RAYS.L vs. GCLX.L
RAYS.L (Invesco Solar Energy UCITS ETF Acc) and GCLX.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds from Invesco tracking the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, RAYS.L returned -3.85%/yr vs 5.24%/yr for GCLX.L. Their correlation of 0.81 suggests significant overlap in exposure. RAYS.L charges 0.69%/yr vs 0.60%/yr for GCLX.L.
Performance
RAYS.L vs. GCLX.L - Performance Comparison
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Returns By Period
In the year-to-date period, RAYS.L achieves a 39.17% return, which is significantly higher than GCLX.L's 36.06% return.
RAYS.L
- 1D
- -1.94%
- 1M
- 17.09%
- YTD
- 39.17%
- 6M
- 42.22%
- 1Y
- 109.66%
- 3Y*
- -3.85%
- 5Y*
- —
- 10Y*
- —
GCLX.L
- 1D
- -0.90%
- 1M
- 3.13%
- YTD
- 36.06%
- 6M
- 34.93%
- 1Y
- 89.91%
- 3Y*
- 5.24%
- 5Y*
- -3.55%
- 10Y*
- —
RAYS.L vs. GCLX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RAYS.L Invesco Solar Energy UCITS ETF Acc | 39.17% | 36.36% | -36.34% | -29.61% | 5.10% | -6.84% |
GCLX.L Invesco Global Clean Energy UCITS ETF Acc | 36.06% | 32.48% | -25.40% | -15.38% | -22.45% | -6.06% |
Correlation
The correlation between RAYS.L and GCLX.L is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.81 |
The correlation between RAYS.L and GCLX.L has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
RAYS.L vs. GCLX.L — Risk / Return Rank
RAYS.L
GCLX.L
RAYS.L vs. GCLX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Solar Energy UCITS ETF Acc (RAYS.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLX.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.
| RAYS.L | GCLX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.67 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 9.02 | 8.26 | +0.76 |
| Martin ratioReturn relative to average drawdown | 21.84 | 27.52 | -5.69 |
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
| RAYS.L | GCLX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 4.21 | -0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.14 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | -0.24 | +0.14 |
Drawdowns
RAYS.L vs. GCLX.L - Drawdown Comparison
The maximum RAYS.L drawdown since its inception was -73.42%, which is greater than GCLX.L's maximum drawdown of -69.45%. Use the drawdown chart below to compare losses from any high point for RAYS.L and GCLX.L.
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Drawdown Indicators
| RAYS.L | GCLX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.42% | -69.45% | -3.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -10.67% | -1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -64.51% | -52.84% | -11.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -68.40% | — |
Current DrawdownCurrent decline from peak | -32.84% | -29.12% | -3.72% |
Average DrawdownAverage peak-to-trough decline | -41.69% | -40.37% | -1.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 3.21% | +1.72% |
Volatility
RAYS.L vs. GCLX.L - Volatility Comparison
Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a higher volatility of 12.48% compared to Invesco Global Clean Energy UCITS ETF Acc (GCLX.L) at 8.47%. This indicates that RAYS.L's price experiences larger fluctuations and is considered to be riskier than GCLX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RAYS.L | GCLX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 8.47% | +4.01% |
Volatility (6M)Calculated over the trailing 6-month period | 21.95% | 14.49% | +7.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.89% | 20.98% | +11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.87% | 25.59% | +11.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.87% | 26.20% | +10.67% |
RAYS.L vs. GCLX.L - Expense Ratio Comparison
RAYS.L has a 0.69% expense ratio, which is higher than GCLX.L's 0.60% expense ratio.
Dividends
RAYS.L vs. GCLX.L - Dividend Comparison
Neither RAYS.L nor GCLX.L has paid dividends to shareholders.
Frequently Asked Questions
RAYS.L and GCLX.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GCLX.L is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GCLX.L is cheaper with a 0.60% expense ratio, compared with 0.69% for RAYS.L.
Both ETFs track S&P Global Clean Energy TR USD. Their fees differ too: 0.69% for RAYS.L and 0.60% for GCLX.L.
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