SPOG.L vs. RAYS.L
SPOG.L (iShares Oil & Gas Exploration & Production UCITS ETF) and RAYS.L (Invesco Solar Energy UCITS ETF Acc) are both Energy Equities funds - SPOG.L tracks the MSCI World/Energy NR USD while RAYS.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 3 years, SPOG.L returned 11.67%/yr vs -2.91%/yr for RAYS.L. At a 0.19 correlation, their price movements are largely independent. SPOG.L charges 0.55%/yr vs 0.69%/yr for RAYS.L.
Performance
SPOG.L vs. RAYS.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPOG.L achieves a 28.42% return, which is significantly lower than RAYS.L's 41.92% return.
SPOG.L
- 1D
- 1.98%
- 1M
- -1.72%
- YTD
- 28.42%
- 6M
- 24.11%
- 1Y
- 37.28%
- 3Y*
- 11.67%
- 5Y*
- 17.41%
- 10Y*
- 8.27%
RAYS.L
- 1D
- -1.03%
- 1M
- 21.09%
- YTD
- 41.92%
- 6M
- 47.18%
- 1Y
- 114.79%
- 3Y*
- -2.91%
- 5Y*
- —
- 10Y*
- —
SPOG.L vs. RAYS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPOG.L iShares Oil & Gas Exploration & Production UCITS ETF | 28.42% | -0.88% | 0.57% | -2.90% | 54.40% | 26.04% |
RAYS.L Invesco Solar Energy UCITS ETF Acc | 41.92% | 36.36% | -36.34% | -29.61% | 5.10% | -6.84% |
Correlation
The correlation between SPOG.L and RAYS.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 SPOG.L and RAYS.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
SPOG.L vs. RAYS.L — Risk / Return Rank
SPOG.L
RAYS.L
SPOG.L vs. RAYS.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 Solar Energy UCITS ETF Acc (RAYS.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 | RAYS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.50 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 9.60 | -7.43 |
| Martin ratioReturn relative to average drawdown | 5.84 | 23.29 | -17.45 |
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
| SPOG.L | RAYS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 3.48 | -2.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | -0.10 | +0.24 |
Drawdowns
SPOG.L vs. RAYS.L - Drawdown Comparison
The maximum SPOG.L drawdown since its inception was -76.49%, roughly equal to the maximum RAYS.L drawdown of -73.42%. Use the drawdown chart below to compare losses from any high point for SPOG.L and RAYS.L.
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Drawdown Indicators
| SPOG.L | RAYS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.49% | -73.42% | -3.07% |
Max Drawdown (1Y)Largest decline over 1 year | -17.14% | -11.90% | -5.24% |
Max Drawdown (3Y)Largest decline over 3 years | -29.87% | -64.82% | +34.95% |
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 | -10.32% | -31.51% | +21.19% |
Average DrawdownAverage peak-to-trough decline | -26.50% | -41.70% | +15.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.37% | 4.91% | +1.46% |
Volatility
SPOG.L vs. RAYS.L - Volatility Comparison
The current volatility for iShares Oil & Gas Exploration & Production UCITS ETF (SPOG.L) is 9.65%, while Invesco Solar Energy UCITS ETF Acc (RAYS.L) has a volatility of 12.28%. This indicates that SPOG.L experiences smaller price fluctuations and is considered to be less risky than RAYS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPOG.L | RAYS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.65% | 12.28% | -2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 22.82% | 22.01% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.20% | 32.96% | -5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.32% | 36.87% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.94% | 36.87% | -4.93% |
SPOG.L vs. RAYS.L - Expense Ratio Comparison
SPOG.L has a 0.55% expense ratio, which is lower than RAYS.L's 0.69% expense ratio.
Dividends
SPOG.L vs. RAYS.L - Dividend Comparison
Neither SPOG.L nor RAYS.L has paid dividends to shareholders.
Frequently Asked Questions
SPOG.L and RAYS.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.
SPOG.L tracks MSCI World/Energy NR USD, while RAYS.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for SPOG.L and 0.69% for RAYS.L.
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