ISUN.L vs. RAYS.L
ISUN.L (Invesco Solar Energy UCITS ETF Acc) and RAYS.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds from Invesco - ISUN.L tracks the MAC Global Solar Energy Index while RAYS.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 -1.37%/yr for RAYS.L. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.69% expense ratio.
Performance
ISUN.L vs. RAYS.L - Performance Comparison
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Different Trading Currencies
ISUN.L is traded in USD, while RAYS.L is traded in GBp. To make them comparable, the RAYS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with ISUN.L having a 39.92% return and RAYS.L slightly lower at 38.83%.
ISUN.L
- 1D
- -2.43%
- 1M
- 14.82%
- YTD
- 39.92%
- 6M
- 44.99%
- 1Y
- 106.55%
- 3Y*
- -1.20%
- 5Y*
- —
- 10Y*
- —
RAYS.L
- 1D
- -1.89%
- 1M
- 14.84%
- YTD
- 38.83%
- 6M
- 43.87%
- 1Y
- 105.96%
- 3Y*
- -1.37%
- 5Y*
- —
- 10Y*
- —
ISUN.L vs. RAYS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ISUN.L Invesco Solar Energy UCITS ETF Acc | 39.92% | 45.70% | -36.88% | -26.04% | -7.51% | -7.86% |
RAYS.L Invesco Solar Energy UCITS ETF Acc | 38.83% | 46.65% | -37.40% | -25.89% | -6.14% | -8.68% |
Correlation
The correlation between ISUN.L and RAYS.L is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.83 |
The correlation between ISUN.L and RAYS.L shifts across timeframes, from 0.83 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ISUN.L vs. RAYS.L — Risk / Return Rank
ISUN.L
RAYS.L
ISUN.L vs. RAYS.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 Invesco Solar Energy UCITS ETF Acc (RAYS.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 | RAYS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.45 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 8.38 | 8.50 | -0.12 |
| Martin ratioReturn relative to average drawdown | 20.69 | 21.02 | -0.33 |
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
| ISUN.L | RAYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 3.12 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | -0.12 | 0.00 |
Drawdowns
ISUN.L vs. RAYS.L - Drawdown Comparison
The maximum ISUN.L drawdown since its inception was -74.01%, roughly equal to the maximum RAYS.L drawdown of -73.91%. Use the drawdown chart below to compare losses from any high point for ISUN.L and RAYS.L.
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Drawdown Indicators
| ISUN.L | RAYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.01% | -73.91% | -0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -12.64% | -12.40% | -0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -64.50% | -64.65% | +0.15% |
Current DrawdownCurrent decline from peak | -30.78% | -30.97% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -44.62% | -43.72% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.13% | 5.02% | +0.11% |
Volatility
ISUN.L vs. RAYS.L - Volatility Comparison
Invesco Solar Energy UCITS ETF Acc (ISUN.L) and Invesco Solar Energy UCITS ETF Acc (RAYS.L) have volatilities of 13.17% and 12.58%, 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.
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Volatility by Period
| ISUN.L | RAYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.17% | 12.58% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 23.69% | 22.54% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.48% | 33.75% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.46% | 38.45% | +4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.46% | 38.45% | +4.01% |
ISUN.L vs. RAYS.L - Expense Ratio Comparison
Both ISUN.L and RAYS.L have an expense ratio of 0.69%.
Dividends
ISUN.L vs. RAYS.L - Dividend Comparison
Neither ISUN.L nor RAYS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, ISUN.L and RAYS.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.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ISUN.L and RAYS.L have the same expense ratio: 0.69% per year.
ISUN.L tracks MAC Global Solar Energy Index, while RAYS.L tracks S&P Global Clean Energy TR USD.
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