GCED.L vs. INRG.L

Last updated Jun 5, 2026

GCED.L (Invesco Global Clean Energy UCITS ETF Dist) and INRG.L (iShares Global Clean Energy UCITS ETF USD (Dist)) are both Energy Equities funds - GCED.L tracks the WilderHill New Energy Global Innovation Index while INRG.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 5 years, GCED.L returned -4.51%/yr vs 1.64%/yr for INRG.L. Their correlation of 0.84 suggests significant overlap in exposure. GCED.L charges 0.60%/yr vs 0.65%/yr for INRG.L.

Performance

GCED.L vs. INRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Clean Energy UCITS ETF Dist (GCED.L) and iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCED.L is traded in USD, while INRG.L is traded in GBp. To make them comparable, the INRG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GCED.L achieves a 35.99% return, which is significantly lower than INRG.L's 38.75% return.

GCED.L

• 1D: -0.91%
• 1M: 2.39%
• YTD: 35.99%
• 6M: 37.39%
• 1Y: 86.86%
• 3Y*: 8.06%
• 5Y*: -4.51%
• 10Y*: —

INRG.L

• 1D: -1.96%
• 1M: 7.47%
• YTD: 38.75%
• 6M: 36.52%
• 1Y: 80.90%
• 3Y*: 8.37%
• 5Y*: 1.64%
• 10Y*: 11.82%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GCED.L vs. INRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GCED.L Invesco Global Clean Energy UCITS ETF Dist	35.99%	41.92%	-26.55%	-10.54%	-30.72%	-22.60%
INRG.L iShares Global Clean Energy UCITS ETF USD (Dist)	38.75%	44.92%	-25.65%	-19.82%	-5.76%	-18.02%

Correlation

The correlation between GCED.L and INRG.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.84

The correlation between GCED.L and INRG.L has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

GCED.L vs. INRG.L - Sectors Allocation Comparison

Sectors	GCED.L	INRG.L
Industrials	48.1%	28.3%
Utilities	16.2%	33.7%
Energy	13.0%	24.7%
Consumer Cyclical	10.0%	0.1%
Technology	6.8%	10.5%
Basic Materials	3.4%	1.3%
Consumer Defensive	0.9%	-
Financial Services	0.9%	-
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

GCED.L vs. INRG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCED.L

GCED.L Risk / Return Rank: 93
GCED.L Sharpe Ratio Rank: 95
GCED.L Sortino Ratio Rank: 93
GCED.L Omega Ratio Rank: 91
GCED.L Calmar Ratio Rank: 95
GCED.L Martin Ratio Rank: 94

INRG.L

INRG.L Risk / Return Rank: 91
INRG.L Sharpe Ratio Rank: 93
INRG.L Sortino Ratio Rank: 92
INRG.L Omega Ratio Rank: 87
INRG.L Calmar Ratio Rank: 93
INRG.L Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GCED.L vs. INRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy UCITS ETF Dist (GCED.L) and iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.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.

	GCED.L	INRG.L	Difference
Sharpe ratio: Return per unit of total volatility	3.78	3.21	+0.57
Sortino ratio: Return per unit of downside risk	4.51	4.09	+0.43
Omega ratio: Gain probability vs. loss probability	1.58	1.48	+0.09
Calmar ratio: Return relative to maximum drawdown	7.61	7.14	+0.47
Martin ratio: Return relative to average drawdown	25.61	21.47	+4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCED.L vs. INRG.L - Sharpe Ratio Comparison

The current GCED.L Sharpe Ratio is 3.78, which is comparable to the INRG.L Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of GCED.L and INRG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GCED.L	INRG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.78	3.21	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.06	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	-0.05	-0.20

Drawdowns

GCED.L vs. INRG.L - Drawdown Comparison

The maximum GCED.L drawdown since its inception was -72.10%, smaller than the maximum INRG.L drawdown of -88.36%. Use the drawdown chart below to compare losses from any high point for GCED.L and INRG.L.

Drawdown Indicators

	GCED.L	INRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-88.36%	+16.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-11.27%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-53.20%	-43.89%	-9.31%
Max Drawdown (5Y) Largest decline over 5 years	-69.88%	-57.21%	-12.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-67.38%	—
Current Drawdown Current decline from peak	-31.99%	-41.87%	+9.88%
Average Drawdown Average peak-to-trough decline	-44.83%	-66.30%	+21.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.76%	-0.38%

Volatility

GCED.L vs. INRG.L - Volatility Comparison

The current volatility for Invesco Global Clean Energy UCITS ETF Dist (GCED.L) is 9.12%, while iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L) has a volatility of 9.81%. This indicates that GCED.L experiences smaller price fluctuations and is considered to be less risky than INRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCED.L	INRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	9.81%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	18.47%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	22.89%	25.06%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.32%	26.71%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.87%	26.61%	+2.26%

GCED.L vs. INRG.L - Expense Ratio Comparison

GCED.L has a 0.60% expense ratio, which is lower than INRG.L's 0.65% expense ratio.

Dividends

GCED.L vs. INRG.L - Dividend Comparison

GCED.L's dividend yield for the trailing twelve months is around 1.53%, more than INRG.L's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCED.L Invesco Global Clean Energy UCITS ETF Dist	1.53%	2.09%	1.43%	0.68%	0.09%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
INRG.L iShares Global Clean Energy UCITS ETF USD (Dist)	1.09%	1.77%	1.58%	1.00%	0.62%	1.01%	0.61%	2.05%	3.68%	3.69%	3.65%	3.90%

Frequently Asked Questions

Can I hold both GCED.L and INRG.L in my portfolio?

GCED.L and INRG.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCED.L or INRG.L?

On fees, GCED.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCED.L or INRG.L?

GCED.L is cheaper with a 0.60% expense ratio, compared with 0.65% for INRG.L.

What is the main difference between GCED.L and INRG.L?

GCED.L tracks WilderHill New Energy Global Innovation Index, while INRG.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for GCED.L and 0.65% for INRG.L.