GCED.L vs. SPOG.L

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Global Clean Energy UCITS ETF Dist (GCED.L) and iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.L).

GCED.L and SPOG.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GCED.L is a passively managed fund by Invesco that tracks the performance of the WilderHill New Energy Global Innovation Index. It was launched on Mar 1, 2021. SPOG.L is a passively managed fund by iShares that tracks the performance of the MSCI World/Energy NR USD. It was launched on Sep 16, 2011. Both GCED.L and SPOG.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GCED.L vs. SPOG.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 Oil & Gas Exploration & Production UCITS ETF (SPOG.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021
GCED.L Invesco Global Clean Energy UCITS ETF Dist	9.19%	41.92%	-26.55%	-10.54%	-30.72%	-22.60%
SPOG.L iShares Oil & Gas Exploration & Production UCITS ETF	39.75%	6.60%	-1.10%	2.22%	37.90%	31.19%

Different Trading Currencies

GCED.L is traded in USD, while SPOG.L is traded in GBp. To make them comparable, the SPOG.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 9.19% return, which is significantly lower than SPOG.L's 39.75% return.

GCED.L

• 1D: 0.17%
• 1M: -4.54%
• YTD: 9.19%
• 6M: 18.46%
• 1Y: 71.94%
• 3Y*: -1.86%
• 5Y*: -10.10%
• 10Y*: —

SPOG.L

• 1D: -0.42%
• 1M: 17.42%
• YTD: 39.75%
• 6M: 44.75%
• 1Y: 39.48%
• 3Y*: 17.86%
• 5Y*: 21.47%
• 10Y*: 9.98%

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

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

GCED.L has a 0.60% expense ratio, which is higher than SPOG.L's 0.55% expense ratio.

GCED.L

Invesco Global Clean Energy UCITS ETF Dist

SPOG.L

iShares Oil & Gas Exploration & Production UCITS ETF

Return for Risk

GCED.L vs. SPOG.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: 97
GCED.L Sharpe Ratio Rank: 97
GCED.L Sortino Ratio Rank: 97
GCED.L Omega Ratio Rank: 95
GCED.L Calmar Ratio Rank: 97
GCED.L Martin Ratio Rank: 97

SPOG.L

SPOG.L Risk / Return Rank: 66
SPOG.L Sharpe Ratio Rank: 75
SPOG.L Sortino Ratio Rank: 70
SPOG.L Omega Ratio Rank: 68
SPOG.L Calmar Ratio Rank: 69
SPOG.L Martin Ratio Rank: 46

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. SPOG.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 Oil & Gas Exploration & Production UCITS ETF (SPOG.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	SPOG.L	Difference
Sharpe ratio Return per unit of total volatility	3.07	1.45	+1.62
Sortino ratio Return per unit of downside risk	3.70	1.88	+1.82
Omega ratio Gain probability vs. loss probability	1.49	1.26	+0.22
Calmar ratio Return relative to maximum drawdown	5.20	1.83	+3.37
Martin ratio Return relative to average drawdown	19.59	5.69	+13.90
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. SPOG.L - Sharpe Ratio Comparison

The current GCED.L Sharpe Ratio is 3.07, which is higher than the SPOG.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GCED.L and SPOG.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GCED.L	SPOG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	1.45	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.71	-1.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	0.13	-0.52

Correlation

The correlation between GCED.L and SPOG.L is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GCED.L vs. SPOG.L - Dividend Comparison

GCED.L's dividend yield for the trailing twelve months is around 1.90%, while SPOG.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
GCED.L Invesco Global Clean Energy UCITS ETF Dist	1.90%	2.09%	1.43%	0.68%	0.09%	0.20%
SPOG.L iShares Oil & Gas Exploration & Production UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GCED.L vs. SPOG.L - Drawdown Comparison

The maximum GCED.L drawdown since its inception was -72.10%, smaller than the maximum SPOG.L drawdown of -83.96%. Use the drawdown chart below to compare losses from any high point for GCED.L and SPOG.L.

Drawdown Indicators

	GCED.L	SPOG.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.10%	-76.49%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.48%	-20.37%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-69.99%	-32.90%	-37.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-71.97%	—
Current Drawdown Current decline from peak	-45.40%	-0.77%	-44.63%
Average Drawdown Average peak-to-trough decline	-45.12%	-26.69%	-18.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	8.36%	-4.78%

Volatility

GCED.L vs. SPOG.L - Volatility Comparison

The current volatility for Invesco Global Clean Energy UCITS ETF Dist (GCED.L) is 7.35%, while iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.L) has a volatility of 9.65%. This indicates that GCED.L experiences smaller price fluctuations and is considered to be less risky than SPOG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCED.L	SPOG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	9.65%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	16.29%	17.63%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	23.51%	27.10%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.37%	30.12%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.86%	32.76%	-3.90%