GCLE.L vs. ISUN.L

Last updated Jun 4, 2026

GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) and ISUN.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds from Invesco - GCLE.L tracks the WilderHill New Energy Global Innovation Index while ISUN.L tracks the MAC Global Solar Energy Index. Both are passively managed. Over the past 3 years, GCLE.L returned 8.37%/yr vs 0.12%/yr for ISUN.L. A 0.70 correlation means they provide meaningful diversification when combined. GCLE.L charges 0.60%/yr vs 0.69%/yr for ISUN.L.

Performance

GCLE.L vs. ISUN.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 Solar Energy UCITS ETF Acc (ISUN.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCLE.L achieves a 37.25% return, which is significantly lower than ISUN.L's 43.41% 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*: —

ISUN.L

• 1D: -1.22%
• 1M: 20.31%
• YTD: 43.41%
• 6M: 50.40%
• 1Y: 115.27%
• 3Y*: 0.12%
• 5Y*: —
• 10Y*: —

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

GCLE.L vs. ISUN.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%	-8.54%
ISUN.L Invesco Solar Energy UCITS ETF Acc	43.41%	45.70%	-36.88%	-26.04%	-7.51%	-7.86%

Correlation

The correlation between GCLE.L and ISUN.L is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021	0.70

The correlation between GCLE.L and ISUN.L has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

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

Sectors	GCLE.L	ISUN.L
Industrials	48.1%	2.8%
Utilities	16.2%	30.6%
Energy	13.0%	51.5%
Consumer Cyclical	10.0%	-
Technology	6.8%	62.0%
Basic Materials	3.4%	-
Consumer Defensive	0.9%	-
Financial Services	0.9%	4.5%
Communication Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

GCLE.L vs. ISUN.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

ISUN.L

ISUN.L Risk / Return Rank: 89
ISUN.L Sharpe Ratio Rank: 92
ISUN.L Sortino Ratio Rank: 87
ISUN.L Omega Ratio Rank: 80
ISUN.L Calmar Ratio Rank: 96
ISUN.L Martin Ratio Rank: 92

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. ISUN.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 Solar Energy UCITS ETF Acc (ISUN.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	ISUN.L	Difference
Sharpe ratio: Return per unit of total volatility	3.93	3.33	+0.60
Sortino ratio: Return per unit of downside risk	4.64	3.90	+0.74
Omega ratio: Gain probability vs. loss probability	1.61	1.47	+0.14
Calmar ratio: Return relative to maximum drawdown	7.97	9.07	-1.10
Martin ratio: Return relative to average drawdown	26.97	22.44	+4.52
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. ISUN.L - Sharpe Ratio Comparison

The current GCLE.L Sharpe Ratio is 3.93, which is comparable to the ISUN.L Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of GCLE.L and ISUN.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	ISUN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	3.33	+0.60
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	-0.11	-0.13

Drawdowns

GCLE.L vs. ISUN.L - Drawdown Comparison

The maximum GCLE.L drawdown since its inception was -72.13%, roughly equal to the maximum ISUN.L drawdown of -74.01%. Use the drawdown chart below to compare losses from any high point for GCLE.L and ISUN.L.

Drawdown Indicators

	GCLE.L	ISUN.L	Difference
Max Drawdown Largest peak-to-trough decline	-72.13%	-74.01%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-12.64%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-53.23%	-64.50%	+11.27%
Max Drawdown (5Y) Largest decline over 5 years	-69.88%	—	—
Current Drawdown Current decline from peak	-31.38%	-29.06%	-2.32%
Average Drawdown Average peak-to-trough decline	-44.87%	-44.64%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	5.12%	-1.77%

Volatility

GCLE.L vs. ISUN.L - Volatility Comparison

The current volatility for Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) is 9.39%, while Invesco Solar Energy UCITS ETF Acc (ISUN.L) has a volatility of 12.83%. This indicates that GCLE.L experiences smaller price fluctuations and is considered to be less risky than ISUN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCLE.L	ISUN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	12.83%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	23.63%	-7.36%
Volatility (1Y) Calculated over the trailing 1-year period	22.99%	34.49%	-11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.50%	42.46%	-13.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.04%	42.46%	-13.42%

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

GCLE.L has a 0.60% expense ratio, which is lower than ISUN.L's 0.69% expense ratio.

Dividends

GCLE.L vs. ISUN.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

GCLE.L and ISUN.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, GCLE.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GCLE.L or ISUN.L?

GCLE.L is cheaper with a 0.60% expense ratio, compared with 0.69% for ISUN.L.

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

GCLE.L tracks WilderHill New Energy Global Innovation Index, while ISUN.L tracks MAC Global Solar Energy Index. Their fees differ too: 0.60% for GCLE.L and 0.69% for ISUN.L.