GCEX.L vs. FTWG.L
GCEX.L (Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF) and FTWG.L (Invesco FTSE All-World UCITS ETF USD Dist) are both Global Equities funds from Invesco - GCEX.L tracks the Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF while FTWG.L tracks the FTSE All-World Index. Both are passively managed. Over the past 3 years, GCEX.L returned -0.94%/yr vs 17.94%/yr for FTWG.L. A 0.60 correlation means they provide meaningful diversification when combined. GCEX.L charges 0.60%/yr vs 0.15%/yr for FTWG.L.
Performance
GCEX.L vs. FTWG.L - Performance Comparison
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Returns By Period
In the year-to-date period, GCEX.L achieves a 15.08% return, which is significantly higher than FTWG.L's 10.82% return.
GCEX.L
- 1D
- -0.75%
- 1M
- -9.70%
- 6M
- 7.04%
- YTD
- 15.08%
- 1Y
- 40.93%
- 3Y*
- -0.94%
- 5Y*
- -6.57%
- 10Y*
- —
FTWG.L
- 1D
- -0.68%
- 1M
- -1.15%
- 6M
- 9.12%
- YTD
- 10.82%
- 1Y
- 22.80%
- 3Y*
- 17.94%
- 5Y*
- —
- 10Y*
- —
GCEX.L vs. FTWG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF | 15.08% | 32.21% | -25.34% | -9.61% |
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 10.82% | 14.12% | 19.92% | -13.67% |
Correlation
The correlation between GCEX.L and FTWG.L is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023 | 0.60 |
The correlation between GCEX.L and FTWG.L has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
GCEX.L vs. FTWG.L — Risk / Return Rank
GCEX.L
FTWG.L
GCEX.L vs. FTWG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF (GCEX.L) and Invesco FTSE All-World UCITS ETF USD Dist (FTWG.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GCEX.L | FTWG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 3.19 | -0.97 |
| Martin ratioReturn relative to average drawdown | 7.69 | 12.44 | -4.75 |
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Drawdowns
GCEX.L vs. FTWG.L - Drawdown Comparison
The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than FTWG.L's maximum drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for GCEX.L and FTWG.L.
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Drawdown Indicators
| GCEX.L | FTWG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.22% | -22.14% | -56.08% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -7.11% | -11.19% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | -17.78% | -35.03% |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | — | — |
Current DrawdownCurrent decline from peak | -57.32% | -1.99% | -55.33% |
Average DrawdownAverage peak-to-trough decline | -57.38% | -6.53% | -50.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 1.83% | +3.48% |
Volatility
GCEX.L vs. FTWG.L - Volatility Comparison
Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF (GCEX.L) has a higher volatility of 8.35% compared to Invesco FTSE All-World UCITS ETF USD Dist (FTWG.L) at 3.21%. This indicates that GCEX.L's price experiences larger fluctuations and is considered to be riskier than FTWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCEX.L | FTWG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 3.21% | +5.14% |
Volatility (6M)Calculated over the trailing 6-month period | 17.24% | 8.46% | +8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.58% | 10.88% | +11.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.72% | 16.63% | +9.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.92% | 16.63% | +12.29% |
GCEX.L vs. FTWG.L - Expense Ratio Comparison
GCEX.L has a 0.60% expense ratio, which is higher than FTWG.L's 0.15% expense ratio.
Dividends
GCEX.L vs. FTWG.L - Dividend Comparison
GCEX.L's dividend yield for the trailing twelve months is around 1.40%, more than FTWG.L's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FTWG.L Invesco FTSE All-World UCITS ETF USD Dist | 1.26% | 1.34% | 1.50% | 0.70% | 0.00% | 0.00% |
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF | 1.40% | 2.07% | 1.38% | 0.69% | 0.09% | 0.19% |
Frequently Asked Questions
GCEX.L and FTWG.L have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTWG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTWG.L is cheaper with a 0.15% expense ratio, compared with 0.60% for GCEX.L.
GCEX.L tracks Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF, while FTWG.L tracks FTSE All-World Index. Their fees differ too: 0.60% for GCEX.L and 0.15% for FTWG.L.
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