GCED.L vs. RAYG.L

Last updated Jun 5, 2026

GCED.L (Invesco Global Clean Energy UCITS ETF Dist) and RAYG.L (Global X Solar UCITS ETF USD Accumulating) are both Energy Equities funds - GCED.L tracks the WilderHill New Energy Global Innovation Index while RAYG.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, GCED.L returned 8.06%/yr vs -2.33%/yr for RAYG.L. A 0.65 correlation means they provide meaningful diversification when combined. GCED.L charges 0.60%/yr vs 0.50%/yr for RAYG.L.

Performance

GCED.L vs. RAYG.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 Global X Solar UCITS ETF USD Accumulating (RAYG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCED.L is traded in USD, while RAYG.L is traded in GBP. To make them comparable, the RAYG.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 higher than RAYG.L's 21.20% 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*: —

RAYG.L

• 1D: -2.39%
• 1M: 3.88%
• YTD: 21.20%
• 6M: 26.70%
• 1Y: 82.91%
• 3Y*: -2.33%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
GCED.L Invesco Global Clean Energy UCITS ETF Dist	35.99%	41.92%	-26.55%	-10.54%	-16.18%
RAYG.L Global X Solar UCITS ETF USD Accumulating	21.20%	40.06%	-28.26%	-33.04%	3.01%

Correlation

The correlation between GCED.L and RAYG.L is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.65

The correlation between GCED.L and RAYG.L has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

GCED.L vs. RAYG.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

RAYG.L

RAYG.L Risk / Return Rank: 80
RAYG.L Sharpe Ratio Rank: 84
RAYG.L Sortino Ratio Rank: 78
RAYG.L Omega Ratio Rank: 70
RAYG.L Calmar Ratio Rank: 91
RAYG.L Martin Ratio Rank: 77

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. RAYG.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 Global X Solar UCITS ETF USD Accumulating (RAYG.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	RAYG.L	Difference
Sharpe ratio: Return per unit of total volatility	3.78	2.53	+1.24
Sortino ratio: Return per unit of downside risk	4.51	3.23	+1.28
Omega ratio: Gain probability vs. loss probability	1.58	1.39	+0.19
Calmar ratio: Return relative to maximum drawdown	7.61	5.59	+2.02
Martin ratio: Return relative to average drawdown	25.61	15.28	+10.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current GCED.L Sharpe Ratio is 3.78, which is higher than the RAYG.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of GCED.L and RAYG.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	RAYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.78	2.53	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	-0.12	-0.13

Drawdowns

GCED.L vs. RAYG.L - Drawdown Comparison

The maximum GCED.L drawdown since its inception was -72.10%, roughly equal to the maximum RAYG.L drawdown of -68.99%. Use the drawdown chart below to compare losses from any high point for GCED.L and RAYG.L.

Drawdown Indicators

	GCED.L	RAYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-68.99%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-14.76%	+3.41%
Max Drawdown (3Y) Largest decline over 3 years	-53.20%	-57.77%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-69.88%	—	—
Current Drawdown Current decline from peak	-31.99%	-34.96%	+2.97%
Average Drawdown Average peak-to-trough decline	-44.83%	-40.23%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	5.41%	-2.03%

Volatility

GCED.L vs. RAYG.L - Volatility Comparison

Invesco Global Clean Energy UCITS ETF Dist (GCED.L) and Global X Solar UCITS ETF USD Accumulating (RAYG.L) have volatilities of 9.12% and 8.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCED.L	RAYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.12%	8.84%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	16.01%	22.65%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.89%	32.59%	-9.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.32%	34.24%	-5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.87%	34.24%	-5.37%

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

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

Dividends

GCED.L vs. RAYG.L - Dividend Comparison

GCED.L's dividend yield for the trailing twelve months is around 1.53%, while RAYG.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%
RAYG.L Global X Solar UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

GCED.L and RAYG.L have a correlation of 0.63, 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 RAYG.L?

On fees, RAYG.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 RAYG.L?

RAYG.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 RAYG.L?

GCED.L tracks WilderHill New Energy Global Innovation Index, while RAYG.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.60% for GCED.L and 0.50% for RAYG.L.