RAYG.L vs. ISUN.L
RAYG.L (Global X Solar UCITS ETF USD Accumulating) and ISUN.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds - RAYG.L tracks the S&P Global Clean Energy TR USD while ISUN.L tracks the MAC Global Solar Energy Index. Both are passively managed. Over the past 3 years, RAYG.L returned -4.78%/yr vs -3.68%/yr for ISUN.L. A 0.68 correlation means they provide meaningful diversification when combined. RAYG.L charges 0.50%/yr vs 0.69%/yr for ISUN.L.
Performance
RAYG.L vs. ISUN.L - Performance Comparison
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Different Trading Currencies
RAYG.L is traded in GBP, while ISUN.L is traded in USD. To make them comparable, the ISUN.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 ISUN.L's 40.49% return.
RAYG.L
- 1D
- -2.44%
- 1M
- 4.77%
- YTD
- 21.50%
- 6M
- 25.77%
- 1Y
- 84.67%
- 3Y*
- -4.78%
- 5Y*
- —
- 10Y*
- —
ISUN.L
- 1D
- -2.43%
- 1M
- 15.87%
- YTD
- 40.49%
- 6M
- 43.98%
- 1Y
- 108.55%
- 3Y*
- -3.68%
- 5Y*
- —
- 10Y*
- —
RAYG.L vs. ISUN.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% |
ISUN.L Invesco Solar Energy UCITS ETF Acc | 40.49% | 35.32% | -35.78% | -29.74% | 25.15% |
Correlation
The correlation between RAYG.L and ISUN.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022 | 0.68 |
The correlation between RAYG.L and ISUN.L has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
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Return for Risk
RAYG.L vs. ISUN.L — Risk / Return Rank
RAYG.L
ISUN.L
RAYG.L vs. ISUN.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 Solar Energy UCITS ETF Acc (ISUN.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 | ISUN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.46 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 5.82 | 9.16 | -3.35 |
| Martin ratioReturn relative to average drawdown | 14.72 | 21.32 | -6.60 |
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 | ISUN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 3.19 | -0.50 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | -0.11 | 0.00 |
Drawdowns
RAYG.L vs. ISUN.L - Drawdown Comparison
The maximum RAYG.L drawdown since its inception was -71.14%, roughly equal to the maximum ISUN.L drawdown of -73.48%. Use the drawdown chart below to compare losses from any high point for RAYG.L and ISUN.L.
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Drawdown Indicators
| RAYG.L | ISUN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.14% | -73.48% | +2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -14.48% | -11.78% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -58.12% | -64.82% | +6.70% |
Current DrawdownCurrent decline from peak | -42.21% | -32.49% | -9.72% |
Average DrawdownAverage peak-to-trough decline | -42.80% | -42.69% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.73% | 5.07% | +0.66% |
Volatility
RAYG.L vs. ISUN.L - Volatility Comparison
The current volatility for Global X Solar UCITS ETF USD Accumulating (RAYG.L) is 8.58%, while Invesco Solar Energy UCITS ETF Acc (ISUN.L) has a volatility of 13.16%. This indicates that RAYG.L experiences smaller price fluctuations and is considered to be less risky than ISUN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RAYG.L | ISUN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 13.16% | -4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 21.55% | 23.45% | -1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.33% | 33.87% | -2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.59% | 40.53% | -7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.59% | 40.53% | -7.94% |
RAYG.L vs. ISUN.L - Expense Ratio Comparison
RAYG.L has a 0.50% expense ratio, which is lower than ISUN.L's 0.69% expense ratio.
Dividends
RAYG.L vs. ISUN.L - Dividend Comparison
Neither RAYG.L nor ISUN.L has paid dividends to shareholders.
Frequently Asked Questions
RAYG.L and ISUN.L have a correlation of 0.75, 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 0.69% for ISUN.L.
RAYG.L tracks S&P Global Clean Energy TR USD, while ISUN.L tracks MAC Global Solar Energy Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for RAYG.L and 0.69% for ISUN.L.
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