IUES.L vs. GCLX.L

Last updated Jun 5, 2026

IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and GCLX.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds - IUES.L tracks the MSCI World/Energy NR USD while GCLX.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 5 years, IUES.L returned 20.33%/yr vs -4.56%/yr for GCLX.L. At a 0.28 correlation, their price movements are largely independent. IUES.L charges 0.15%/yr vs 0.60%/yr for GCLX.L.

Performance

IUES.L vs. GCLX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IUES.L achieves a 30.45% return, which is significantly lower than GCLX.L's 35.73% return.

IUES.L

• 1D: -0.36%
• 1M: -1.09%
• YTD: 30.45%
• 6M: 29.22%
• 1Y: 46.28%
• 3Y*: 16.84%
• 5Y*: 20.33%
• 10Y*: 9.21%

GCLX.L

• 1D: -0.85%
• 1M: 2.45%
• YTD: 35.73%
• 6M: 37.43%
• 1Y: 86.88%
• 3Y*: 7.96%
• 5Y*: -4.56%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	30.45%	9.82%	3.87%	-0.63%	63.84%	17.29%
GCLX.L Invesco Global Clean Energy UCITS ETF Acc	35.73%	42.47%	-26.64%	-10.91%	-30.74%	-22.09%

Correlation

The correlation between IUES.L and GCLX.L is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.28

The correlation between IUES.L and GCLX.L shifts across timeframes, from -0.06 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	IUES.L	GCLX.L
Energy	100.0%	13.6%
Basic Materials	-	3.4%
Communication Services	-	-
Consumer Cyclical	-	10.2%
Consumer Defensive	-	0.9%
Financial Services	-	0.9%
Healthcare	-	-
Industrials	-	47.5%
Real Estate	-	-
Technology	-	6.8%
Utilities	-	16.1%

Return for Risk

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

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

IUES.L

IUES.L Risk / Return Rank: 60
IUES.L Sharpe Ratio Rank: 65
IUES.L Sortino Ratio Rank: 56
IUES.L Omega Ratio Rank: 59
IUES.L Calmar Ratio Rank: 65
IUES.L Martin Ratio Rank: 57

GCLX.L

GCLX.L Risk / Return Rank: 95
GCLX.L Sharpe Ratio Rank: 96
GCLX.L Sortino Ratio Rank: 95
GCLX.L Omega Ratio Rank: 94
GCLX.L Calmar Ratio Rank: 95
GCLX.L Martin Ratio Rank: 94

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.

IUES.L vs. GCLX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLX.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.

	IUES.L	GCLX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.85	-1.73
Sortino ratio: Return per unit of downside risk	2.64	4.54	-1.90
Omega ratio: Gain probability vs. loss probability	1.35	1.60	-0.24
Calmar ratio: Return relative to maximum drawdown	3.18	7.81	-4.63
Martin ratio: Return relative to average drawdown	9.97	25.87	-15.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IUES.L Sharpe Ratio is 2.12, which is lower than the GCLX.L Sharpe Ratio of 3.85. The chart below compares the historical Sharpe Ratios of IUES.L and GCLX.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

	IUES.L	GCLX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.85	-1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	-0.16	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.25	+0.56

Drawdowns

IUES.L vs. GCLX.L - Drawdown Comparison

The maximum IUES.L drawdown since its inception was -66.78%, smaller than the maximum GCLX.L drawdown of -71.94%. Use the drawdown chart below to compare losses from any high point for IUES.L and GCLX.L.

Drawdown Indicators

	IUES.L	GCLX.L	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-71.94%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-11.06%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-53.30%	+32.40%
Max Drawdown (5Y) Largest decline over 5 years	-27.98%	-69.81%	+41.83%
Max Drawdown (10Y) Largest decline over 10 years	-66.78%	—	—
Current Drawdown Current decline from peak	-7.45%	-31.80%	+24.35%
Average Drawdown Average peak-to-trough decline	-14.21%	-44.61%	+30.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	3.35%	+1.28%

Volatility

IUES.L vs. GCLX.L - Volatility Comparison

The current volatility for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) is 8.13%, while Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) has a volatility of 9.10%. This indicates that IUES.L experiences smaller price fluctuations and is considered to be less risky than GCLX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUES.L	GCLX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	9.10%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	18.58%	15.84%	+2.74%
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	22.45%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.72%	28.04%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.49%	28.56%	-0.07%

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

IUES.L has a 0.15% expense ratio, which is lower than GCLX.L's 0.60% expense ratio.

Dividends

IUES.L vs. GCLX.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

IUES.L and GCLX.L have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUES.L or GCLX.L?

On fees, IUES.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, IUES.L or GCLX.L?

IUES.L is cheaper with a 0.15% expense ratio, compared with 0.60% for GCLX.L.

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

IUES.L tracks MSCI World/Energy NR USD, while GCLX.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for IUES.L and 0.60% for GCLX.L.