GXLE.L vs. RAYG.L

Last updated Jun 5, 2026

GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) and RAYG.L (Global X Solar UCITS ETF USD Accumulating) are both Energy Equities funds - GXLE.L tracks the MSCI World/Energy NR USD while RAYG.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, GXLE.L returned 14.18%/yr vs -4.78%/yr for RAYG.L. At a 0.14 correlation, their price movements are largely independent. GXLE.L charges 0.15%/yr vs 0.50%/yr for RAYG.L.

Performance

GXLE.L vs. RAYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and Global X Solar UCITS ETF USD Accumulating (RAYG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXLE.L achieves a 30.65% return, which is significantly higher than RAYG.L's 21.50% return.

GXLE.L

• 1D: -0.48%
• 1M: -0.13%
• YTD: 30.65%
• 6M: 28.41%
• 1Y: 47.66%
• 3Y*: 14.18%
• 5Y*: —
• 10Y*: —

RAYG.L

• 1D: -2.44%
• 1M: 4.77%
• YTD: 21.50%
• 6M: 25.77%
• 1Y: 84.67%
• 3Y*: -4.78%
• 5Y*: —
• 10Y*: —

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

GXLE.L vs. RAYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF	30.65%	2.22%	5.51%	-5.03%	26.48%
RAYG.L Global X Solar UCITS ETF USD Accumulating	21.50%	30.23%	-27.04%	-36.40%	0.93%

Correlation

The correlation between GXLE.L and RAYG.L is -0.08, 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	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.14

The correlation between GXLE.L and RAYG.L shifts across timeframes, from -0.08 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GXLE.L vs. RAYG.L — Risk / Return Rank

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

GXLE.L

GXLE.L Risk / Return Rank: 56
GXLE.L Sharpe Ratio Rank: 61
GXLE.L Sortino Ratio Rank: 51
GXLE.L Omega Ratio Rank: 59
GXLE.L Calmar Ratio Rank: 58
GXLE.L Martin Ratio Rank: 53

RAYG.L

RAYG.L Risk / Return Rank: 80
RAYG.L Sharpe Ratio Rank: 84
RAYG.L Sortino Ratio Rank: 78
RAYG.L Omega Ratio Rank: 70
RAYG.L Calmar Ratio Rank: 91
RAYG.L Martin Ratio Rank: 77

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.

GXLE.L vs. RAYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) and Global X Solar UCITS ETF USD Accumulating (RAYG.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.

	GXLE.L	RAYG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.69	-0.69
Sortino ratio: Return per unit of downside risk	2.45	3.43	-0.98
Omega ratio: Gain probability vs. loss probability	1.35	1.41	-0.06
Calmar ratio: Return relative to maximum drawdown	2.85	5.82	-2.96
Martin ratio: Return relative to average drawdown	9.07	14.72	-5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GXLE.L vs. RAYG.L - Sharpe Ratio Comparison

The current GXLE.L Sharpe Ratio is 2.00, which is comparable to the RAYG.L Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of GXLE.L and RAYG.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

	GXLE.L	RAYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.69	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.11	+0.64

Drawdowns

GXLE.L vs. RAYG.L - Drawdown Comparison

The maximum GXLE.L drawdown since its inception was -23.60%, smaller than the maximum RAYG.L drawdown of -71.14%. Use the drawdown chart below to compare losses from any high point for GXLE.L and RAYG.L.

Drawdown Indicators

	GXLE.L	RAYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-23.60%	-71.14%	+47.54%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-14.48%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-23.60%	-58.12%	+34.52%
Current Drawdown Current decline from peak	-8.95%	-42.21%	+33.26%
Average Drawdown Average peak-to-trough decline	-10.77%	-42.80%	+32.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.24%	5.73%	-0.49%

Volatility

GXLE.L vs. RAYG.L - Volatility Comparison

SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) has a higher volatility of 9.27% compared to Global X Solar UCITS ETF USD Accumulating (RAYG.L) at 8.58%. This indicates that GXLE.L's price experiences larger fluctuations and is considered to be riskier than RAYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLE.L	RAYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	8.58%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	20.29%	21.55%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	23.82%	31.33%	-7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.52%	32.59%	-7.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.52%	32.59%	-7.07%

GXLE.L vs. RAYG.L - Expense Ratio Comparison

GXLE.L has a 0.15% expense ratio, which is lower than RAYG.L's 0.50% expense ratio.

Dividends

GXLE.L vs. RAYG.L - Dividend Comparison

Neither GXLE.L nor RAYG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GXLE.L and RAYG.L in my portfolio?

GXLE.L and RAYG.L have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GXLE.L or RAYG.L?

On fees, GXLE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GXLE.L or RAYG.L?

GXLE.L is cheaper with a 0.15% expense ratio, compared with 0.50% for RAYG.L.

What is the main difference between GXLE.L and RAYG.L?

GXLE.L tracks MSCI World/Energy NR USD, while RAYG.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: State Street and Global X. Their fees differ too: 0.15% for GXLE.L and 0.50% for RAYG.L.