GCLX.L vs. GCLE.L

Last updated Jun 13, 2026

GCLX.L (Invesco Global Clean Energy UCITS ETF Acc) and GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds from Invesco - GCLX.L tracks the S&P Global Clean Energy TR USD while GCLE.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 5 years, GCLX.L returned -5.13%/yr vs -5.09%/yr for GCLE.L. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.60% expense ratio.

Performance

GCLX.L vs. GCLE.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with GCLX.L having a 26.51% return and GCLE.L slightly higher at 27.02%.

GCLX.L

• 1D: 2.86%
• 1M: -5.28%
• YTD: 26.51%
• 6M: 26.19%
• 1Y: 69.95%
• 3Y*: 1.83%
• 5Y*: -5.13%
• 10Y*: —

GCLE.L

• 1D: 3.62%
• 1M: -5.01%
• YTD: 27.02%
• 6M: 26.63%
• 1Y: 70.78%
• 3Y*: 1.91%
• 5Y*: -5.09%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
GCLX.L Invesco Global Clean Energy UCITS ETF Acc	26.51%	32.48%	-25.40%	-15.38%	-22.45%	5,624.38%
GCLE.L Invesco Global Clean Energy UCITS ETF Acc	27.02%	31.82%	-25.19%	-15.00%	-22.38%	-20.66%

Correlation

The correlation between GCLX.L and GCLE.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.97

The correlation between GCLX.L and GCLE.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

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

Sectors	GCLX.L	GCLE.L
Industrials	47.5%	47.5%
Utilities	16.1%	16.1%
Energy	13.6%	13.6%
Consumer Cyclical	10.2%	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

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

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

GCLX.L

GCLX.L Risk / Return Rank: 92
GCLX.L Sharpe Ratio Rank: 94
GCLX.L Sortino Ratio Rank: 91
GCLX.L Omega Ratio Rank: 90
GCLX.L Calmar Ratio Rank: 93
GCLX.L Martin Ratio Rank: 92

GCLE.L

GCLE.L Risk / Return Rank: 89
GCLE.L Sharpe Ratio Rank: 92
GCLE.L Sortino Ratio Rank: 87
GCLE.L Omega Ratio Rank: 85
GCLE.L Calmar Ratio Rank: 92
GCLE.L Martin Ratio Rank: 90

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.

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

	GCLX.L	GCLE.L	Difference
Sharpe ratio: Return per unit of total volatility	3.18	3.09	+0.10
Sortino ratio: Return per unit of downside risk	3.85	3.78	+0.07
Omega ratio: Gain probability vs. loss probability	1.51	1.49	+0.02
Calmar ratio: Return relative to maximum drawdown	5.78	5.95	-0.18
Martin ratio: Return relative to average drawdown	19.76	19.85	-0.10

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

The current GCLX.L Sharpe Ratio is 3.18, which is comparable to the GCLE.L Sharpe Ratio of 3.09. The chart below compares the historical Sharpe Ratios of GCLX.L and GCLE.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.

Drawdowns

GCLX.L vs. GCLE.L - Drawdown Comparison

The maximum GCLX.L drawdown since its inception was -69.45%, roughly equal to the maximum GCLE.L drawdown of -69.74%. Use the drawdown chart below to compare losses from any high point for GCLX.L and GCLE.L.

Drawdown Indicators

	GCLX.L	GCLE.L	Difference
Max Drawdown Largest peak-to-trough decline	-69.45%	-69.74%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.04%	-11.83%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-52.84%	-52.79%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-68.40%	-68.47%	+0.07%
Current Drawdown Current decline from peak	-34.10%	-34.43%	+0.33%
Average Drawdown Average peak-to-trough decline	-40.27%	-40.72%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	3.55%	-0.02%

Volatility

GCLX.L vs. GCLE.L - Volatility Comparison

Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) have volatilities of 9.27% and 9.29%, 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

	GCLX.L	GCLE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	9.29%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	16.75%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.87%	22.83%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.88%	26.66%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3,056.38%	27.19%	+3,029.19%

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

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

Dividends

GCLX.L vs. GCLE.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, GCLX.L and GCLE.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, GCLX.L or GCLE.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, GCLX.L or GCLE.L?

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

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

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