GCEX.L vs. HTWG.L
GCEX.L (Invesco Global Clean Energy UCITS ETF USD (Dist)) and HTWG.L (L&G Hydrogen Economy UCITS ETF) are both Alternative Energy Equities funds - GCEX.L tracks the WilderHill New Energy Global Innovation Index while HTWG.L tracks the Solactive Hydrogen Economy Index NTR. Both are passively managed. Over the past 5 years, GCEX.L returned -6.80%/yr vs -0.69%/yr for HTWG.L. Their correlation of 0.86 suggests significant overlap in exposure. GCEX.L charges 0.60%/yr vs 0.49%/yr for HTWG.L.
Performance
GCEX.L vs. HTWG.L - Performance Comparison
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Returns By Period
In the year-to-date period, GCEX.L achieves a 13.68% return, which is significantly lower than HTWG.L's 25.01% return.
GCEX.L
- 1D
- -1.21%
- 1M
- -9.97%
- 6M
- 4.82%
- YTD
- 13.68%
- 1Y
- 41.65%
- 3Y*
- -1.60%
- 5Y*
- -6.80%
- 10Y*
- —
HTWG.L
- 1D
- -4.05%
- 1M
- -13.60%
- 6M
- 11.26%
- YTD
- 25.01%
- 1Y
- 55.17%
- 3Y*
- 11.44%
- 5Y*
- -0.69%
- 10Y*
- —
GCEX.L vs. HTWG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist) | 13.68% | 32.21% | -25.34% | -15.45% | -22.40% | -42.73% |
HTWG.L L&G Hydrogen Economy UCITS ETF | 25.01% | 30.68% | -6.72% | -8.50% | -29.54% | -10.82% |
Correlation
The correlation between GCEX.L and HTWG.L is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 0.86 |
The correlation between GCEX.L and HTWG.L has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.
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Return for Risk
GCEX.L vs. HTWG.L — Risk / Return Rank
GCEX.L
HTWG.L
GCEX.L vs. HTWG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) and L&G Hydrogen Economy UCITS ETF (HTWG.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 | HTWG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.34 | -0.08 |
| Martin ratioReturn relative to average drawdown | 7.65 | 7.30 | +0.35 |
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Drawdowns
GCEX.L vs. HTWG.L - Drawdown Comparison
The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than HTWG.L's maximum drawdown of -65.19%. Use the drawdown chart below to compare losses from any high point for GCEX.L and HTWG.L.
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Drawdown Indicators
| GCEX.L | HTWG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.22% | -65.19% | -13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -23.46% | +5.16% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | -31.88% | -20.93% |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | -56.98% | -11.42% |
Current DrawdownCurrent decline from peak | -57.84% | -31.28% | -26.56% |
Average DrawdownAverage peak-to-trough decline | -57.38% | -44.70% | -12.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.43% | 7.54% | -2.11% |
Volatility
GCEX.L vs. HTWG.L - Volatility Comparison
The current volatility for Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) is 8.34%, while L&G Hydrogen Economy UCITS ETF (HTWG.L) has a volatility of 11.57%. This indicates that GCEX.L experiences smaller price fluctuations and is considered to be less risky than HTWG.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 | HTWG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.34% | 11.57% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 17.26% | 22.30% | -5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.60% | 31.36% | -8.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.72% | 26.70% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.91% | 26.89% | +2.02% |
GCEX.L vs. HTWG.L - Expense Ratio Comparison
GCEX.L has a 0.60% expense ratio, which is higher than HTWG.L's 0.49% expense ratio.
Dividends
GCEX.L vs. HTWG.L - Dividend Comparison
GCEX.L's dividend yield for the trailing twelve months is around 1.41%, while HTWG.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist) | 1.41% | 2.07% | 1.38% | 0.69% | 0.09% | 0.19% |
HTWG.L L&G Hydrogen Economy UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GCEX.L and HTWG.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HTWG.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HTWG.L is cheaper with a 0.49% expense ratio, compared with 0.60% for GCEX.L.
GCEX.L tracks WilderHill New Energy Global Innovation Index, while HTWG.L tracks Solactive Hydrogen Economy Index NTR. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.60% for GCEX.L and 0.49% for HTWG.L.
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