IUES.L vs. RAYS.L
IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and RAYS.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds - IUES.L tracks the MSCI World/Energy NR USD while RAYS.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, IUES.L returned 16.84%/yr vs -1.37%/yr for RAYS.L. At a 0.20 correlation, their price movements are largely independent. IUES.L charges 0.15%/yr vs 0.69%/yr for RAYS.L.
Performance
IUES.L vs. RAYS.L - Performance Comparison
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Different Trading Currencies
IUES.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
In the year-to-date period, IUES.L achieves a 30.45% return, which is significantly lower than RAYS.L's 38.83% 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%
RAYS.L
- 1D
- -1.89%
- 1M
- 14.84%
- YTD
- 38.83%
- 6M
- 43.87%
- 1Y
- 105.96%
- 3Y*
- -1.37%
- 5Y*
- —
- 10Y*
- —
IUES.L vs. RAYS.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% | 13.97% |
RAYS.L Invesco Solar Energy UCITS ETF Acc | 38.83% | 46.65% | -37.40% | -25.89% | -6.14% | -8.68% |
Correlation
The correlation between IUES.L and RAYS.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.20 |
The correlation between IUES.L and RAYS.L shifts across timeframes, from -0.11 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IUES.L vs. RAYS.L — Risk / Return Rank
IUES.L
RAYS.L
IUES.L vs. RAYS.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 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.
| IUES.L | RAYS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.45 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 8.50 | -5.32 |
| Martin ratioReturn relative to average drawdown | 9.97 | 21.02 | -11.05 |
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
| IUES.L | RAYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 3.12 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.76 | — | — |
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 | -0.12 | +0.43 |
Drawdowns
IUES.L vs. RAYS.L - Drawdown Comparison
The maximum IUES.L drawdown since its inception was -66.78%, smaller than the maximum RAYS.L drawdown of -73.91%. Use the drawdown chart below to compare losses from any high point for IUES.L and RAYS.L.
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Drawdown Indicators
| IUES.L | RAYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.78% | -73.91% | +7.13% |
Max Drawdown (1Y)Largest decline over 1 year | -14.49% | -12.40% | -2.09% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -64.65% | +43.75% |
Max Drawdown (5Y)Largest decline over 5 years | -27.98% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -66.78% | — | — |
Current DrawdownCurrent decline from peak | -7.45% | -30.97% | +23.52% |
Average DrawdownAverage peak-to-trough decline | -14.21% | -43.72% | +29.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.63% | 5.02% | -0.39% |
Volatility
IUES.L vs. RAYS.L - Volatility Comparison
The current volatility for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) is 8.13%, while Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a volatility of 12.58%. This indicates that IUES.L experiences smaller price fluctuations and is considered to be less risky than RAYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUES.L | RAYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 12.58% | -4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 18.58% | 22.54% | -3.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.81% | 33.75% | -11.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.72% | 38.45% | -11.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.49% | 38.45% | -9.96% |
IUES.L vs. RAYS.L - Expense Ratio Comparison
IUES.L has a 0.15% expense ratio, which is lower than RAYS.L's 0.69% expense ratio.
Dividends
IUES.L vs. RAYS.L - Dividend Comparison
Neither IUES.L nor RAYS.L has paid dividends to shareholders.
Frequently Asked Questions
IUES.L and RAYS.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IUES.L is cheaper with a 0.15% expense ratio, compared with 0.69% for RAYS.L.
IUES.L tracks MSCI World/Energy NR USD, while RAYS.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 0.69% for RAYS.L.
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