GCLE.L vs. GCLX.L

Last updated Jun 4, 2026

GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) and GCLX.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds from Invesco - GCLE.L tracks the WilderHill New Energy Global Innovation Index while GCLX.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 5 years, GCLE.L returned -4.38%/yr vs -4.39%/yr for GCLX.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.60% expense ratio.

Performance

GCLE.L vs. GCLX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GCLE.L is traded in USD, while GCLX.L is traded in GBp. To make them comparable, the GCLX.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with GCLE.L having a 37.25% return and GCLX.L slightly lower at 36.97%.

GCLE.L

• 1D: -0.76%
• 1M: 5.86%
• YTD: 37.25%
• 6M: 40.22%
• 1Y: 90.76%
• 3Y*: 8.37%
• 5Y*: -4.38%
• 10Y*: —

GCLX.L

• 1D: -0.81%
• 1M: 5.73%
• YTD: 36.97%
• 6M: 39.86%
• 1Y: 90.55%
• 3Y*: 8.38%
• 5Y*: -4.39%
• 10Y*: —

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

GCLE.L vs. GCLX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GCLE.L Invesco Global Clean Energy UCITS ETF Acc	37.25%	41.98%	-26.51%	-10.51%	-30.63%	-22.82%
GCLX.L Invesco Global Clean Energy UCITS ETF Acc	36.97%	42.47%	-26.64%	-10.91%	-30.74%	-22.09%

Correlation

The correlation between GCLE.L and GCLX.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.98

The correlation between GCLE.L and GCLX.L has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

GCLE.L vs. GCLX.L - Sectors Allocation Comparison

Sectors	GCLE.L	GCLX.L
Industrials	48.1%	47.5%
Utilities	16.2%	16.1%
Energy	13.0%	13.6%
Consumer Cyclical	10.0%	10.2%
Technology	6.8%	6.8%
Basic Materials	3.4%	3.4%
Consumer Defensive	0.9%	0.9%
Financial Services	0.9%	0.9%
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

GCLE.L vs. GCLX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GCLE.L

GCLE.L Risk / Return Rank: 94
GCLE.L Sharpe Ratio Rank: 95
GCLE.L Sortino Ratio Rank: 93
GCLE.L Omega Ratio Rank: 91
GCLE.L Calmar Ratio Rank: 95
GCLE.L Martin Ratio Rank: 94

GCLX.L

GCLX.L Risk / Return Rank: 95
GCLX.L Sharpe Ratio Rank: 96
GCLX.L Sortino Ratio Rank: 95
GCLX.L Omega Ratio Rank: 94
GCLX.L Calmar Ratio Rank: 95
GCLX.L Martin Ratio Rank: 94

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.

GCLE.L vs. GCLX.L - 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 Invesco Global Clean Energy UCITS ETF Acc (GCLX.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.

	GCLE.L	GCLX.L	Difference
Sharpe ratio: Return per unit of total volatility	3.93	4.02	-0.09
Sortino ratio: Return per unit of downside risk	4.64	4.69	-0.05
Omega ratio: Gain probability vs. loss probability	1.61	1.62	-0.01
Calmar ratio: Return relative to maximum drawdown	7.97	8.14	-0.17
Martin ratio: Return relative to average drawdown	26.97	26.99	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GCLE.L vs. GCLX.L - Sharpe Ratio Comparison

The current GCLE.L Sharpe Ratio is 3.93, which is comparable to the GCLX.L Sharpe Ratio of 4.02. The chart below compares the historical Sharpe Ratios of GCLE.L and GCLX.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.

Sharpe Ratios by Period

	GCLE.L	GCLX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	4.02	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	-0.16	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	-0.24	0.00

Drawdowns

GCLE.L vs. GCLX.L - Drawdown Comparison

The maximum GCLE.L drawdown since its inception was -72.13%, roughly equal to the maximum GCLX.L drawdown of -71.94%. Use the drawdown chart below to compare losses from any high point for GCLE.L and GCLX.L.

Drawdown Indicators

	GCLE.L	GCLX.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.13%	-71.94%	-0.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-11.06%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-53.23%	-53.30%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-69.88%	-69.81%	-0.07%
Current Drawdown Current decline from peak	-31.38%	-31.18%	-0.20%
Average Drawdown Average peak-to-trough decline	-44.87%	-44.61%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	3.34%	+0.01%

Volatility

GCLE.L vs. GCLX.L - Volatility Comparison

Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) have volatilities of 9.39% and 9.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCLE.L	GCLX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	9.20%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	15.80%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	22.99%	22.44%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.50%	28.03%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.04%	28.56%	+0.48%

GCLE.L vs. GCLX.L - Expense Ratio Comparison

Both GCLE.L and GCLX.L have an expense ratio of 0.60%.

Dividends

GCLE.L vs. GCLX.L - Dividend Comparison

Neither GCLE.L nor GCLX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GCLE.L and GCLX.L in my portfolio?

With a correlation of 0.97, GCLE.L and GCLX.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, GCLE.L or GCLX.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, GCLE.L or GCLX.L?

GCLE.L and GCLX.L have the same expense ratio: 0.60% per year.

What is the main difference between GCLE.L and GCLX.L?

GCLE.L tracks WilderHill New Energy Global Innovation Index, while GCLX.L tracks S&P Global Clean Energy TR USD.