GCED.L vs. MLPS.L

Last updated Jun 5, 2026

GCED.L (Invesco Global Clean Energy UCITS ETF Dist) and MLPS.L (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF) are both Energy Equities funds from Invesco - GCED.L tracks the WilderHill New Energy Global Innovation Index while MLPS.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 5 years, GCED.L returned -4.51%/yr vs 17.28%/yr for MLPS.L. At a 0.37 correlation, their price movements are largely independent. GCED.L charges 0.60%/yr vs 0.50%/yr for MLPS.L.

Performance

GCED.L vs. MLPS.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 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCED.L achieves a 35.99% return, which is significantly higher than MLPS.L's 18.77% 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*: —

MLPS.L

• 1D: -0.63%
• 1M: -0.14%
• YTD: 18.77%
• 6M: 14.57%
• 1Y: 15.67%
• 3Y*: 18.83%
• 5Y*: 17.28%
• 10Y*: 6.96%

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

GCED.L vs. MLPS.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%
MLPS.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	18.77%	2.44%	22.62%	19.38%	31.92%	11.93%

Correlation

The correlation between GCED.L and MLPS.L is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.37

The correlation between GCED.L and MLPS.L shifts across timeframes, from -0.02 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	GCED.L	MLPS.L
Industrials	48.1%	0.2%
Utilities	16.2%	3.2%
Energy	13.0%	96.7%
Consumer Cyclical	10.0%	-
Technology	6.8%	-
Basic Materials	3.4%	-
Consumer Defensive	0.9%	-
Financial Services	0.9%	-
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

GCED.L vs. MLPS.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

MLPS.L

MLPS.L Risk / Return Rank: 32
MLPS.L Sharpe Ratio Rank: 31
MLPS.L Sortino Ratio Rank: 29
MLPS.L Omega Ratio Rank: 29
MLPS.L Calmar Ratio Rank: 38
MLPS.L Martin Ratio Rank: 32

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. MLPS.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 Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.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	MLPS.L	Difference
Sharpe ratio: Return per unit of total volatility	3.78	1.10	+2.67
Sortino ratio: Return per unit of downside risk	4.51	1.56	+2.96
Omega ratio: Gain probability vs. loss probability	1.58	1.19	+0.39
Calmar ratio: Return relative to maximum drawdown	7.61	1.85	+5.76
Martin ratio: Return relative to average drawdown	25.61	4.78	+20.84
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. MLPS.L - Sharpe Ratio Comparison

The current GCED.L Sharpe Ratio is 3.78, which is higher than the MLPS.L Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of GCED.L and MLPS.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	MLPS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.78	1.10	+2.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.85	-1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.15	-0.39

Drawdowns

GCED.L vs. MLPS.L - Drawdown Comparison

The maximum GCED.L drawdown since its inception was -72.10%, smaller than the maximum MLPS.L drawdown of -82.23%. Use the drawdown chart below to compare losses from any high point for GCED.L and MLPS.L.

Drawdown Indicators

	GCED.L	MLPS.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-82.23%	+10.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-8.45%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-53.20%	-17.67%	-35.53%
Max Drawdown (5Y) Largest decline over 5 years	-69.88%	-21.76%	-48.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.70%	—
Current Drawdown Current decline from peak	-31.99%	-3.27%	-28.72%
Average Drawdown Average peak-to-trough decline	-44.83%	-28.25%	-16.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	3.27%	+0.11%

Volatility

GCED.L vs. MLPS.L - Volatility Comparison

Invesco Global Clean Energy UCITS ETF Dist (GCED.L) has a higher volatility of 9.12% compared to Invesco Morningstar US Energy Infrastructure MLP UCITS ETF (MLPS.L) at 5.31%. This indicates that GCED.L's price experiences larger fluctuations and is considered to be riskier than MLPS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCED.L	MLPS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	5.31%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	10.80%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	22.89%	14.13%	+8.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.32%	20.41%	+7.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.87%	28.54%	+0.33%

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

GCED.L has a 0.60% expense ratio, which is higher than MLPS.L's 0.50% expense ratio.

Dividends

GCED.L vs. MLPS.L - Dividend Comparison

GCED.L's dividend yield for the trailing twelve months is around 1.53%, while MLPS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
GCED.L Invesco Global Clean Energy UCITS ETF Dist	1.53%	2.09%	1.43%	0.68%	0.09%	0.20%
MLPS.L Invesco Morningstar US Energy Infrastructure MLP UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

GCED.L and MLPS.L have a correlation of -0.02, 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 MLPS.L?

On fees, MLPS.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

MLPS.L is cheaper with a 0.50% expense ratio, compared with 0.60% for GCED.L.

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

GCED.L tracks WilderHill New Energy Global Innovation Index, while MLPS.L tracks MSCI World/Energy NR USD. Their fees differ too: 0.60% for GCED.L and 0.50% for MLPS.L.