QCLU.L vs. GCEX.L

Last updated Jul 18, 2026

QCLU.L (First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc)) and GCEX.L (Invesco Global Clean Energy UCITS ETF USD (Dist)) are both Alternative Energy Equities funds - QCLU.L tracks the Nasdaq Clean Edge Green Energy Exclusions Index while GCEX.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 5 years, QCLU.L returned -3.82%/yr vs -7.47%/yr for GCEX.L. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.60% expense ratio.

Performance

QCLU.L vs. GCEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.L) and Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, QCLU.L achieves a 15.18% return, which is significantly higher than GCEX.L's 12.09% return.

QCLU.L

• 1D: -2.60%
• 1M: -17.61%
• 6M: 4.25%
• YTD: 15.18%
• 1Y: 46.93%
• 3Y*: -3.01%
• 5Y*: -3.82%
• 10Y*: —

GCEX.L

• 1D: -1.56%
• 1M: -10.51%
• 6M: 4.26%
• YTD: 12.09%
• 1Y: 36.15%
• 3Y*: -1.64%
• 5Y*: -7.47%
• 10Y*: —

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

QCLU.L vs. GCEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QCLU.L First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc)	15.18%	28.81%	-19.33%	-7.57%	-31.41%	-6.93%
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist)	12.09%	42.19%	-26.59%	-10.99%	-30.70%	-44.35%

Correlation

The correlation between QCLU.L and GCEX.L is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.88

The correlation between QCLU.L and GCEX.L has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

QCLU.L vs. GCEX.L — Risk / Return Rank

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

QCLU.L

QCLU.L Risk / Return Rank: 45
QCLU.L Sharpe Ratio Rank: 44
QCLU.L Sortino Ratio Rank: 45
QCLU.L Omega Ratio Rank: 39
QCLU.L Calmar Ratio Rank: 49
QCLU.L Martin Ratio Rank: 51

GCEX.L

GCEX.L Risk / Return Rank: 56
GCEX.L Sharpe Ratio Rank: 65
GCEX.L Sortino Ratio Rank: 58
GCEX.L Omega Ratio Rank: 60
GCEX.L Calmar Ratio Rank: 48
GCEX.L Martin Ratio Rank: 51

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.

QCLU.L vs. GCEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.L) and Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.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.

	QCLU.L	GCEX.L	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.50	-0.32
Sortino ratio: Return per unit of downside risk	1.75	2.01	-0.26
Omega ratio: Gain probability vs. loss probability	1.20	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	1.87	1.86	+0.01
Martin ratio: Return relative to average drawdown	6.48	6.20	+0.28

QCLU.L vs. GCEX.L - Sharpe Ratio Comparison

The current QCLU.L Sharpe Ratio is 1.18, which is comparable to the GCEX.L Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of QCLU.L and GCEX.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.

Drawdowns

QCLU.L vs. GCEX.L - Drawdown Comparison

The maximum QCLU.L drawdown since its inception was -71.99%, smaller than the maximum GCEX.L drawdown of -79.96%. Use the drawdown chart below to compare losses from any high point for QCLU.L and GCEX.L.

Drawdown Indicators

	QCLU.L	GCEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-71.99%	-79.96%	+7.97%
Max Drawdown (1Y) Largest decline over 1 year	-24.92%	-19.30%	-5.62%
Max Drawdown (3Y) Largest decline over 3 years	-56.88%	-53.27%	-3.61%
Max Drawdown (5Y) Largest decline over 5 years	-70.15%	-69.81%	-0.34%
Current Drawdown Current decline from peak	-41.20%	-59.83%	+18.63%
Average Drawdown Average peak-to-trough decline	-29.29%	-60.30%	+31.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	5.82%	+1.41%

Volatility

QCLU.L vs. GCEX.L - Volatility Comparison

First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc) (QCLU.L) has a higher volatility of 16.50% compared to Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) at 8.84%. This indicates that QCLU.L's price experiences larger fluctuations and is considered to be riskier than GCEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCLU.L	GCEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.50%	8.84%	+7.66%
Volatility (6M) Calculated over the trailing 6-month period	31.62%	18.79%	+12.83%
Volatility (1Y) Calculated over the trailing 1-year period	39.95%	24.13%	+15.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.97%	28.19%	+10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.17%	31.02%	+3.15%

QCLU.L vs. GCEX.L - Expense Ratio Comparison

Both QCLU.L and GCEX.L have an expense ratio of 0.60%.

Dividends

QCLU.L vs. GCEX.L - Dividend Comparison

QCLU.L has not paid dividends to shareholders, while GCEX.L's dividend yield for the trailing twelve months is around 1.43%.

Position	TTM	2025	2024	2023	2022	2021
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist)	1.43%	2.07%	1.38%	0.69%	0.09%	0.19%
QCLU.L First Trust Nasdaq Clean Edge Green Energy UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QCLU.L and GCEX.L in my portfolio?

QCLU.L and GCEX.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QCLU.L or GCEX.L?

Both ETFs have the same 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QCLU.L or GCEX.L?

QCLU.L and GCEX.L have the same expense ratio: 0.60% per year.

What is the main difference between QCLU.L and GCEX.L?

QCLU.L tracks Nasdaq Clean Edge Green Energy Exclusions Index, while GCEX.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: First Trust and Invesco.