GCEX.L vs. QCLU.L

Last updated Jul 18, 2026

GCEX.L (Invesco Global Clean Energy UCITS ETF USD (Dist)) and QCLU.L (First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc)) are both Alternative Energy Equities funds - GCEX.L tracks the WilderHill New Energy Global Innovation Index while QCLU.L tracks the Nasdaq Clean Edge Green Energy Exclusions Index. Both are passively managed. Over the past 5 years, GCEX.L returned -7.05%/yr vs -3.39%/yr for QCLU.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.60% expense ratio.

Performance

GCEX.L vs. QCLU.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) and First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCEX.L is traded in GBp, while QCLU.L is traded in USD. To make them comparable, the QCLU.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 12.15% return, which is significantly lower than QCLU.L's 15.34% return.

GCEX.L

• 1D: -1.35%
• 1M: -11.57%
• 6M: 3.71%
• YTD: 12.15%
• 1Y: 35.81%
• 3Y*: -2.66%
• 5Y*: -7.05%
• 10Y*: —

QCLU.L

• 1D: -2.44%
• 1M: -18.62%
• 6M: 3.65%
• YTD: 15.34%
• 1Y: 46.53%
• 3Y*: -4.02%
• 5Y*: -3.39%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist)	12.15%	32.21%	-25.34%	-15.45%	-22.40%	-42.73%
QCLU.L First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc)	15.34%	19.63%	-17.92%	-12.19%	-23.26%	-4.27%

Correlation

The correlation between GCEX.L and QCLU.L is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.87

The correlation between GCEX.L and QCLU.L has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

Return for Risk

GCEX.L vs. QCLU.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: 56
GCEX.L Sharpe Ratio Rank: 65
GCEX.L Sortino Ratio Rank: 58
GCEX.L Omega Ratio Rank: 60
GCEX.L Calmar Ratio Rank: 48
GCEX.L Martin Ratio Rank: 51

QCLU.L

QCLU.L Risk / Return Rank: 45
QCLU.L Sharpe Ratio Rank: 44
QCLU.L Sortino Ratio Rank: 45
QCLU.L Omega Ratio Rank: 39
QCLU.L Calmar Ratio Rank: 49
QCLU.L Martin Ratio Rank: 51

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. QCLU.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 First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.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	QCLU.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.19	+0.40
Sortino ratio: Return per unit of downside risk	2.11	1.76	+0.36
Omega ratio: Gain probability vs. loss probability	1.28	1.20	+0.07
Calmar ratio: Return relative to maximum drawdown	1.84	1.84	0.00
Martin ratio: Return relative to average drawdown	6.42	6.66	-0.24

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

The current GCEX.L Sharpe Ratio is 1.59, which is higher than the QCLU.L Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GCEX.L and QCLU.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. QCLU.L - Drawdown Comparison

The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than QCLU.L's maximum drawdown of -69.79%. Use the drawdown chart below to compare losses from any high point for GCEX.L and QCLU.L.

Drawdown Indicators

	GCEX.L	QCLU.L	Difference
Max Drawdown Largest peak-to-trough decline	-78.22%	-69.79%	-8.43%
Max Drawdown (1Y) Largest decline over 1 year	-19.32%	-25.12%	+5.80%
Max Drawdown (3Y) Largest decline over 3 years	-52.81%	-56.49%	+3.68%
Max Drawdown (5Y) Largest decline over 5 years	-68.40%	-68.66%	+0.26%
Current Drawdown Current decline from peak	-58.41%	-39.57%	-18.84%
Average Drawdown Average peak-to-trough decline	-57.38%	-27.01%	-30.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	6.97%	-1.41%

Volatility

GCEX.L vs. QCLU.L - Volatility Comparison

The current volatility for Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) is 8.34%, while First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.L) has a volatility of 16.25%. This indicates that GCEX.L experiences smaller price fluctuations and is considered to be less risky than QCLU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCEX.L	QCLU.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.34%	16.25%	-7.91%
Volatility (6M) Calculated over the trailing 6-month period	17.32%	30.96%	-13.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.57%	39.20%	-16.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.72%	37.60%	-11.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.91%	33.26%	-4.35%

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

Both GCEX.L and QCLU.L have an expense ratio of 0.60%.

Dividends

GCEX.L vs. QCLU.L - Dividend Comparison

GCEX.L's dividend yield for the trailing twelve months is around 1.43%, while QCLU.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist)	1.43%	2.07%	1.38%	0.69%	0.09%	0.19%
QCLU.L First Trust Nasdaq Clean Edge Green Energy 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 QCLU.L in my portfolio?

GCEX.L and QCLU.L have a correlation of 0.86, 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 QCLU.L?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

GCEX.L and QCLU.L have the same expense ratio: 0.60% per year.

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

GCEX.L tracks WilderHill New Energy Global Innovation Index, while QCLU.L tracks Nasdaq Clean Edge Green Energy Exclusions Index. They also come from different issuers: Invesco and First Trust.