As oil prices carve out new 2009 highs, clean energy ETFs are also grabbing their share of a solid bull run. Although clean energy producers dived during the credit crunch, they’re back with vengeance, moving up more than 70% since March.

The iShares S&P Global Clean Energy Index Fund (ICLN: Quote, Profile, Advanced Chart, News) has been one of the biggest movers, helped in part by its exposure to a variety of components. The fund allocates 45% to solar, 33% to energy producers and transmitters, and 15% to wind power investments. A handful of batter makers and geothermic energy producers round out the well balanced portfolio, TheStreet.com reports.

Clean energy isn’t without its downsides, however. Due to a whipsaw commodities market and the complications of a newly developing industry, the iShares S&P Global Clean Energy Index Fund has a beta of 2.01, making it twice as volatile as the S&P 500. The following chart illustrates the weekly performance of ICLN over the past year.

The push to develop a national “smart-grid,” which will more effectively transfer energy around the country, is setting up an opportunity for quick ETF profits. The project, which could cost as much as $2 trillion, will be a boon for many energy service corporations.

The movement’s goal is to reduce the amount of energy used, as well as find new ways to produce energy efficiently and inexpensively, according to NASDAQ. Many new upgrades, including improved home metering technology and enhanced electric lines across the country, will stimulate the energy sector with billions in fresh stimulus cash.

NASDAQ names two exchange-traded funds that are set to profit from the new electric grid. Claymore Global Solar Energy ETF (TAN: Quote, Profile, Advanced Chart, News) and First Trust ISE Wind Energy Index Fund (FAN: Quote, Profile, Advanced Chart, News) are two funds that are expected to be electrified in the coming energy revolution.

Alternative energy has become a vital issue in addressing climate change and a global recession. Even prior to environmentally-conscious U.S. President Barack Obama taking oath, the United States was well on its way to expanding clean energy through the use of wind power. Reuters reports that the U.S. wind power grew in capacity by 50% in 2008 to 25 gigwatts (GW). This level of growth now ranks the U.S. as the top wind producer ahead of Germany, Spain, and China.

The new U.S. President strongly favors the continued development of alternative energy. Reuters reports that not only is U.S. wind power tops in the world, but solar energy is expected to reach the top spot this year as well. With this focus and government support, ETFs such as First Trust Global Wind Energy ETF (FAN: Quote, Profile, Advanced Chart, News) and Claymore/MAC Global Solar Energy ETF (TAN: Quote, Profile, Advanced Chart, News) should be found on every investor’s watchlist.

Clouds covered the overall market over the past week; however, the solar energy industry was able to steer clear of the storms. Year-end gross domestic product statistics declined by 3.8%, which equaled the largest drop in more than 25 years, according to Will Swarts of Smart Money. In addition, the Dow Jones index dipped below 8,000 points at one point before finishing the week down nearly one percent. Despite weakness in the broad market, the solar tracking ETF known as Market Vectors Solar Energy fund (KWT: Quote, Profile, Advanced Chart, News) turned in nearly 6% growth by week’s end. Smart Money reports that Suntech Power Holdings led the growth with a strong performance for the week. Alternative energy will continue to be an intriguing segment of the market for investors to follow as the nation’s new leadership has expressed its intention to focus heavily on the issue.

The following chart illustrates KWT’s performance over the past week.

Each of the 33 Claymore ETFs on the NYSE Arca and American Stock Exchange (AMEX) will be distributing dividend payments to close out 2008. In addition, none of the funds are paying long-term capital gains. A Business Wire press release lists the ETFs with their year-end distribution amount scheduled to be paid on December 31, 2008. The largest dividend rate excluding any short-term capital gains is $1.032 per share for Claymore/BNY BRIC ETF (EEB: Quote, Profile, Advanced Chart, News). The lowest dividend per share is $0.012 for Claymore/MAC Global Solar Energy Index ETF (TAN: Quote, Profile, Advanced Chart, News).

Business Wire identifies two ETFs that recorded a short-term capital gain. They are known as Claymore/Zacks Country Rotation ETF (CRO: Quote, Profile, Advanced Chart, News) and Claymore S&P Global Water Index ETF (CGW: Quote, Profile, Advanced Chart, News).