RAYG.L vs. GCLE.L
RAYG.L (Global X Solar UCITS ETF USD Accumulating) and GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds - RAYG.L tracks the S&P Global Clean Energy TR USD while GCLE.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 5.32%/yr for GCLE.L. A 0.62 correlation means they provide meaningful diversification when combined. RAYG.L charges 0.50%/yr vs 0.60%/yr for GCLE.L.
Performance
RAYG.L vs. GCLE.L - Performance Comparison
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Different Trading Currencies
RAYG.L is traded in GBP, while GCLE.L is traded in USD. To make them comparable, the GCLE.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 GCLE.L's 36.41% return.
RAYG.L
- 1D
- -2.44%
- 1M
- 4.77%
- YTD
- 21.50%
- 6M
- 25.77%
- 1Y
- 84.67%
- 3Y*
- -4.78%
- 5Y*
- —
- 10Y*
- —
GCLE.L
- 1D
- -1.02%
- 1M
- 3.57%
- YTD
- 36.41%
- 6M
- 36.37%
- 1Y
- 88.57%
- 3Y*
- 5.32%
- 5Y*
- -3.54%
- 10Y*
- —
RAYG.L vs. GCLE.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% |
GCLE.L Invesco Global Clean Energy UCITS ETF Acc | 36.41% | 31.87% | -25.22% | -14.99% | -5.74% |
Correlation
The correlation between RAYG.L and GCLE.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.62 |
The correlation between RAYG.L and GCLE.L has been stable across timeframes, ranging from 0.60 to 0.64 - a consistent structural relationship.
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Return for Risk
RAYG.L vs. GCLE.L — Risk / Return Rank
RAYG.L
GCLE.L
RAYG.L vs. GCLE.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 Acc (GCLE.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 | GCLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.63 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.82 | 8.09 | -2.27 |
| Martin ratioReturn relative to average drawdown | 14.72 | 27.23 | -12.50 |
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
| RAYG.L | GCLE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 4.02 | -1.33 |
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. GCLE.L - Drawdown Comparison
The maximum RAYG.L drawdown since its inception was -71.14%, roughly equal to the maximum GCLE.L drawdown of -69.65%. Use the drawdown chart below to compare losses from any high point for RAYG.L and GCLE.L.
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Drawdown Indicators
| RAYG.L | GCLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.14% | -69.65% | -1.49% |
Max Drawdown (1Y)Largest decline over 1 year | -14.48% | -10.89% | -3.59% |
Max Drawdown (3Y)Largest decline over 3 years | -58.12% | -52.80% | -5.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -68.49% | — |
Current DrawdownCurrent decline from peak | -42.21% | -29.34% | -12.87% |
Average DrawdownAverage peak-to-trough decline | -42.80% | -40.62% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.73% | 3.24% | +2.49% |
Volatility
RAYG.L vs. GCLE.L - Volatility Comparison
Global X Solar UCITS ETF USD Accumulating (RAYG.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) have volatilities of 8.58% and 8.81%, 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
| RAYG.L | GCLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 8.81% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 21.55% | 15.45% | +6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.33% | 21.91% | +9.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.59% | 26.53% | +6.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.59% | 27.13% | +5.46% |
RAYG.L vs. GCLE.L - Expense Ratio Comparison
RAYG.L has a 0.50% expense ratio, which is lower than GCLE.L's 0.60% expense ratio.
Dividends
RAYG.L vs. GCLE.L - Dividend Comparison
Neither RAYG.L nor GCLE.L has paid dividends to shareholders.
Frequently Asked Questions
RAYG.L and GCLE.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
RAYG.L is cheaper with a 0.50% expense ratio, compared with 0.60% for GCLE.L.
RAYG.L tracks S&P Global Clean Energy TR USD, while GCLE.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 GCLE.L.
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