ISUN.L vs. RAYG.L

Last updated Jun 5, 2026

ISUN.L (Invesco Solar Energy UCITS ETF Acc) and RAYG.L (Global X Solar UCITS ETF USD Accumulating) are both Energy Equities funds - ISUN.L tracks the MAC Global Solar Energy Index while RAYG.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, ISUN.L returned -1.20%/yr vs -2.33%/yr for RAYG.L. A 0.69 correlation means they provide meaningful diversification when combined. ISUN.L charges 0.69%/yr vs 0.50%/yr for RAYG.L.

Performance

ISUN.L vs. RAYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Solar Energy UCITS ETF Acc (ISUN.L) and Global X Solar UCITS ETF USD Accumulating (RAYG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISUN.L is traded in USD, while RAYG.L is traded in GBP. To make them comparable, the RAYG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ISUN.L achieves a 39.92% return, which is significantly higher than RAYG.L's 21.20% return.

ISUN.L

• 1D: -2.43%
• 1M: 14.82%
• YTD: 39.92%
• 6M: 44.99%
• 1Y: 106.55%
• 3Y*: -1.20%
• 5Y*: —
• 10Y*: —

RAYG.L

• 1D: -2.39%
• 1M: 3.88%
• YTD: 21.20%
• 6M: 26.70%
• 1Y: 82.91%
• 3Y*: -2.33%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
ISUN.L Invesco Solar Energy UCITS ETF Acc	39.92%	45.70%	-36.88%	-26.04%	11.19%
RAYG.L Global X Solar UCITS ETF USD Accumulating	21.20%	40.06%	-28.26%	-33.04%	3.01%

Correlation

The correlation between ISUN.L and RAYG.L is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.69

The correlation between ISUN.L and RAYG.L has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

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

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

ISUN.L

ISUN.L Risk / Return Rank: 87
ISUN.L Sharpe Ratio Rank: 91
ISUN.L Sortino Ratio Rank: 84
ISUN.L Omega Ratio Rank: 76
ISUN.L Calmar Ratio Rank: 95
ISUN.L Martin Ratio Rank: 90

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Solar Energy UCITS ETF Acc (ISUN.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.

	ISUN.L	RAYG.L	Difference
Sharpe ratio: Return per unit of total volatility	3.08	2.53	+0.54
Sortino ratio: Return per unit of downside risk	3.68	3.23	+0.45
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	8.38	5.59	+2.79
Martin ratio: Return relative to average drawdown	20.69	15.28	+5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ISUN.L Sharpe Ratio is 3.08, which is comparable to the RAYG.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ISUN.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

	ISUN.L	RAYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.08	2.53	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	-0.12	-0.01

Drawdowns

ISUN.L vs. RAYG.L - Drawdown Comparison

The maximum ISUN.L drawdown since its inception was -74.01%, which is greater than RAYG.L's maximum drawdown of -68.99%. Use the drawdown chart below to compare losses from any high point for ISUN.L and RAYG.L.

Drawdown Indicators

	ISUN.L	RAYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-74.01%	-68.99%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-14.76%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-64.50%	-57.77%	-6.73%
Current Drawdown Current decline from peak	-30.78%	-34.96%	+4.18%
Average Drawdown Average peak-to-trough decline	-44.62%	-40.23%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	5.41%	-0.28%

Volatility

ISUN.L vs. RAYG.L - Volatility Comparison

Invesco Solar Energy UCITS ETF Acc (ISUN.L) has a higher volatility of 13.17% compared to Global X Solar UCITS ETF USD Accumulating (RAYG.L) at 8.84%. This indicates that ISUN.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

	ISUN.L	RAYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.17%	8.84%	+4.33%
Volatility (6M) Calculated over the trailing 6-month period	23.69%	22.65%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	34.48%	32.59%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.46%	34.24%	+8.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.46%	34.24%	+8.22%

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

ISUN.L has a 0.69% expense ratio, which is higher than RAYG.L's 0.50% expense ratio.

Dividends

ISUN.L vs. RAYG.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

ISUN.L and RAYG.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, RAYG.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

RAYG.L is cheaper with a 0.50% expense ratio, compared with 0.69% for ISUN.L.

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

ISUN.L tracks MAC Global Solar Energy Index, while RAYG.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.69% for ISUN.L and 0.50% for RAYG.L.