ERNX.DE vs. GCLE.L
ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) and GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) are both exchange-traded funds - ERNX.DE is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while GCLE.L is a Energy Equities fund tracking the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 3 years, ERNX.DE returned 3.33%/yr vs 5.16%/yr for GCLE.L. At a correlation of -0.01, they often move in opposite directions. ERNX.DE charges 0.09%/yr vs 0.60%/yr for GCLE.L.
Performance
ERNX.DE vs. GCLE.L - Performance Comparison
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Different Trading Currencies
ERNX.DE is traded in EUR, while GCLE.L is traded in USD. To make them comparable, the GCLE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERNX.DE achieves a 0.87% return, which is significantly lower than GCLE.L's 37.41% return.
ERNX.DE
- 1D
- 0.04%
- 1M
- 0.26%
- YTD
- 0.87%
- 6M
- 0.99%
- 1Y
- 2.18%
- 3Y*
- 3.33%
- 5Y*
- —
- 10Y*
- —
GCLE.L
- 1D
- -1.15%
- 1M
- 3.31%
- YTD
- 37.41%
- 6M
- 37.69%
- 1Y
- 83.62%
- 3Y*
- 5.16%
- 5Y*
- -3.69%
- 10Y*
- —
ERNX.DE vs. GCLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | 0.87% | 2.69% | 4.04% | 3.34% | 0.10% |
GCLE.L Invesco Global Clean Energy UCITS ETF Acc | 37.41% | 25.13% | -21.65% | -13.20% | -15.50% |
Correlation
The correlation between ERNX.DE and GCLE.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | -0.01 |
The correlation between ERNX.DE and GCLE.L shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERNX.DE vs. GCLE.L — Risk / Return Rank
ERNX.DE
GCLE.L
ERNX.DE vs. GCLE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) and Invesco Global Clean Energy UCITS ETF Acc (GCLE.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.
| ERNX.DE | GCLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.58 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 10.99 | 7.74 | +3.25 |
| Martin ratioReturn relative to average drawdown | 54.93 | 27.31 | +27.62 |
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
| ERNX.DE | GCLE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.94 | 3.71 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.14 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.90 | -0.23 | +4.13 |
Drawdowns
ERNX.DE vs. GCLE.L - Drawdown Comparison
The maximum ERNX.DE drawdown since its inception was -0.83%, smaller than the maximum GCLE.L drawdown of -69.23%. Use the drawdown chart below to compare losses from any high point for ERNX.DE and GCLE.L.
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Drawdown Indicators
| ERNX.DE | GCLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.83% | -69.23% | +68.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.20% | -10.75% | +10.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.20% | -52.15% | +51.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -68.52% | — |
Current DrawdownCurrent decline from peak | -0.00% | -29.29% | +29.29% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -40.03% | +39.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.04% | 3.05% | -3.01% |
Volatility
ERNX.DE vs. GCLE.L - Volatility Comparison
The current volatility for iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) is 0.17%, while Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) has a volatility of 8.80%. This indicates that ERNX.DE experiences smaller price fluctuations and is considered to be less risky than GCLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERNX.DE | GCLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.17% | 8.80% | -8.63% |
Volatility (6M)Calculated over the trailing 6-month period | 0.56% | 15.64% | -15.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.74% | 22.41% | -21.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.68% | 26.80% | -26.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.68% | 27.35% | -26.67% |
ERNX.DE vs. GCLE.L - Expense Ratio Comparison
ERNX.DE has a 0.09% expense ratio, which is lower than GCLE.L's 0.60% expense ratio.
Dividends
ERNX.DE vs. GCLE.L - Dividend Comparison
Neither ERNX.DE nor GCLE.L has paid dividends to shareholders.
Frequently Asked Questions
ERNX.DE and GCLE.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNX.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNX.DE is cheaper with a 0.09% expense ratio, compared with 0.60% for GCLE.L.
ERNX.DE is categorized as Ultrashort Bond, while GCLE.L is Energy Equities. ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index, while GCLE.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.09% for ERNX.DE and 0.60% for GCLE.L.
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