8PSE.DE vs. HEAE.L
8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) are both exchange-traded funds - 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged), while HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD. Both are passively managed. Over the past 3 years, 8PSE.DE returned 28.08%/yr vs 2.72%/yr for HEAE.L. At a 0.06 correlation, their price movements are largely independent. 8PSE.DE charges 0.34%/yr vs 0.18%/yr for HEAE.L.
Performance
8PSE.DE vs. HEAE.L - Performance Comparison
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Different Trading Currencies
8PSE.DE is traded in EUR, while HEAE.L is traded in GBP. To make them comparable, the HEAE.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 8PSE.DE achieves a 0.15% return, which is significantly higher than HEAE.L's -1.55% return.
8PSE.DE
- 1D
- 0.72%
- 1M
- -2.51%
- YTD
- 0.15%
- 6M
- 4.45%
- 1Y
- 28.47%
- 3Y*
- 28.08%
- 5Y*
- 15.46%
- 10Y*
- —
HEAE.L
- 1D
- 3.19%
- 1M
- 1.62%
- YTD
- -1.55%
- 6M
- -0.32%
- 1Y
- 6.21%
- 3Y*
- 2.72%
- 5Y*
- —
- 10Y*
- —
8PSE.DE vs. HEAE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | 0.15% | 62.78% | 24.11% | 10.00% | -8.96% |
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -1.53% | 7.71% | 3.33% | 7.76% | -11.07% |
Correlation
The correlation between 8PSE.DE and HEAE.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.06 |
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Return for Risk
8PSE.DE vs. HEAE.L — Risk / Return Rank
8PSE.DE
HEAE.L
8PSE.DE vs. HEAE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) and SPDR MSCI Europe Health Care UCITS ETF (HEAE.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.
| 8PSE.DE | HEAE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.08 | +0.52 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 0.48 | +0.08 |
| Martin ratioReturn relative to average drawdown | 2.31 | 1.06 | +1.25 |
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
| 8PSE.DE | HEAE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 0.37 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.08 | +0.08 |
Drawdowns
8PSE.DE vs. HEAE.L - Drawdown Comparison
The maximum 8PSE.DE drawdown since its inception was -50.81%, which is greater than HEAE.L's maximum drawdown of -25.61%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and HEAE.L.
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Drawdown Indicators
| 8PSE.DE | HEAE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.81% | -25.61% | -25.20% |
Max Drawdown (1Y)Largest decline over 1 year | -50.81% | -12.87% | -37.94% |
Max Drawdown (3Y)Largest decline over 3 years | -50.81% | -25.61% | -25.20% |
Max Drawdown (5Y)Largest decline over 5 years | -50.81% | — | — |
Current DrawdownCurrent decline from peak | -16.31% | -10.88% | -5.43% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -8.58% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.27% | 5.82% | +6.45% |
Volatility
8PSE.DE vs. HEAE.L - Volatility Comparison
Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a higher volatility of 5.95% compared to SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) at 5.40%. This indicates that 8PSE.DE's price experiences larger fluctuations and is considered to be riskier than HEAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSE.DE | HEAE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 5.40% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 71.01% | 11.74% | +59.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 181.73% | 16.84% | +164.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 87.63% | 16.85% | +70.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.06% | 16.85% | +64.21% |
8PSE.DE vs. HEAE.L - Expense Ratio Comparison
8PSE.DE has a 0.34% expense ratio, which is higher than HEAE.L's 0.18% expense ratio.
Dividends
8PSE.DE vs. HEAE.L - Dividend Comparison
Neither 8PSE.DE nor HEAE.L has paid dividends to shareholders.
Frequently Asked Questions
8PSE.DE and HEAE.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.
On fees, HEAE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAE.L is cheaper with a 0.18% expense ratio, compared with 0.34% for 8PSE.DE.
8PSE.DE is categorized as Gold, while HEAE.L is Health & Biotech Equities. 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while HEAE.L tracks MSCI World/Health Care NR USD. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.34% for 8PSE.DE and 0.18% for HEAE.L.
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