RAYS.L vs. SGLP.L

Last updated Jun 5, 2026

RAYS.L (Invesco Solar Energy UCITS ETF Acc) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - RAYS.L is a Energy Equities fund tracking the S&P Global Clean Energy TR USD, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 3 years, RAYS.L returned -3.85%/yr vs 28.15%/yr for SGLP.L. At a 0.07 correlation, their price movements are largely independent. RAYS.L charges 0.69%/yr vs 0.12%/yr for SGLP.L.

Performance

RAYS.L vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Solar Energy UCITS ETF Acc (RAYS.L) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RAYS.L achieves a 39.17% return, which is significantly higher than SGLP.L's 3.97% return.

RAYS.L

• 1D: -1.94%
• 1M: 15.83%
• YTD: 39.17%
• 6M: 42.81%
• 1Y: 107.94%
• 3Y*: -3.85%
• 5Y*: —
• 10Y*: —

SGLP.L

• 1D: 0.70%
• 1M: -1.36%
• YTD: 3.97%
• 6M: 5.45%
• 1Y: 33.77%
• 3Y*: 28.15%
• 5Y*: 19.87%
• 10Y*: 14.26%

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

RAYS.L vs. SGLP.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%
SGLP.L Invesco Physical Gold A	3.97%	53.60%	28.14%	7.26%	11.83%	6.57%

Correlation

The correlation between RAYS.L and SGLP.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021	0.07

Return for Risk

RAYS.L vs. SGLP.L — Risk / Return Rank

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

RAYS.L

RAYS.L Risk / Return Rank: 89
RAYS.L Sharpe Ratio Rank: 92
RAYS.L Sortino Ratio Rank: 87
RAYS.L Omega Ratio Rank: 80
RAYS.L Calmar Ratio Rank: 96
RAYS.L Martin Ratio Rank: 91

SGLP.L

SGLP.L Risk / Return Rank: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.L Martin Ratio Rank: 34

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.

RAYS.L vs. SGLP.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 Physical Gold A (SGLP.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	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	3.27	1.46	+1.81
Sortino ratio: Return per unit of downside risk	3.92	1.90	+2.02
Omega ratio: Gain probability vs. loss probability	1.47	1.29	+0.18
Calmar ratio: Return relative to maximum drawdown	9.02	1.88	+7.14
Martin ratio: Return relative to average drawdown	21.84	5.06	+16.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RAYS.L vs. SGLP.L - Sharpe Ratio Comparison

The current RAYS.L Sharpe Ratio is 3.27, which is higher than the SGLP.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of RAYS.L and SGLP.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

	RAYS.L	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.27	1.46	+1.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.53	-0.64

Drawdowns

RAYS.L vs. SGLP.L - Drawdown Comparison

The maximum RAYS.L drawdown since its inception was -73.42%, which is greater than SGLP.L's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for RAYS.L and SGLP.L.

Drawdown Indicators

	RAYS.L	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-73.42%	-38.83%	-34.59%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-17.89%	+5.99%
Max Drawdown (3Y) Largest decline over 3 years	-64.74%	-17.89%	-46.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.34%	—
Current Drawdown Current decline from peak	-32.84%	-15.97%	-16.87%
Average Drawdown Average peak-to-trough decline	-41.69%	-13.37%	-28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.93%	6.65%	-1.72%

Volatility

RAYS.L vs. SGLP.L - Volatility Comparison

Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a higher volatility of 12.48% compared to Invesco Physical Gold A (SGLP.L) at 5.10%. This indicates that RAYS.L's price experiences larger fluctuations and is considered to be riskier than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAYS.L	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	5.10%	+7.38%
Volatility (6M) Calculated over the trailing 6-month period	21.95%	19.90%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	32.89%	23.02%	+9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.87%	16.11%	+20.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.87%	15.72%	+21.15%

RAYS.L vs. SGLP.L - Expense Ratio Comparison

RAYS.L has a 0.69% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.

Dividends

RAYS.L vs. SGLP.L - Dividend Comparison

Neither RAYS.L nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RAYS.L and SGLP.L in my portfolio?

RAYS.L and SGLP.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RAYS.L or SGLP.L?

On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RAYS.L or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.69% for RAYS.L.

What is the main difference between RAYS.L and SGLP.L?

RAYS.L is categorized as Energy Equities, while SGLP.L is Precious Metals. RAYS.L tracks S&P Global Clean Energy TR USD, while SGLP.L tracks Gold. Their fees differ too: 0.69% for RAYS.L and 0.12% for SGLP.L.