GCEX.L vs. IGDA.L

Last updated Jul 16, 2026

GCEX.L (Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF) and IGDA.L (Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc) are both Global Equities funds from Invesco - GCEX.L tracks the Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF while IGDA.L tracks the Dow Jones Islamic Market Developed Markets Index. Both are passively managed. Over the past 3 years, GCEX.L returned -0.94%/yr vs 16.95%/yr for IGDA.L. A 0.60 correlation means they provide meaningful diversification when combined. GCEX.L charges 0.60%/yr vs 0.40%/yr for IGDA.L.

Performance

GCEX.L vs. IGDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF (GCEX.L) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCEX.L is traded in GBp, while IGDA.L is traded in USD. To make them comparable, the IGDA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GCEX.L achieves a 15.08% return, which is significantly higher than IGDA.L's 11.80% 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*: —

IGDA.L

• 1D: -1.26%
• 1M: -2.65%
• 6M: 10.16%
• YTD: 11.80%
• 1Y: 24.60%
• 3Y*: 16.95%
• 5Y*: —
• 10Y*: —

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

GCEX.L vs. IGDA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF	15.08%	32.21%	-25.34%	-15.45%	-17.73%
IGDA.L Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc	11.80%	10.30%	20.00%	23.22%	-11.19%

Correlation

The correlation between GCEX.L and IGDA.L is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.60

The correlation between GCEX.L and IGDA.L has been stable across timeframes, ranging from 0.56 to 0.66 - a consistent structural relationship.

Return for Risk

GCEX.L vs. IGDA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCEX.L

GCEX.L Risk / Return Rank: 61
GCEX.L Sharpe Ratio Rank: 70
GCEX.L Sortino Ratio Rank: 63
GCEX.L Omega Ratio Rank: 64
GCEX.L Calmar Ratio Rank: 54
GCEX.L Martin Ratio Rank: 56

IGDA.L

IGDA.L Risk / Return Rank: 67
IGDA.L Sharpe Ratio Rank: 67
IGDA.L Sortino Ratio Rank: 70
IGDA.L Omega Ratio Rank: 63
IGDA.L Calmar Ratio Rank: 66
IGDA.L Martin Ratio Rank: 69

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.

GCEX.L vs. IGDA.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 Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.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	IGDA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.69	+0.12
Sortino ratio: Return per unit of downside risk	2.35	2.39	-0.03
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.23	3.40	-1.18
Martin ratio: Return relative to average drawdown	7.69	11.11	-3.42

GCEX.L vs. IGDA.L - Sharpe Ratio Comparison

The current GCEX.L Sharpe Ratio is 1.81, which is comparable to the IGDA.L Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of GCEX.L and IGDA.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.

Drawdowns

GCEX.L vs. IGDA.L - Drawdown Comparison

The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than IGDA.L's maximum drawdown of -22.43%. Use the drawdown chart below to compare losses from any high point for GCEX.L and IGDA.L.

Drawdown Indicators

	GCEX.L	IGDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-78.22%	-22.43%	-55.79%
Max Drawdown (1Y) Largest decline over 1 year	-18.30%	-7.19%	-11.11%
Max Drawdown (3Y) Largest decline over 3 years	-52.81%	-22.43%	-30.38%
Max Drawdown (5Y) Largest decline over 5 years	-68.40%	—	—
Current Drawdown Current decline from peak	-57.32%	-3.99%	-53.33%
Average Drawdown Average peak-to-trough decline	-57.38%	-4.18%	-53.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.31%	2.21%	+3.10%

Volatility

GCEX.L vs. IGDA.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 Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L) at 4.39%. This indicates that GCEX.L's price experiences larger fluctuations and is considered to be riskier than IGDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCEX.L	IGDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	4.39%	+3.96%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	11.43%	+5.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.58%	14.50%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.72%	16.59%	+9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.92%	16.59%	+12.33%

GCEX.L vs. IGDA.L - Expense Ratio Comparison

GCEX.L has a 0.60% expense ratio, which is higher than IGDA.L's 0.40% expense ratio.

Dividends

GCEX.L vs. IGDA.L - Dividend Comparison

GCEX.L's dividend yield for the trailing twelve months is around 1.40%, while IGDA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF	1.40%	2.07%	1.38%	0.69%	0.09%	0.19%
IGDA.L Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCEX.L and IGDA.L in my portfolio?

GCEX.L and IGDA.L have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GCEX.L or IGDA.L?

On fees, IGDA.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCEX.L or IGDA.L?

IGDA.L is cheaper with a 0.40% expense ratio, compared with 0.60% for GCEX.L.

What is the main difference between GCEX.L and IGDA.L?

GCEX.L tracks Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF, while IGDA.L tracks Dow Jones Islamic Market Developed Markets Index. Their fees differ too: 0.60% for GCEX.L and 0.40% for IGDA.L.