AQWG.L vs. DH2O.L
AQWG.L (Global X Clean Water UCITS ETF) and DH2O.L (iShares Global Water UCITS ETF USD (Dist)) are both exchange-traded funds - AQWG.L is a Water Equities fund tracking the S&P Global Water TR, while DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD). Both are passively managed. Over the past 3 years, AQWG.L returned 9.59%/yr vs 7.67%/yr for DH2O.L. Their correlation of 0.81 suggests significant overlap in exposure. AQWG.L charges 0.50%/yr vs 0.65%/yr for DH2O.L.
Performance
AQWG.L vs. DH2O.L - Performance Comparison
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Different Trading Currencies
AQWG.L is traded in GBP, while DH2O.L is traded in USD. To make them comparable, the DH2O.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, AQWG.L achieves a 3.68% return, which is significantly higher than DH2O.L's 2.29% return.
AQWG.L
- 1D
- 0.00%
- 1M
- 2.98%
- 6M
- 0.82%
- YTD
- 3.68%
- 1Y
- 3.80%
- 3Y*
- 9.59%
- 5Y*
- —
- 10Y*
- —
DH2O.L
- 1D
- 0.00%
- 1M
- 2.01%
- 6M
- 0.28%
- YTD
- 2.29%
- 1Y
- 5.05%
- 3Y*
- 7.67%
- 5Y*
- 5.17%
- 10Y*
- 9.34%
AQWG.L vs. DH2O.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AQWG.L Global X Clean Water UCITS ETF | 3.68% | 5.17% | 7.79% | 18.26% | -9.91% | 2.42% |
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 2.29% | 9.23% | 6.11% | 7.89% | -11.42% | 0.56% |
Correlation
The correlation between AQWG.L and DH2O.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021 | 0.81 |
The correlation between AQWG.L and DH2O.L has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.
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Return for Risk
AQWG.L vs. DH2O.L — Risk / Return Rank
AQWG.L
DH2O.L
AQWG.L vs. DH2O.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Clean Water UCITS ETF (AQWG.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AQWG.L | DH2O.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.09 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.60 | -0.26 |
| Martin ratioReturn relative to average drawdown | 0.77 | 1.46 | -0.68 |
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Drawdowns
AQWG.L vs. DH2O.L - Drawdown Comparison
The maximum AQWG.L drawdown since its inception was -21.32%, smaller than the maximum DH2O.L drawdown of -37.91%. Use the drawdown chart below to compare losses from any high point for AQWG.L and DH2O.L.
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Drawdown Indicators
| AQWG.L | DH2O.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.32% | -37.91% | +16.59% |
Max Drawdown (1Y)Largest decline over 1 year | -11.23% | -10.33% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -17.73% | -14.14% | -3.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.84% | — |
Current DrawdownCurrent decline from peak | -5.45% | -5.49% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -6.46% | -6.01% | -0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.92% | 4.25% | +0.67% |
Volatility
AQWG.L vs. DH2O.L - Volatility Comparison
The current volatility for Global X Clean Water UCITS ETF (AQWG.L) is 4.34%, while iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a volatility of 4.67%. This indicates that AQWG.L experiences smaller price fluctuations and is considered to be less risky than DH2O.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AQWG.L | DH2O.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 4.67% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 10.93% | 10.97% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.59% | 13.59% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 15.17% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.97% | 15.73% | -0.76% |
AQWG.L vs. DH2O.L - Expense Ratio Comparison
AQWG.L has a 0.50% expense ratio, which is lower than DH2O.L's 0.65% expense ratio.
Dividends
AQWG.L vs. DH2O.L - Dividend Comparison
AQWG.L has not paid dividends to shareholders, while DH2O.L's dividend yield for the trailing twelve months is around 1.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AQWG.L Global X Clean Water 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% |
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 1.36% | 1.33% | 1.06% | 1.18% | 1.09% | 1.66% | 0.94% | 1.39% | 1.80% | 1.46% | 1.76% | 1.65% |
Frequently Asked Questions
AQWG.L and DH2O.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AQWG.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AQWG.L is cheaper with a 0.50% expense ratio, compared with 0.65% for DH2O.L.
AQWG.L is categorized as Water Equities, while DH2O.L is Global Equities. AQWG.L tracks S&P Global Water TR, while DH2O.L tracks S&P Global Water Index (NET) (USD). They also come from different issuers: Global X and iShares. Their fees differ too: 0.50% for AQWG.L and 0.65% for DH2O.L.
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