RENW.L vs. GCEX.L
RENW.L (L&G Clean Energy UCITS ETF USD (Acc)) and GCEX.L (Invesco Global Clean Energy UCITS ETF USD (Dist)) are both Alternative Energy Equities funds - RENW.L tracks the Solactive Clean Energy Index NTR while GCEX.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 5 years, RENW.L returned 5.30%/yr vs -7.47%/yr for GCEX.L. Their correlation of 0.88 suggests significant overlap in exposure. RENW.L charges 0.49%/yr vs 0.60%/yr for GCEX.L.
Performance
RENW.L vs. GCEX.L - Performance Comparison
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Different Trading Currencies
RENW.L is traded in USD, while GCEX.L is traded in GBp. To make them comparable, the GCEX.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, RENW.L achieves a 22.11% return, which is significantly higher than GCEX.L's 12.09% return.
RENW.L
- 1D
- -1.07%
- 1M
- -10.32%
- 6M
- 13.78%
- YTD
- 22.11%
- 1Y
- 44.29%
- 3Y*
- 13.16%
- 5Y*
- 5.30%
- 10Y*
- —
GCEX.L
- 1D
- -1.56%
- 1M
- -10.51%
- 6M
- 4.26%
- YTD
- 12.09%
- 1Y
- 36.15%
- 3Y*
- -1.64%
- 5Y*
- -7.47%
- 10Y*
- —
RENW.L vs. GCEX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
RENW.L L&G Clean Energy UCITS ETF USD (Acc) | 22.11% | 51.27% | -14.25% | -8.27% | -8.82% | -6.57% |
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist) | 12.09% | 42.19% | -26.59% | -10.99% | -30.70% | -44.35% |
Correlation
The correlation between RENW.L and GCEX.L is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021 | 0.88 |
The correlation between RENW.L and GCEX.L has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
RENW.L vs. GCEX.L — Risk / Return Rank
RENW.L
GCEX.L
RENW.L vs. GCEX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Clean Energy UCITS ETF USD (Acc) (RENW.L) and Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| RENW.L | GCEX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.66 | 1.86 | +0.80 |
| Martin ratioReturn relative to average drawdown | 9.46 | 6.20 | +3.27 |
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Drawdowns
RENW.L vs. GCEX.L - Drawdown Comparison
The maximum RENW.L drawdown since its inception was -48.58%, smaller than the maximum GCEX.L drawdown of -79.96%. Use the drawdown chart below to compare losses from any high point for RENW.L and GCEX.L.
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Drawdown Indicators
| RENW.L | GCEX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.58% | -79.96% | +31.38% |
Max Drawdown (1Y)Largest decline over 1 year | -16.56% | -19.30% | +2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -32.48% | -53.27% | +20.79% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -69.81% | +26.04% |
Current DrawdownCurrent decline from peak | -16.56% | -59.83% | +43.27% |
Average DrawdownAverage peak-to-trough decline | -23.61% | -60.30% | +36.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.67% | 5.82% | -1.15% |
Volatility
RENW.L vs. GCEX.L - Volatility Comparison
L&G Clean Energy UCITS ETF USD (Acc) (RENW.L) and Invesco Global Clean Energy UCITS ETF USD (Dist) (GCEX.L) have volatilities of 8.97% and 8.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RENW.L | GCEX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.97% | 8.84% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 20.81% | 18.79% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.96% | 24.13% | +1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.75% | 28.19% | -3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.98% | 31.02% | -6.04% |
RENW.L vs. GCEX.L - Expense Ratio Comparison
RENW.L has a 0.49% expense ratio, which is lower than GCEX.L's 0.60% expense ratio.
Dividends
RENW.L vs. GCEX.L - Dividend Comparison
RENW.L has not paid dividends to shareholders, while GCEX.L's dividend yield for the trailing twelve months is around 1.43%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
GCEX.L Invesco Global Clean Energy UCITS ETF USD (Dist) | 1.43% | 2.07% | 1.38% | 0.69% | 0.09% | 0.19% |
RENW.L L&G Clean Energy UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RENW.L and GCEX.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RENW.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RENW.L is cheaper with a 0.49% expense ratio, compared with 0.60% for GCEX.L.
RENW.L tracks Solactive Clean Energy Index NTR, while GCEX.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.49% for RENW.L and 0.60% for GCEX.L.
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