RNRU.L vs. GCLE.L

Last updated Jun 5, 2026

RNRU.L (Global X Renewable Energy Producers UCITS ETF USD Accumulating) and GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds - RNRU.L tracks the S&P Global Clean Energy TR USD while GCLE.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 3 years, RNRU.L returned 2.64%/yr vs 5.32%/yr for GCLE.L. A 0.71 correlation means they provide meaningful diversification when combined. RNRU.L charges 0.50%/yr vs 0.60%/yr for GCLE.L.

Performance

RNRU.L vs. GCLE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Global X Renewable Energy Producers UCITS ETF USD Accumulating (RNRU.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RNRU.L is traded in GBP, while GCLE.L is traded in USD. To make them comparable, the GCLE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, RNRU.L achieves a 19.04% return, which is significantly lower than GCLE.L's 36.41% return.

RNRU.L

• 1D: -2.01%
• 1M: -0.85%
• YTD: 19.04%
• 6M: 18.52%
• 1Y: 50.49%
• 3Y*: 2.64%
• 5Y*: —
• 10Y*: —

GCLE.L

• 1D: -1.02%
• 1M: 3.57%
• YTD: 36.41%
• 6M: 36.37%
• 1Y: 88.57%
• 3Y*: 5.32%
• 5Y*: -3.54%
• 10Y*: —

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

RNRU.L vs. GCLE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RNRU.L Global X Renewable Energy Producers UCITS ETF USD Accumulating	19.04%	24.83%	-21.90%	-19.50%	-0.25%	-2.90%
GCLE.L Invesco Global Clean Energy UCITS ETF Acc	36.37%	31.87%	-25.22%	-14.99%	-22.38%	-7.75%

Correlation

The correlation between RNRU.L and GCLE.L is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021	0.71

The correlation between RNRU.L and GCLE.L has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

Return for Risk

RNRU.L vs. GCLE.L — Risk / Return Rank

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

RNRU.L

RNRU.L Risk / Return Rank: 91
RNRU.L Sharpe Ratio Rank: 91
RNRU.L Sortino Ratio Rank: 90
RNRU.L Omega Ratio Rank: 86
RNRU.L Calmar Ratio Rank: 96
RNRU.L Martin Ratio Rank: 95

GCLE.L

GCLE.L Risk / Return Rank: 93
GCLE.L Sharpe Ratio Rank: 95
GCLE.L Sortino Ratio Rank: 92
GCLE.L Omega Ratio Rank: 91
GCLE.L Calmar Ratio Rank: 95
GCLE.L Martin Ratio Rank: 94

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.

RNRU.L vs. GCLE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Renewable Energy Producers UCITS ETF USD Accumulating (RNRU.L) and Invesco Global Clean Energy UCITS ETF Acc (GCLE.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.

	RNRU.L	GCLE.L	Difference
Sharpe ratio: Return per unit of total volatility	3.13	4.02	-0.89
Sortino ratio: Return per unit of downside risk	4.17	4.74	-0.58
Omega ratio: Gain probability vs. loss probability	1.52	1.63	-0.12
Calmar ratio: Return relative to maximum drawdown	8.92	8.09	+0.83
Martin ratio: Return relative to average drawdown	29.05	27.23	+1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RNRU.L vs. GCLE.L - Sharpe Ratio Comparison

The current RNRU.L Sharpe Ratio is 3.13, which is comparable to the GCLE.L Sharpe Ratio of 4.02. The chart below compares the historical Sharpe Ratios of RNRU.L and GCLE.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

	RNRU.L	GCLE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.13	4.02	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	-0.24	+0.12

Drawdowns

RNRU.L vs. GCLE.L - Drawdown Comparison

The maximum RNRU.L drawdown since its inception was -53.53%, smaller than the maximum GCLE.L drawdown of -69.65%. Use the drawdown chart below to compare losses from any high point for RNRU.L and GCLE.L.

Drawdown Indicators

	RNRU.L	GCLE.L	Difference
Max Drawdown Largest peak-to-trough decline	-53.53%	-69.65%	+16.12%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-10.89%	+5.33%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-52.80%	+15.55%
Max Drawdown (5Y) Largest decline over 5 years	—	-68.49%	—
Current Drawdown Current decline from peak	-20.48%	-29.34%	+8.86%
Average Drawdown Average peak-to-trough decline	-29.04%	-40.62%	+11.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	3.24%	-1.53%

Volatility

RNRU.L vs. GCLE.L - Volatility Comparison

The current volatility for Global X Renewable Energy Producers UCITS ETF USD Accumulating (RNRU.L) is 5.73%, while Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) has a volatility of 8.81%. This indicates that RNRU.L experiences smaller price fluctuations and is considered to be less risky than GCLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RNRU.L	GCLE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	8.81%	-3.08%
Volatility (6M) Calculated over the trailing 6-month period	11.94%	15.45%	-3.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	21.91%	-6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	26.53%	-8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	27.13%	-8.78%

RNRU.L vs. GCLE.L - Expense Ratio Comparison

RNRU.L has a 0.50% expense ratio, which is lower than GCLE.L's 0.60% expense ratio.

Dividends

RNRU.L vs. GCLE.L - Dividend Comparison

Neither RNRU.L nor GCLE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RNRU.L and GCLE.L in my portfolio?

RNRU.L and GCLE.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RNRU.L or GCLE.L?

On fees, RNRU.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RNRU.L or GCLE.L?

RNRU.L is cheaper with a 0.50% expense ratio, compared with 0.60% for GCLE.L.

What is the main difference between RNRU.L and GCLE.L?

RNRU.L tracks S&P Global Clean Energy TR USD, while GCLE.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.50% for RNRU.L and 0.60% for GCLE.L.