power Co Ltd7.8%
- 3Nextpower IncNXT7.0%
- 4First Solar IncFSLR6.9%
- 5Equatorial SA4.2%
Strongest this month
1-month return, holdings Zensei prices
- 1n/aSHLS+18.4%
- 2Nextpower IncNXT+2.4%
- 3n/aRNW+0.9%
- 4Rex American Resources CorpREX−0.8%
- 5Green Plains IncGPRE−2.0%
Clean Energy Stocks vs the S&P 500
Over the week to 12 October 2026, ICLN fell 1.0% while the S&P 500 rose 0.4%. ICLN and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means ICLN won that window.
Prices as of · computed from daily adjusted closes · how we measure
Clean Energy on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are clean energy stocks expensive?
The price-to-earnings ratio of ICLN as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
ICLN holdings: the clean energy stocks inside
As of 12 October 2026, 6 of the 16 clean energy stocks Zensei prices in ICLN beat the fund over the past month. 2 of them beat the S&P 500. The strongest is n/a (SHLS); the weakest is T1 Energy Inc (TE). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | BEBloom Energy Corp | 10.1% | −4.9% | +12.4% | −0.4 pts | Weak | Fading |
| 2 | China Yangtze Power Co Ltd | 7.8% | — | — | No price data | ||
| 3 | NXTNextpower Inc | 7.0% | +2.4% | −14.9% | +6.8 pts | Accelerating | Strong |
| 4 | FSLRFirst Solar Inc | 6.9% | −14.0% | −18.7% | −9.6 pts | Weak | Broken |
| 5 | Equatorial SA | 4.2% | — | — | No price data | ||
| 6 | ENPHEnphase Energy Inc | 4.2% | −13.4% | −26.9% | |||
| 7 | Vestas Wind Systems As | 4.0% | — | — | No price data | ||
| 8 | Edp-Energias de Portugal SA | 2.9% | — | — | No price data | ||
| 9 | Chubu Electric Power Co Inc | 2.4% | — | — | No price data | ||
| 10 | PLUGPlug Power Inc | 2.4% | −22.9% | −25.3% | |||
All 75 ICLN holdings by weight: Bloom Energy Corp (BE) 10.1%, China Yangtze Power Co Ltd 7.8%, Nextpower Inc (NXT) 7.0%, First Solar Inc (FSLR) 6.9%, Equatorial SA 4.2%, Enphase Energy Inc (ENPH) 4.2%, Vestas Wind Systems As 4.0%, Edp-Energias de Portugal SA 2.9%, Chubu Electric Power Co Inc 2.4%, Plug Power Inc (PLUG) 2.4%, Solaredge Technologies Inc (SEDG) 1.9%, Clearway Energy Inc (CWEN) 1.9%, Enlight Renewable Energy Ltd 1.8%, Suzlon Energy Ltd 1.7%, Orsted As 1.5%, Doosan Fuel Cell 1.3%, Nordex SE Akt. Nach Kapitalherabsetzung 1.3%, n/a (SHLS) 1.3%, Cpfl Energia SA 1.1%, Solaria Energia Y Medio Ambiente SA 1.0%, Green Plains Inc (GPRE) 1.0%, Cs Wind Corp 1.0%, Sichuan Chuantou Energy Co Ltd 0.9%, United Renewable Energy Co Ltd 0.8%, Edp Renewables SA 0.8%, T1 Energy Inc (TE) 0.8%, Waaree Energies Ltd 0.7%, Premier Energies Ltd 0.7%, Nhpc Ltd 0.7%, Engie Brasil Energia SA 0.7%, Ceres Power Holdings PLC 0.6%, Verbund AG 0.6%, Array Technologies Inc (ARRY) 0.6%, Auren Energia SA 0.5%, Inox Wind Ltd 0.5%, Canadian Solar Inc (CSIQ) 0.5%, n/a (BEPC) 0.5%, Jinko Solar Co Ltd 0.4%, Tsec Corp 0.4%, Sma Solar Technology AG 0.4%, Erg SPA 0.4%, Rex American Resources Corp (REX) 0.4%, Pt Barito Renewables Energy Tbk 0.4%, Enel Americas SA 0.3%, Dajin Heavy Industry Co Ltd 0.3%, Contact Energy Ltd 0.3%, Trina Solar Co Ltd 0.3%, Century Iron and Steel Industrial Co Ltd 0.3%, Verbio SE 0.3%, n/a (RNW) 0.3%, Ntpc Green Energy Ltd 0.3%, Motech Industries Co Ltd 0.3%, Jinkosolar Holding Co Ltd Dr (JKS) 0.3%, Mingyang Smart Energy Group Ltd 0.3%, Ja Solar Technology Co Ltd 0.3%, Cecep Wind Power Corp 0.2%, Energix-Renewable Energies Ltd 0.2%, Ginlong Technologies Co Ltd 0.2%, Renova Inc 0.2%, Oy Nofar Energy Ltd 0.2%, Sichuan New Energy Power Co Ltd 0.2%, Meridian Energy Ltd 0.2%, Cecep Solar Energy Co Ltd 0.2%, Sjvn Ltd 0.2%, Sany Heavy Energy Co Ltd 0.1%, Goodwe Technologies Co Ltd 0.1%, Wuxi Autowell Technology Co Ltd 0.1%, Jiaze Renewables Corp Ltd 0.1%, Nyocor Co Ltd 0.1%, Risen Energy Co Ltd 0.1%, Hoymiles Power Electronics Inc 0.1%, Jinlei Technology Co Ltd 0.1%, Zorlu Enerji Elektrik Uretim As 0.1%, Jolywood (Suzhou) Sunwatt Co Ltd 0.1%, Cnh/Usd Purchased 0.0%.
Clean Energy Stocks: common questions
What are the top 3 clean energy stocks?
As of 12 October 2026, the three largest clean energy stocks in ICLN by fund weight are Bloom Energy Corp (BE) (10.1%), China Yangtze Power Co Ltd (7.8%) and Nextpower Inc (NXT) (7.0%). Fund weight shows size inside the fund, not a recommendation.
Which clean energy stocks are beating the sector?
As of 12 October 2026, 6 of the 16 clean energy stocks Zensei prices in ICLN beat the fund over the past month. The strongest over the past month is n/a (SHLS). The list above shows every holding with its weight and returns.
Are clean energy stocks outperforming the S&P 500?
No. As of 12 October 2026, ICLN trails the S&P 500 by 6.5 points over the past month.
Is it a good time to invest in clean energy stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, clean energy stocks are behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is ICLN?
ICLN is iShares Global Clean Energy ETF. Zensei uses it to measure clean energy stocks against the S&P 500 (SPY).
What stocks does ICLN own?
As of 12 October 2026, the largest of the 75 positions Zensei tracks in ICLN are Bloom Energy Corp, China Yangtze Power Co Ltd, Nextpower Inc, First Solar Inc, Equatorial SA. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is clean energy in right now?
As of 12 October 2026, clean energy is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: trailing the market
Related sectors
Track clean energy against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.