SPOG.L vs. GCLE.L

Last updated Jun 5, 2026

SPOG.L (iShares Oil & Gas Exploration & Production UCITS ETF) and GCLE.L (Invesco Global Clean Energy UCITS ETF Acc) are both Energy Equities funds - SPOG.L tracks the MSCI World/Energy NR USD while GCLE.L tracks the WilderHill New Energy Global Innovation Index. Both are passively managed. Over the past 5 years, SPOG.L returned 17.49%/yr vs -3.54%/yr for GCLE.L. At a 0.25 correlation, their price movements are largely independent. SPOG.L charges 0.55%/yr vs 0.60%/yr for GCLE.L.

Performance

SPOG.L vs. GCLE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.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

SPOG.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, SPOG.L achieves a 28.87% return, which is significantly lower than GCLE.L's 36.41% return.

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%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
SPOG.L iShares Oil & Gas Exploration & Production UCITS ETF	28.87%	-0.88%	0.57%	-2.90%	54.40%	35.25%
GCLE.L Invesco Global Clean Energy UCITS ETF Acc	36.41%	31.87%	-25.22%	-14.99%	-22.38%	-20.39%

Correlation

The correlation between SPOG.L and GCLE.L is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 3, 2021	0.25

The correlation between SPOG.L and GCLE.L shifts across timeframes, from -0.13 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

SPOG.L vs. GCLE.L - Sectors Allocation Comparison

Sectors	SPOG.L	GCLE.L
Energy	100.0%	13.0%
Basic Materials	-	3.4%
Communication Services	-	-
Consumer Cyclical	-	10.0%
Consumer Defensive	-	0.9%
Financial Services	-	0.9%
Healthcare	-	-
Industrials	-	48.1%
Real Estate	-	-
Technology	-	6.8%
Utilities	-	16.2%

Return for Risk

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

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

SPOG.L

SPOG.L Risk / Return Rank: 41
SPOG.L Sharpe Ratio Rank: 42
SPOG.L Sortino Ratio Rank: 37
SPOG.L Omega Ratio Rank: 40
SPOG.L Calmar Ratio Rank: 48
SPOG.L Martin Ratio Rank: 40

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.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.

	SPOG.L	GCLE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	4.02	-2.56
Sortino ratio: Return per unit of downside risk	1.90	4.74	-2.84
Omega ratio: Gain probability vs. loss probability	1.26	1.63	-0.37
Calmar ratio: Return relative to maximum drawdown	2.31	8.09	-5.78
Martin ratio: Return relative to average drawdown	6.19	27.23	-21.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current SPOG.L Sharpe Ratio is 1.46, which is lower than the GCLE.L Sharpe Ratio of 4.02. The chart below compares the historical Sharpe Ratios of SPOG.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

	SPOG.L	GCLE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	4.02	-2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	-0.13	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	-0.24	+0.38

Drawdowns

SPOG.L vs. GCLE.L - Drawdown Comparison

The maximum SPOG.L drawdown since its inception was -76.49%, which is greater than GCLE.L's maximum drawdown of -69.65%. Use the drawdown chart below to compare losses from any high point for SPOG.L and GCLE.L.

Drawdown Indicators

	SPOG.L	GCLE.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.49%	-69.65%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-17.14%	-10.89%	-6.25%
Max Drawdown (3Y) Largest decline over 3 years	-29.87%	-52.80%	+22.93%
Max Drawdown (5Y) Largest decline over 5 years	-32.90%	-68.49%	+35.59%
Max Drawdown (10Y) Largest decline over 10 years	-71.97%	—	—
Current Drawdown Current decline from peak	-10.01%	-29.34%	+19.33%
Average Drawdown Average peak-to-trough decline	-26.49%	-40.62%	+14.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.40%	3.24%	+3.16%

Volatility

SPOG.L vs. GCLE.L - Volatility Comparison

iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.L) has a higher volatility of 9.48% compared to Invesco Global Clean Energy UCITS ETF Acc (GCLE.L) at 8.81%. This indicates that SPOG.L's price experiences larger fluctuations and is considered to be riskier than GCLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPOG.L	GCLE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.48%	8.81%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	22.81%	15.45%	+7.36%
Volatility (1Y) Calculated over the trailing 1-year period	27.13%	21.91%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.32%	26.53%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.93%	27.13%	+4.80%

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

SPOG.L has a 0.55% expense ratio, which is lower than GCLE.L's 0.60% expense ratio.

Dividends

SPOG.L vs. GCLE.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

SPOG.L and GCLE.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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.

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

SPOG.L is cheaper with a 0.55% expense ratio, compared with 0.60% for GCLE.L.

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

SPOG.L tracks MSCI World/Energy NR USD, while GCLE.L tracks WilderHill New Energy Global Innovation Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for SPOG.L and 0.60% for GCLE.L.