RAYS.L vs. SPOG.L
RAYS.L (Invesco Solar Energy UCITS ETF Acc) and SPOG.L (iShares Oil & Gas Exploration & Production UCITS ETF) are both Energy Equities funds - RAYS.L tracks the S&P Global Clean Energy TR USD while SPOG.L tracks the MSCI World/Energy NR USD. Both are passively managed. Over the past 3 years, RAYS.L returned -3.85%/yr vs 11.49%/yr for SPOG.L. At a 0.19 correlation, their price movements are largely independent. RAYS.L charges 0.69%/yr vs 0.55%/yr for SPOG.L.
Performance
RAYS.L vs. SPOG.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 SPOG.L's 28.87% return.
RAYS.L
- 1D
- -1.94%
- 1M
- 15.83%
- YTD
- 39.17%
- 6M
- 42.81%
- 1Y
- 107.94%
- 3Y*
- -3.85%
- 5Y*
- —
- 10Y*
- —
SPOG.L
- 1D
- 0.35%
- 1M
- -3.04%
- YTD
- 28.87%
- 6M
- 22.45%
- 1Y
- 39.74%
- 3Y*
- 11.49%
- 5Y*
- 17.49%
- 10Y*
- 8.01%
RAYS.L vs. SPOG.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% |
SPOG.L iShares Oil & Gas Exploration & Production UCITS ETF | 28.87% | -0.88% | 0.57% | -2.90% | 54.40% | 26.04% |
Correlation
The correlation between RAYS.L and SPOG.L is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2021 | 0.19 |
The correlation between RAYS.L and SPOG.L shifts across timeframes, from -0.15 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
RAYS.L vs. SPOG.L — Risk / Return Rank
RAYS.L
SPOG.L
RAYS.L vs. SPOG.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 iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.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 | SPOG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.81 | ||
| Sortino ratioReturn per unit of downside risk | +2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.26 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 9.02 | 2.31 | +6.72 |
| Martin ratioReturn relative to average drawdown | 21.84 | 6.19 | +15.64 |
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 | SPOG.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 | — | 0.60 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.25 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.11 | 0.15 | -0.25 |
Drawdowns
RAYS.L vs. SPOG.L - Drawdown Comparison
The maximum RAYS.L drawdown since its inception was -73.42%, roughly equal to the maximum SPOG.L drawdown of -76.49%. Use the drawdown chart below to compare losses from any high point for RAYS.L and SPOG.L.
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Drawdown Indicators
| RAYS.L | SPOG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.42% | -76.49% | +3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -17.14% | +5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -64.74% | -29.87% | -34.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -32.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.97% | — |
Current DrawdownCurrent decline from peak | -32.84% | -10.01% | -22.83% |
Average DrawdownAverage peak-to-trough decline | -41.69% | -26.49% | -15.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 6.40% | -1.47% |
Volatility
RAYS.L vs. SPOG.L - Volatility Comparison
Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a higher volatility of 12.48% compared to iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.L) at 9.48%. This indicates that RAYS.L's price experiences larger fluctuations and is considered to be riskier than SPOG.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 | SPOG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.48% | 9.48% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 21.95% | 22.81% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.89% | 27.13% | +5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.87% | 29.32% | +7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.87% | 31.93% | +4.94% |
RAYS.L vs. SPOG.L - Expense Ratio Comparison
RAYS.L has a 0.69% expense ratio, which is higher than SPOG.L's 0.55% expense ratio.
Dividends
RAYS.L vs. SPOG.L - Dividend Comparison
Neither RAYS.L nor SPOG.L has paid dividends to shareholders.
Frequently Asked Questions
RAYS.L and SPOG.L have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPOG.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPOG.L is cheaper with a 0.55% expense ratio, compared with 0.69% for RAYS.L.
RAYS.L tracks S&P Global Clean Energy TR USD, while SPOG.L tracks MSCI World/Energy NR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.69% for RAYS.L and 0.55% for SPOG.L.
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