GCLE.L vs. ERNX.DE
GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) and ERNX.DE (iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating) are both exchange-traded funds - GCLE.L is a Energy Equities fund tracking the WilderHill New Energy Global Innovation Index, while ERNX.DE is a Ultrashort Bond fund tracking the Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. Both are passively managed. Over the past 3 years, GCLE.L returned 8.37%/yr vs 6.13%/yr for ERNX.DE. At a 0.32 correlation, their price movements are largely independent. GCLE.L charges 0.60%/yr vs 0.09%/yr for ERNX.DE.
Performance
GCLE.L vs. ERNX.DE - Performance Comparison
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Different Trading Currencies
GCLE.L is traded in USD, while ERNX.DE is traded in EUR. To make them comparable, the ERNX.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GCLE.L achieves a 37.25% return, which is significantly higher than ERNX.DE's -0.39% return.
GCLE.L
- 1D
- -0.76%
- 1M
- 5.86%
- YTD
- 37.25%
- 6M
- 40.22%
- 1Y
- 90.76%
- 3Y*
- 8.37%
- 5Y*
- -4.38%
- 10Y*
- —
ERNX.DE
- 1D
- -0.30%
- 1M
- -0.54%
- YTD
- -0.39%
- 6M
- 0.46%
- 1Y
- 4.27%
- 3Y*
- 6.13%
- 5Y*
- —
- 10Y*
- —
GCLE.L vs. ERNX.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCLE.L Invesco Global Clean Energy UCITS ETF Acc | 37.25% | 41.98% | -26.51% | -10.51% | -14.23% |
ERNX.DE iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating | -0.39% | 15.93% | -1.91% | 6.61% | 1.61% |
Correlation
The correlation between GCLE.L and ERNX.DE is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 2, 2022 | 0.32 |
The correlation between GCLE.L and ERNX.DE shifts across timeframes, from 0.21 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GCLE.L vs. ERNX.DE — Risk / Return Rank
GCLE.L
ERNX.DE
GCLE.L vs. ERNX.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) and iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE). 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.
| GCLE.L | ERNX.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.27 | ||
| Sortino ratioReturn per unit of downside risk | +3.62 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.12 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 7.97 | 0.86 | +7.11 |
| Martin ratioReturn relative to average drawdown | 26.97 | 2.20 | +24.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GCLE.L | ERNX.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.93 | 0.67 | +3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.24 | 0.64 | -0.88 |
Drawdowns
GCLE.L vs. ERNX.DE - Drawdown Comparison
The maximum GCLE.L drawdown since its inception was -72.13%, which is greater than ERNX.DE's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for GCLE.L and ERNX.DE.
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Drawdown Indicators
| GCLE.L | ERNX.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.13% | -11.37% | -60.76% |
Max Drawdown (1Y)Largest decline over 1 year | -11.33% | -4.95% | -6.38% |
Max Drawdown (3Y)Largest decline over 3 years | -53.23% | -7.49% | -45.74% |
Max Drawdown (5Y)Largest decline over 5 years | -69.88% | — | — |
Current DrawdownCurrent decline from peak | -31.38% | -2.96% | -28.42% |
Average DrawdownAverage peak-to-trough decline | -44.87% | -2.50% | -42.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.35% | 1.94% | +1.41% |
Volatility
GCLE.L vs. ERNX.DE - Volatility Comparison
Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) has a higher volatility of 9.39% compared to iShares Euro Ultrashort Bond UCITS ETF EUR Accumulating (ERNX.DE) at 1.32%. This indicates that GCLE.L's price experiences larger fluctuations and is considered to be riskier than ERNX.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCLE.L | ERNX.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.39% | 1.32% | +8.07% |
Volatility (6M)Calculated over the trailing 6-month period | 16.27% | 4.37% | +11.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.99% | 6.42% | +16.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.50% | 7.90% | +20.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.04% | 7.90% | +21.14% |
GCLE.L vs. ERNX.DE - Expense Ratio Comparison
GCLE.L has a 0.60% expense ratio, which is higher than ERNX.DE's 0.09% expense ratio.
Dividends
GCLE.L vs. ERNX.DE - Dividend Comparison
Neither GCLE.L nor ERNX.DE has paid dividends to shareholders.
Frequently Asked Questions
GCLE.L and ERNX.DE have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ERNX.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ERNX.DE is cheaper with a 0.09% expense ratio, compared with 0.60% for GCLE.L.
GCLE.L is categorized as Energy Equities, while ERNX.DE is Ultrashort Bond. GCLE.L tracks WilderHill New Energy Global Innovation Index, while ERNX.DE tracks Markit iBoxx EUR Liquid Investment Grade Ultrashort Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.60% for GCLE.L and 0.09% for ERNX.DE.
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