GCEX.L vs. RAYZ.L
GCEX.L (Invesco Global Clean Energy UCITS ETF USD (Dist)) and RAYZ.L (Global X Solar UCITS ETF USD (Acc)) are both Alternative Energy Equities funds - GCEX.L tracks the WilderHill New Energy Global Innovation Index while RAYZ.L tracks the Solactive Solar v2 Index. Both are passively managed. Over the past 3 years, GCEX.L returned -1.60%/yr vs -13.03%/yr for RAYZ.L. A 0.65 correlation means they provide meaningful diversification when combined. GCEX.L charges 0.60%/yr vs 0.50%/yr for RAYZ.L.
Performance
GCEX.L vs. RAYZ.L - Performance Comparison
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Different Trading Currencies
GCEX.L is traded in GBp, while RAYZ.L is traded in USD. To make them comparable, the RAYZ.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 13.68% return, which is significantly higher than RAYZ.L's -9.24% 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*
- —
RAYZ.L
- 1D
- -1.91%
- 1M
- -20.22%
- 6M
- -15.47%
- YTD
- -9.24%
- 1Y
- 22.46%
- 3Y*
- -13.03%
- 5Y*
- —
- 10Y*
- —
GCEX.L vs. RAYZ.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist) | 13.68% | 32.21% | -25.34% | -15.45% | -2.90% |
RAYZ.L Global X Solar UCITS ETF USD (Acc) | -9.24% | 29.98% | -26.90% | -36.02% | 16.55% |
Correlation
The correlation between GCEX.L and RAYZ.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.65 |
The correlation between GCEX.L and RAYZ.L has been stable across timeframes, ranging from 0.65 to 0.68 - a consistent structural relationship.
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Return for Risk
GCEX.L vs. RAYZ.L — Risk / Return Rank
GCEX.L
RAYZ.L
GCEX.L vs. RAYZ.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 Global X Solar UCITS ETF USD (Acc) (RAYZ.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 | RAYZ.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.14 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 0.78 | +1.49 |
| Martin ratioReturn relative to average drawdown | 7.65 | 2.67 | +4.98 |
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Drawdowns
GCEX.L vs. RAYZ.L - Drawdown Comparison
The maximum GCEX.L drawdown since its inception was -78.22%, which is greater than RAYZ.L's maximum drawdown of -71.28%. Use the drawdown chart below to compare losses from any high point for GCEX.L and RAYZ.L.
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Drawdown Indicators
| GCEX.L | RAYZ.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.22% | -71.28% | -6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -30.08% | +11.78% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | -56.41% | +3.60% |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | — | — |
Current DrawdownCurrent decline from peak | -57.84% | -57.03% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -57.38% | -43.14% | -14.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.43% | 8.79% | -3.36% |
Volatility
GCEX.L vs. RAYZ.L - Volatility Comparison
The current volatility for Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) is 8.34%, while Global X Solar UCITS ETF USD (Acc) (RAYZ.L) has a volatility of 11.03%. This indicates that GCEX.L experiences smaller price fluctuations and is considered to be less risky than RAYZ.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 | RAYZ.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.34% | 11.03% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 17.26% | 24.43% | -7.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.60% | 33.16% | -10.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.72% | 32.99% | -7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.91% | 32.99% | -4.08% |
GCEX.L vs. RAYZ.L - Expense Ratio Comparison
GCEX.L has a 0.60% expense ratio, which is higher than RAYZ.L's 0.50% expense ratio.
Dividends
GCEX.L vs. RAYZ.L - Dividend Comparison
GCEX.L's dividend yield for the trailing twelve months is around 1.41%, while RAYZ.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% |
RAYZ.L Global X Solar UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GCEX.L and RAYZ.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RAYZ.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RAYZ.L is cheaper with a 0.50% expense ratio, compared with 0.60% for GCEX.L.
GCEX.L tracks WilderHill New Energy Global Innovation Index, while RAYZ.L tracks Solactive Solar v2 Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.60% for GCEX.L and 0.50% for RAYZ.L.
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