GCEX.L vs. SPXP.L
GCEX.L (Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - GCEX.L is a Global Equities fund tracking the Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GCEX.L returned -6.57%/yr vs -54.72%/yr for SPXP.L. A 0.54 correlation means they provide meaningful diversification when combined. GCEX.L charges 0.60%/yr vs 0.05%/yr for SPXP.L.
Performance
GCEX.L vs. SPXP.L - Performance Comparison
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Returns By Period
In the year-to-date period, GCEX.L achieves a 15.08% return, which is significantly higher than SPXP.L's 10.10% 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*
- —
SPXP.L
- 1D
- -0.46%
- 1M
- -0.34%
- 6M
- 9.72%
- YTD
- 10.10%
- 1Y
- -98.79%
- 3Y*
- -74.34%
- 5Y*
- -54.72%
- 10Y*
- -27.50%
GCEX.L vs. SPXP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GCEX.L Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF | 15.08% | 32.21% | -25.34% | -15.45% | -22.40% | -42.73% |
SPXP.L Invesco S&P 500 UCITS ETF | 10.10% | -98.90% | 27.58% | 20.06% | -8.79% | 30.37% |
Correlation
The correlation between GCEX.L and SPXP.L is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 0.54 |
The correlation between GCEX.L and SPXP.L has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.
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Return for Risk
GCEX.L vs. SPXP.L — Risk / Return Rank
GCEX.L
SPXP.L
GCEX.L vs. SPXP.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 S&P 500 UCITS ETF (SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.80 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.49 | +0.82 |
| Calmar ratioReturn relative to maximum drawdown | 2.23 | -1.00 | +3.22 |
| Martin ratioReturn relative to average drawdown | 7.69 | -1.23 | +8.92 |
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Drawdowns
GCEX.L vs. SPXP.L - Drawdown Comparison
The maximum GCEX.L drawdown since its inception was -78.22%, smaller than the maximum SPXP.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for GCEX.L and SPXP.L.
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Drawdown Indicators
| GCEX.L | SPXP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.22% | -99.07% | +20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -18.30% | -99.07% | +80.77% |
Max Drawdown (3Y)Largest decline over 3 years | -52.81% | -99.07% | +46.26% |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | -99.07% | +30.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -57.32% | -98.92% | +41.60% |
Average DrawdownAverage peak-to-trough decline | -57.38% | -8.68% | -48.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 80.35% | -75.04% |
Volatility
GCEX.L vs. SPXP.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 S&P 500 UCITS ETF (SPXP.L) at 2.93%. This indicates that GCEX.L's price experiences larger fluctuations and is considered to be riskier than SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 2.93% | +5.42% |
Volatility (6M)Calculated over the trailing 6-month period | 17.24% | 7.90% | +9.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.58% | 99.31% | -76.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.72% | 46.56% | -20.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.92% | 34.90% | -5.98% |
GCEX.L vs. SPXP.L - Expense Ratio Comparison
GCEX.L has a 0.60% expense ratio, which is higher than SPXP.L's 0.05% expense ratio.
Dividends
GCEX.L vs. SPXP.L - Dividend Comparison
GCEX.L's dividend yield for the trailing twelve months is around 1.40%, while SPXP.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% |
SPXP.L Invesco S&P 500 UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GCEX.L and SPXP.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.60% for GCEX.L.
GCEX.L is categorized as Global Equities, while SPXP.L is S&P 500. GCEX.L tracks Invesco Markets II PLC - Invesco Global Clean Energy UCITS ETF, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.60% for GCEX.L and 0.05% for SPXP.L.
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