RAYS.L vs. ISUN.L
RAYS.L (Invesco Solar Energy UCITS ETF Acc) and ISUN.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds from Invesco - RAYS.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, RAYS.L returned -3.85%/yr vs -3.68%/yr for ISUN.L. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.69% expense ratio.
Performance
RAYS.L vs. ISUN.L - Performance Comparison
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Different Trading Currencies
RAYS.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
The year-to-date returns for both investments are quite close, with RAYS.L having a 39.17% return and ISUN.L slightly higher at 40.49%.
RAYS.L
- 1D
- -1.94%
- 1M
- 15.83%
- YTD
- 39.17%
- 6M
- 42.81%
- 1Y
- 107.94%
- 3Y*
- -3.85%
- 5Y*
- —
- 10Y*
- —
ISUN.L
- 1D
- -2.43%
- 1M
- 15.87%
- YTD
- 40.49%
- 6M
- 43.98%
- 1Y
- 108.55%
- 3Y*
- -3.68%
- 5Y*
- —
- 10Y*
- —
RAYS.L vs. ISUN.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% |
ISUN.L Invesco Solar Energy UCITS ETF Acc | 40.49% | 35.32% | -35.78% | -29.74% | 1.40% | -4.05% |
Correlation
The correlation between RAYS.L and ISUN.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.84 |
The correlation between RAYS.L and ISUN.L shifts across timeframes, from 0.84 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
RAYS.L vs. ISUN.L — Risk / Return Rank
RAYS.L
ISUN.L
RAYS.L vs. ISUN.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 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.
| RAYS.L | ISUN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.46 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 9.02 | 9.16 | -0.14 |
| Martin ratioReturn relative to average drawdown | 21.84 | 21.32 | +0.52 |
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 | ISUN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 3.19 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | -0.11 | 0.00 |
Drawdowns
RAYS.L vs. ISUN.L - Drawdown Comparison
The maximum RAYS.L drawdown since its inception was -73.42%, roughly equal to the maximum ISUN.L drawdown of -73.48%. Use the drawdown chart below to compare losses from any high point for RAYS.L and ISUN.L.
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Drawdown Indicators
| RAYS.L | ISUN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.42% | -73.48% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -11.78% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -64.74% | -64.82% | +0.08% |
Current DrawdownCurrent decline from peak | -32.84% | -32.49% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -41.69% | -42.69% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 5.07% | -0.14% |
Volatility
RAYS.L vs. ISUN.L - Volatility Comparison
The current volatility for Invesco Solar Energy UCITS ETF Acc (RAYS.L) is 12.48%, while Invesco Solar Energy UCITS ETF Acc (ISUN.L) has a volatility of 13.16%. This indicates that RAYS.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
| RAYS.L | ISUN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 13.16% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 21.95% | 23.45% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.89% | 33.87% | -0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.87% | 40.53% | -3.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.87% | 40.53% | -3.66% |
RAYS.L vs. ISUN.L - Expense Ratio Comparison
Both RAYS.L and ISUN.L have an expense ratio of 0.69%.
Dividends
RAYS.L vs. ISUN.L - Dividend Comparison
Neither RAYS.L nor ISUN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, RAYS.L and ISUN.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
RAYS.L and ISUN.L have the same expense ratio: 0.69% per year.
RAYS.L tracks S&P Global Clean Energy TR USD, while ISUN.L tracks MAC Global Solar Energy Index.
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