RAYG.L vs. GCED.L

Last updated Jun 5, 2026

RAYG.L (Global X Solar UCITS ETF USD Accumulating) and GCED.L (Invesco Global Clean Energy UCITS ETF Dist) are both Energy Equities funds - RAYG.L tracks the S&P Global Clean Energy TR USD while GCED.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 3 years, RAYG.L returned -4.78%/yr vs 5.34%/yr for GCED.L. A 0.61 correlation means they provide meaningful diversification when combined. RAYG.L charges 0.50%/yr vs 0.60%/yr for GCED.L.

Performance

RAYG.L vs. GCED.L - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, RAYG.L achieves a 21.50% return, which is significantly lower than GCED.L's 36.55% return.

RAYG.L

• 1D: -2.44%
• 1M: 4.77%
• YTD: 21.50%
• 6M: 25.77%
• 1Y: 84.67%
• 3Y*: -4.78%
• 5Y*: —
• 10Y*: —

GCED.L

• 1D: -0.91%
• 1M: 3.33%
• YTD: 36.55%
• 6M: 36.44%
• 1Y: 88.67%
• 3Y*: 5.34%
• 5Y*: -3.47%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
RAYG.L Global X Solar UCITS ETF USD Accumulating	21.50%	30.23%	-27.04%	-36.40%	16.05%
GCED.L Invesco Global Clean Energy UCITS ETF Dist	36.55%	31.81%	-25.26%	-15.01%	-5.66%

Correlation

The correlation between RAYG.L and GCED.L is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.62

The correlation between RAYG.L and GCED.L has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

Return for Risk

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

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

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

GCED.L

GCED.L Risk / Return Rank: 93
GCED.L Sharpe Ratio Rank: 95
GCED.L Sortino Ratio Rank: 93
GCED.L Omega Ratio Rank: 91
GCED.L Calmar Ratio Rank: 95
GCED.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.

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

This table presents a comparison of risk-adjusted performance metrics for Global X Solar UCITS ETF USD Accumulating (RAYG.L) and Invesco Global Clean Energy UCITS ETF Dist (GCED.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.

	RAYG.L	GCED.L	Difference
Sharpe ratio: Return per unit of total volatility	2.69	4.04	-1.35
Sortino ratio: Return per unit of downside risk	3.43	4.79	-1.35
Omega ratio: Gain probability vs. loss probability	1.41	1.63	-0.22
Calmar ratio: Return relative to maximum drawdown	5.82	8.02	-2.20
Martin ratio: Return relative to average drawdown	14.72	26.75	-12.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current RAYG.L Sharpe Ratio is 2.69, which is lower than the GCED.L Sharpe Ratio of 4.04. The chart below compares the historical Sharpe Ratios of RAYG.L and GCED.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

	RAYG.L	GCED.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	4.04	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	-0.24	+0.12

Drawdowns

RAYG.L vs. GCED.L - Drawdown Comparison

The maximum RAYG.L drawdown since its inception was -71.14%, roughly equal to the maximum GCED.L drawdown of -69.62%. Use the drawdown chart below to compare losses from any high point for RAYG.L and GCED.L.

Drawdown Indicators

	RAYG.L	GCED.L	Difference
Max Drawdown Largest peak-to-trough decline	-71.14%	-69.62%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-11.00%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-58.12%	-52.78%	-5.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-68.49%	—
Current Drawdown Current decline from peak	-42.21%	-29.25%	-12.96%
Average Drawdown Average peak-to-trough decline	-42.80%	-40.59%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	3.30%	+2.43%

Volatility

RAYG.L vs. GCED.L - Volatility Comparison

Global X Solar UCITS ETF USD Accumulating (RAYG.L) and Invesco Global Clean Energy UCITS ETF Dist (GCED.L) have volatilities of 8.58% and 8.74%, 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.

Volatility by Period

	RAYG.L	GCED.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.58%	8.74%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	21.55%	15.24%	+6.31%
Volatility (1Y) Calculated over the trailing 1-year period	31.33%	21.85%	+9.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.59%	26.40%	+6.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.59%	27.02%	+5.57%

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

RAYG.L has a 0.50% expense ratio, which is lower than GCED.L's 0.60% expense ratio.

Dividends

RAYG.L vs. GCED.L - Dividend Comparison

RAYG.L has not paid dividends to shareholders, while GCED.L's dividend yield for the trailing twelve months is around 1.53%.

Position	TTM	2025	2024	2023	2022	2021
GCED.L Invesco Global Clean Energy UCITS ETF Dist	1.53%	2.09%	1.43%	0.68%	0.09%	0.20%
RAYG.L Global X Solar UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

RAYG.L and GCED.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

RAYG.L is cheaper with a 0.50% expense ratio, compared with 0.60% for GCED.L.

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

RAYG.L tracks S&P Global Clean Energy TR USD, while GCED.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for RAYG.L and 0.60% for GCED.L.