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INRG.L vs. ENGY.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INRG.L vs. ENGY.L

Last updated Jul 16, 2026
Documentation

INRG.L (iShares Global Clean Energy UCITS ETF USD (Dist)) and ENGY.L (SPDR® MSCI Europe Energy UCITS ETF) are both Energy Equities funds - INRG.L tracks the S&P Global Clean Energy TR USD while ENGY.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, INRG.L returned 9.03%/yr vs 9.89%/yr for ENGY.L. At a 0.31 correlation, their price movements are largely independent. INRG.L charges 0.65%/yr vs 0.18%/yr for ENGY.L.

Performance

INRG.L vs. ENGY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L) and SPDR® MSCI Europe Energy UCITS ETF (ENGY.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

INRG.L is traded in GBp, while ENGY.L is traded in EUR. To make them comparable, the ENGY.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, INRG.L achieves a 15.75% return, which is significantly lower than ENGY.L's 26.40% return. Over the past 10 years, INRG.L has underperformed ENGY.L with an annualized return of 9.03%, while ENGY.L has yielded a comparatively higher 9.89% annualized return.

INRG.L

1D
-1.25%
1M
-9.74%
6M
8.52%
YTD
15.75%
1Y
40.76%
3Y*
0.76%
5Y*
-1.75%
10Y*
9.03%

ENGY.L

1D
-0.89%
1M
0.19%
6M
23.38%
YTD
26.40%
1Y
37.62%
3Y*
15.88%
5Y*
20.07%
10Y*
9.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INRG.L vs. ENGY.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INRG.L
iShares Global Clean Energy UCITS ETF USD (Dist)		15.75%34.16%-24.63%-23.98%5.40%-23.91%134.72%38.52%-3.45%9.49%
ENGY.L
SPDR® MSCI Europe Energy UCITS ETF		26.40%20.09%-9.05%5.80%46.02%27.72%-27.49%2.88%1.25%9.76%

Correlation

The correlation between INRG.L and ENGY.L is -0.05, 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

-0.05

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.18

Correlation (10Y)
Calculated over the trailing 10-year period

0.27

Correlation (All Time)
Calculated using the full available price history since Dec 12, 2014

0.31

The correlation between INRG.L and ENGY.L shifts across timeframes, from -0.05 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

INRG.L vs. ENGY.L - Sectors Allocation Comparison

Sectors
INRG.L
ENGY.L

Utilities

36.5%
0.0%

Energy

30.2%
98.4%

Industrials

23.7%
0.2%

Technology

7.0%
0.1%

Basic Materials

1.4%
0.1%

Consumer Cyclical

0.2%
0.1%

Financial Services

0.1%
0.2%

Communication Services

-

0.8%

Consumer Defensive

-

0.1%

Healthcare

-

0.1%

Real Estate

-

0.0%

Utilities

INRG.L
36.5%
ENGY.L
0.0%

Energy

INRG.L
30.2%
ENGY.L
98.4%

Industrials

INRG.L
23.7%
ENGY.L
0.2%

Technology

INRG.L
7.0%
ENGY.L
0.1%

Basic Materials

INRG.L
1.4%
ENGY.L
0.1%

Consumer Cyclical

INRG.L
0.2%
ENGY.L
0.1%

Financial Services

INRG.L
0.1%
ENGY.L
0.2%

Communication Services

INRG.L

-

ENGY.L
0.8%

Consumer Defensive

INRG.L

-

ENGY.L
0.1%

Healthcare

INRG.L

-

ENGY.L
0.1%

Real Estate

INRG.L

-

ENGY.L
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Clean Energy UCITS ETF USD (Dist)

SPDR® MSCI Europe Energy UCITS ETF

Often compared with INRG.L:
INRG.L vs. ICLNINRG.L vs. TANINRG.L vs. RENW.DEINRG.L vs. V3AB.LINRG.L vs. RENG.LINRG.L vs. ACESINRG.L vs. WDNR.DE
Often compared with ENGY.L:
ENGY.L vs. ENGW.LENGY.L vs. IXCENGY.L vs. SWRD.LENGY.L vs. VTENGY.L vs. VAGP.LENGY.L vs. CSKR.LENGY.L vs. SMH

Return for Risk

INRG.L vs. ENGY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INRG.L
INRG.L Risk / Return Rank: 5151
Overall Rank
INRG.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
INRG.L Sortino Ratio Rank: 5353
Sortino Ratio Rank
INRG.L Omega Ratio Rank: 4848
Omega Ratio Rank
INRG.L Calmar Ratio Rank: 5050
Calmar Ratio Rank
INRG.L Martin Ratio Rank: 4848
Martin Ratio Rank
ENGY.L
ENGY.L Risk / Return Rank: 5858
Overall Rank
ENGY.L Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
ENGY.L Sortino Ratio Rank: 5656
Sortino Ratio Rank
ENGY.L Omega Ratio Rank: 6363
Omega Ratio Rank
ENGY.L Calmar Ratio Rank: 5555
Calmar Ratio Rank
ENGY.L Martin Ratio Rank: 5252
Martin Ratio Rank
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.

INRG.L vs. ENGY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L) and SPDR® MSCI Europe Energy UCITS ETF (ENGY.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.

INRG.LENGY.LDifference
Sharpe ratioReturn per unit of total volatility
1.52
1.62

-0.10

Sortino ratioReturn per unit of downside risk
2.11
2.07

+0.05

Omega ratioGain probability vs. loss probability

1.25

1.29

-0.04

Calmar ratioReturn relative to maximum drawdown

2.08

1.93

+0.14

Martin ratioReturn relative to average drawdown

6.53

5.98

+0.55

INRG.L vs. ENGY.L - Sharpe Ratio Comparison

The current INRG.L Sharpe Ratio is 1.52, which is comparable to the ENGY.L Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of INRG.L and ENGY.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.

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Drawdowns

INRG.L vs. ENGY.L - Drawdown Comparison

The maximum INRG.L drawdown since its inception was -92.06%, which is greater than ENGY.L's maximum drawdown of -56.13%. Use the drawdown chart below to compare losses from any high point for INRG.L and ENGY.L.

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Drawdown Indicators

INRG.LENGY.LDifference

Max Drawdown

Largest peak-to-trough decline

-92.06%

-56.13%

-35.93%

Max Drawdown (1Y)

Largest decline over 1 year

-19.54%

-19.35%

-0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-43.59%

-26.58%

-17.01%

Max Drawdown (5Y)

Largest decline over 5 years

-57.62%

-26.58%

-31.04%

Max Drawdown (10Y)

Largest decline over 10 years

-65.78%

-56.13%

-9.65%

Current Drawdown

Current decline from peak

-64.70%

-12.32%

-52.38%

Average Drawdown

Average peak-to-trough decline

-74.72%

-12.24%

-62.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.22%

6.27%

-0.05%

Volatility

INRG.L vs. ENGY.L - Volatility Comparison

iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L) has a higher volatility of 10.66% compared to SPDR® MSCI Europe Energy UCITS ETF (ENGY.L) at 7.35%. This indicates that INRG.L's price experiences larger fluctuations and is considered to be riskier than ENGY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INRG.LENGY.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.66%

7.35%

+3.31%

Volatility (6M)

Calculated over the trailing 6-month period

21.22%

20.13%

+1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

26.80%

23.15%

+3.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.30%

23.60%

+1.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.57%

25.69%

-0.12%

INRG.L vs. ENGY.L - Expense Ratio Comparison

INRG.L has a 0.65% expense ratio, which is higher than ENGY.L's 0.18% expense ratio.

Dividends

INRG.L vs. ENGY.L - Dividend Comparison

INRG.L's dividend yield for the trailing twelve months is around 0.99%, while ENGY.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
ENGY.L
SPDR® MSCI Europe Energy UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
INRG.L
iShares Global Clean Energy UCITS ETF USD (Dist)		0.99%1.34%1.24%0.80%0.51%0.74%0.48%1.60%2.81%2.83%2.73%2.55%

Frequently Asked Questions

INRG.L and ENGY.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ENGY.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ENGY.L is cheaper with a 0.18% expense ratio, compared with 0.65% for INRG.L.

INRG.L tracks S&P Global Clean Energy TR USD, while ENGY.L tracks MSCI World/Energy NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.65% for INRG.L and 0.18% for ENGY.L.

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