XLEP.L vs. INRG.L

Last updated Jun 5, 2026

XLEP.L (Invesco US Energy Sector UCITS ETF) and INRG.L (iShares Global Clean Energy UCITS ETF USD (Dist)) are both Energy Equities funds - XLEP.L tracks the MSCI World/Energy NR USD while INRG.L tracks the S&P Global Clean Energy TR USD. Both are passively managed. Over the past 10 years, XLEP.L returned 10.15%/yr vs 12.64%/yr for INRG.L. At a 0.34 correlation, their price movements are largely independent. XLEP.L charges 0.14%/yr vs 0.65%/yr for INRG.L.

Performance

XLEP.L vs. INRG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Energy Sector UCITS ETF (XLEP.L) and iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLEP.L achieves a 31.41% return, which is significantly lower than INRG.L's 39.09% return. Over the past 10 years, XLEP.L has underperformed INRG.L with an annualized return of 10.15%, while INRG.L has yielded a comparatively higher 12.64% annualized return.

XLEP.L

• 1D: -0.21%
• 1M: -0.08%
• YTD: 31.41%
• 6M: 28.36%
• 1Y: 47.38%
• 3Y*: 14.05%
• 5Y*: 21.30%
• 10Y*: 10.15%

INRG.L

• 1D: -2.01%
• 1M: 8.39%
• YTD: 39.09%
• 6M: 35.51%
• 1Y: 82.63%
• 3Y*: 5.64%
• 5Y*: 2.72%
• 10Y*: 12.64%

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

XLEP.L vs. INRG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLEP.L Invesco US Energy Sector UCITS ETF	31.41%	1.41%	4.85%	-5.07%	81.43%	53.83%	-35.01%	5.84%	-13.66%	-9.87%
INRG.L iShares Global Clean Energy UCITS ETF USD (Dist)	39.09%	34.75%	-24.39%	-23.83%	5.52%	-23.71%	135.23%	39.22%	-2.66%	10.46%

Correlation

The correlation between XLEP.L and INRG.L is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.34

The correlation between XLEP.L and INRG.L shifts across timeframes, from -0.12 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

XLEP.L vs. INRG.L - Sectors Allocation Comparison

Sectors	XLEP.L	INRG.L
Energy	100.0%	24.7%
Basic Materials	-	1.3%
Communication Services	-	-
Consumer Cyclical	-	0.1%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	28.3%
Real Estate	-	-
Technology	-	10.5%
Utilities	-	33.7%

Return for Risk

XLEP.L vs. INRG.L — Risk / Return Rank

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

XLEP.L

XLEP.L Risk / Return Rank: 57
XLEP.L Sharpe Ratio Rank: 61
XLEP.L Sortino Ratio Rank: 52
XLEP.L Omega Ratio Rank: 58
XLEP.L Calmar Ratio Rank: 60
XLEP.L Martin Ratio Rank: 54

INRG.L

INRG.L Risk / Return Rank: 91
INRG.L Sharpe Ratio Rank: 93
INRG.L Sortino Ratio Rank: 92
INRG.L Omega Ratio Rank: 87
INRG.L Calmar Ratio Rank: 93
INRG.L Martin Ratio Rank: 89

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.

XLEP.L vs. INRG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Energy Sector UCITS ETF (XLEP.L) and iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.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.

	XLEP.L	INRG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.02	3.42	-1.40
Sortino ratio: Return per unit of downside risk	2.49	4.38	-1.89
Omega ratio: Gain probability vs. loss probability	1.35	1.53	-0.17
Calmar ratio: Return relative to maximum drawdown	2.92	6.64	-3.72
Martin ratio: Return relative to average drawdown	9.27	19.87	-10.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLEP.L vs. INRG.L - Sharpe Ratio Comparison

The current XLEP.L Sharpe Ratio is 2.02, which is lower than the INRG.L Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of XLEP.L and INRG.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

	XLEP.L	INRG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	3.42	-1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.11	+0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.50	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.02	+0.23

Drawdowns

XLEP.L vs. INRG.L - Drawdown Comparison

The maximum XLEP.L drawdown since its inception was -63.35%, smaller than the maximum INRG.L drawdown of -85.09%. Use the drawdown chart below to compare losses from any high point for XLEP.L and INRG.L.

Drawdown Indicators

	XLEP.L	INRG.L	Difference
Max Drawdown Largest peak-to-trough decline	-63.35%	-85.09%	+21.74%
Max Drawdown (1Y) Largest decline over 1 year	-16.17%	-12.38%	-3.79%
Max Drawdown (3Y) Largest decline over 3 years	-24.06%	-44.29%	+20.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.16%	-57.38%	+33.22%
Max Drawdown (10Y) Largest decline over 10 years	-63.35%	-65.47%	+2.12%
Current Drawdown Current decline from peak	-8.08%	-27.35%	+19.27%
Average Drawdown Average peak-to-trough decline	-16.96%	-56.54%	+39.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	4.15%	+0.95%

Volatility

XLEP.L vs. INRG.L - Volatility Comparison

The current volatility for Invesco US Energy Sector UCITS ETF (XLEP.L) is 8.92%, while iShares Global Clean Energy UCITS ETF USD (Dist) (INRG.L) has a volatility of 9.58%. This indicates that XLEP.L experiences smaller price fluctuations and is considered to be less risky than INRG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLEP.L	INRG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	9.58%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	19.87%	17.61%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	24.04%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.28%	24.80%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.14%	25.33%	+2.81%

XLEP.L vs. INRG.L - Expense Ratio Comparison

XLEP.L has a 0.14% expense ratio, which is lower than INRG.L's 0.65% expense ratio.

Dividends

XLEP.L vs. INRG.L - Dividend Comparison

XLEP.L has not paid dividends to shareholders, while INRG.L's dividend yield for the trailing twelve months is around 1.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INRG.L iShares Global Clean Energy UCITS ETF USD (Dist)	1.09%	1.77%	1.58%	1.00%	0.62%	1.01%	0.61%	2.05%	3.68%	3.69%	3.65%	3.90%
XLEP.L Invesco US Energy Sector UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLEP.L and INRG.L in my portfolio?

XLEP.L and INRG.L have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLEP.L or INRG.L?

On fees, XLEP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLEP.L or INRG.L?

XLEP.L is cheaper with a 0.14% expense ratio, compared with 0.65% for INRG.L.

What is the main difference between XLEP.L and INRG.L?

XLEP.L tracks MSCI World/Energy NR USD, while INRG.L tracks S&P Global Clean Energy TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for XLEP.L and 0.65% for INRG.L.