GCEX.L vs. MWOZ.L
GCEX.L (Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF) and MWOZ.L (Amundi Prime Global UCITS ETF Dist) are both Global Equities funds - GCEX.L tracks the Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF while MWOZ.L tracks the Solactive GBS Developed Markets Large & Mid Cap Index. Both are passively managed. Over the past year, GCEX.L returned 40.93% vs 22.33% for MWOZ.L. A 0.65 correlation means they provide meaningful diversification when combined. GCEX.L charges 0.60%/yr vs 0.05%/yr for MWOZ.L.
Performance
GCEX.L vs. MWOZ.L - Performance Comparison
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Different Trading Currencies
GCEX.L is traded in GBp, while MWOZ.L is traded in GBP. To make them comparable, the MWOZ.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 MWOZ.L's 10.79% 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*
- —
MWOZ.L
- 1D
- 0.00%
- 1M
- 0.45%
- 6M
- 9.49%
- YTD
- 10.79%
- 1Y
- 22.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GCEX.L vs. MWOZ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF | 15.08% | 35.41% |
MWOZ.L Amundi Prime Global UCITS ETF Dist | 10.79% | 8.44% |
Correlation
The correlation between GCEX.L and MWOZ.L is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2025 | 0.65 |
The correlation between GCEX.L and MWOZ.L has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.
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Return for Risk
GCEX.L vs. MWOZ.L — Risk / Return Rank
GCEX.L
MWOZ.L
GCEX.L vs. MWOZ.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 Amundi Prime Global UCITS ETF Dist (MWOZ.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 | MWOZ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | 3.38 | -1.16 |
| Martin ratioReturn relative to average drawdown | 7.69 | 13.30 | -5.61 |
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Drawdowns
GCEX.L vs. MWOZ.L - Drawdown Comparison
The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than MWOZ.L's maximum drawdown of -18.50%. Use the drawdown chart below to compare losses from any high point for GCEX.L and MWOZ.L.
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Drawdown Indicators
| GCEX.L | MWOZ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.22% | -18.50% | -59.72% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -6.63% | -11.67% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | — | — |
Current DrawdownCurrent decline from peak | -57.32% | -0.44% | -56.88% |
Average DrawdownAverage peak-to-trough decline | -57.38% | -2.99% | -54.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 1.68% | +3.63% |
Volatility
GCEX.L vs. MWOZ.L - Volatility Comparison
Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF (GCEX.L) has a higher volatility of 8.35% compared to Amundi Prime Global UCITS ETF Dist (MWOZ.L) at 2.77%. This indicates that GCEX.L's price experiences larger fluctuations and is considered to be riskier than MWOZ.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 | MWOZ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 2.77% | +5.58% |
Volatility (6M)Calculated over the trailing 6-month period | 17.24% | 8.05% | +9.19% |
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% | 13.82% | +11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.92% | 13.82% | +15.10% |
GCEX.L vs. MWOZ.L - Expense Ratio Comparison
GCEX.L has a 0.60% expense ratio, which is higher than MWOZ.L's 0.05% expense ratio.
Dividends
GCEX.L vs. MWOZ.L - Dividend Comparison
GCEX.L's dividend yield for the trailing twelve months is around 1.40%, more than MWOZ.L's 1.19% yield.
| 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% |
MWOZ.L Amundi Prime Global UCITS ETF Dist | 1.19% | 1.60% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GCEX.L and MWOZ.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MWOZ.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MWOZ.L is cheaper with a 0.05% expense ratio, compared with 0.60% for GCEX.L.
GCEX.L tracks Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF, while MWOZ.L tracks Solactive GBS Developed Markets Large & Mid Cap Index. They also come from different issuers: Invesco and Amundi. Their fees differ too: 0.60% for GCEX.L and 0.05% for MWOZ.L.
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