ENGY.L vs. RAYS.L
ENGY.L (SPDR® MSCI Europe Energy UCITS ETF) and RAYS.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds - ENGY.L tracks the MSCI World/Energy NR USD while RAYS.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, ENGY.L returned 17.81%/yr vs -3.08%/yr for RAYS.L. At a 0.19 correlation, their price movements are largely independent. ENGY.L charges 0.18%/yr vs 0.69%/yr for RAYS.L.
Performance
ENGY.L vs. RAYS.L - Performance Comparison
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Different Trading Currencies
ENGY.L is traded in EUR, while RAYS.L is traded in GBp. To make them comparable, the RAYS.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ENGY.L achieves a 36.00% return, which is significantly lower than RAYS.L's 43.28% return.
ENGY.L
- 1D
- 1.97%
- 1M
- -0.86%
- YTD
- 36.00%
- 6M
- 32.37%
- 1Y
- 53.57%
- 3Y*
- 17.81%
- 5Y*
- 20.20%
- 10Y*
- 11.49%
RAYS.L
- 1D
- -1.08%
- 1M
- 20.98%
- YTD
- 43.28%
- 6M
- 48.78%
- 1Y
- 109.11%
- 3Y*
- -3.08%
- 5Y*
- —
- 10Y*
- —
ENGY.L vs. RAYS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ENGY.L SPDR® MSCI Europe Energy UCITS ETF | 36.00% | 14.96% | -5.53% | 7.23% | 38.81% | 13.49% |
RAYS.L Invesco Solar Energy UCITS ETF Acc | 43.28% | 29.24% | -33.27% | -28.12% | -0.32% | -5.74% |
Correlation
The correlation between ENGY.L and RAYS.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.19 |
The correlation between ENGY.L and RAYS.L shifts across timeframes, from -0.06 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ENGY.L vs. RAYS.L — Risk / Return Rank
ENGY.L
RAYS.L
ENGY.L vs. RAYS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) and Invesco Solar Energy UCITS ETF Acc (RAYS.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ENGY.L | RAYS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.48 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 4.55 | 8.99 | -4.45 |
| Martin ratioReturn relative to average drawdown | 14.59 | 22.92 | -8.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ENGY.L | RAYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.38 | 3.29 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | -0.10 | +0.53 |
Drawdowns
ENGY.L vs. RAYS.L - Drawdown Comparison
The maximum ENGY.L drawdown since its inception was -58.56%, smaller than the maximum RAYS.L drawdown of -73.10%. Use the drawdown chart below to compare losses from any high point for ENGY.L and RAYS.L.
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Drawdown Indicators
| ENGY.L | RAYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.56% | -73.10% | +14.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.73% | -12.07% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -26.50% | -64.72% | +38.22% |
Max Drawdown (5Y)Largest decline over 5 years | -26.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -58.56% | — | — |
Current DrawdownCurrent decline from peak | -5.46% | -31.15% | +25.69% |
Average DrawdownAverage peak-to-trough decline | -13.00% | -41.33% | +28.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 4.74% | -1.08% |
Volatility
ENGY.L vs. RAYS.L - Volatility Comparison
The current volatility for SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) is 8.12%, while Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a volatility of 12.11%. This indicates that ENGY.L experiences smaller price fluctuations and is considered to be less risky than RAYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENGY.L | RAYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.12% | 12.11% | -3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 19.19% | 22.20% | -3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.41% | 33.16% | -10.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.63% | 37.07% | -12.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.02% | 37.07% | -7.05% |
ENGY.L vs. RAYS.L - Expense Ratio Comparison
ENGY.L has a 0.18% expense ratio, which is lower than RAYS.L's 0.69% expense ratio.
Dividends
ENGY.L vs. RAYS.L - Dividend Comparison
Neither ENGY.L nor RAYS.L has paid dividends to shareholders.
Frequently Asked Questions
ENGY.L and RAYS.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ENGY.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENGY.L is cheaper with a 0.18% expense ratio, compared with 0.69% for RAYS.L.
ENGY.L tracks MSCI World/Energy NR USD, while RAYS.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for ENGY.L and 0.69% for RAYS.L.
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