GCLX.L vs. ENGW.L
GCLX.L (Invesco Global Clean Energy UCITS ETF Acc) and ENGW.L (SPDR MSCI World Energy UCITS ETF) are both Energy Equities funds - GCLX.L tracks the S&P Global Clean Energy TR USD while ENGW.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 3 years, GCLX.L returned 5.24%/yr vs 15.70%/yr for ENGW.L. At a 0.24 correlation, their price movements are largely independent. GCLX.L charges 0.60%/yr vs 0.30%/yr for ENGW.L.
Performance
GCLX.L vs. ENGW.L - Performance Comparison
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Different Trading Currencies
GCLX.L is traded in GBp, while ENGW.L is traded in GBP. To make them comparable, the ENGW.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GCLX.L achieves a 36.06% return, which is significantly higher than ENGW.L's 30.79% return.
GCLX.L
- 1D
- -0.90%
- 1M
- 3.33%
- YTD
- 36.06%
- 6M
- 36.43%
- 1Y
- 88.67%
- 3Y*
- 5.24%
- 5Y*
- -3.55%
- 10Y*
- —
ENGW.L
- 1D
- -0.52%
- 1M
- -0.82%
- YTD
- 30.79%
- 6M
- 28.06%
- 1Y
- 48.84%
- 3Y*
- 15.70%
- 5Y*
- —
- 10Y*
- —
GCLX.L vs. ENGW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCLX.L Invesco Global Clean Energy UCITS ETF Acc | 36.06% | 32.48% | -25.40% | -15.38% | -20.53% |
ENGW.L SPDR MSCI World Energy UCITS ETF | 30.79% | 7.20% | 3.55% | -2.06% | 20.65% |
Correlation
The correlation between GCLX.L and ENGW.L is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.24 |
The correlation between GCLX.L and ENGW.L shifts across timeframes, from -0.06 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GCLX.L vs. ENGW.L — Risk / Return Rank
GCLX.L
ENGW.L
GCLX.L vs. ENGW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) and SPDR MSCI World Energy UCITS ETF (ENGW.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.
| GCLX.L | ENGW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.91 | ||
| Sortino ratioReturn per unit of downside risk | +2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.41 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 8.26 | 3.34 | +4.92 |
| Martin ratioReturn relative to average drawdown | 27.52 | 11.05 | +16.48 |
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
| GCLX.L | ENGW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.21 | 2.30 | +1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.24 | 0.61 | -0.85 |
Drawdowns
GCLX.L vs. ENGW.L - Drawdown Comparison
The maximum GCLX.L drawdown since its inception was -69.45%, which is greater than ENGW.L's maximum drawdown of -21.65%. Use the drawdown chart below to compare losses from any high point for GCLX.L and ENGW.L.
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Drawdown Indicators
| GCLX.L | ENGW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.45% | -21.65% | -47.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.67% | -14.56% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -52.84% | -21.40% | -31.44% |
Max Drawdown (5Y)Largest decline over 5 years | -68.40% | — | — |
Current DrawdownCurrent decline from peak | -29.12% | -7.57% | -21.55% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -8.76% | -31.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 4.41% | -1.20% |
Volatility
GCLX.L vs. ENGW.L - Volatility Comparison
Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) has a higher volatility of 8.47% compared to SPDR MSCI World Energy UCITS ETF (ENGW.L) at 8.05%. This indicates that GCLX.L's price experiences larger fluctuations and is considered to be riskier than ENGW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCLX.L | ENGW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.47% | 8.05% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.49% | 18.04% | -3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.98% | 21.21% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.59% | 22.79% | +2.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.20% | 22.79% | +3.41% |
GCLX.L vs. ENGW.L - Expense Ratio Comparison
GCLX.L has a 0.60% expense ratio, which is higher than ENGW.L's 0.30% expense ratio.
Dividends
GCLX.L vs. ENGW.L - Dividend Comparison
Neither GCLX.L nor ENGW.L has paid dividends to shareholders.
Frequently Asked Questions
GCLX.L and ENGW.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ENGW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ENGW.L is cheaper with a 0.30% expense ratio, compared with 0.60% for GCLX.L.
GCLX.L tracks S&P Global Clean Energy TR USD, while ENGW.L tracks MSCI World/Energy NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for GCLX.L and 0.30% for ENGW.L.
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