BTEK.L vs. HEAE.L
BTEK.L (iShares Nasdaq US Biotechnology UCITS ETF) and HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) are both Health & Biotech Equities funds - BTEK.L tracks the NASDAQ Biotechnology TR USD while HEAE.L tracks the MSCI World/Health Care NR USD. Both are passively managed. Over the past 3 years, BTEK.L returned 10.19%/yr vs 2.88%/yr for HEAE.L. At a 0.43 correlation, their price movements are largely independent. BTEK.L charges 0.35%/yr vs 0.18%/yr for HEAE.L.
Performance
BTEK.L vs. HEAE.L - Performance Comparison
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Returns By Period
In the year-to-date period, BTEK.L achieves a 4.86% return, which is significantly higher than HEAE.L's -2.42% return.
BTEK.L
- 1D
- 3.56%
- 1M
- 2.25%
- YTD
- 4.86%
- 6M
- 2.70%
- 1Y
- 43.15%
- 3Y*
- 10.19%
- 5Y*
- 5.85%
- 10Y*
- —
HEAE.L
- 1D
- 3.29%
- 1M
- 1.82%
- YTD
- -2.42%
- 6M
- -1.32%
- 1Y
- 9.06%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
BTEK.L vs. HEAE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BTEK.L iShares Nasdaq US Biotechnology UCITS ETF | 4.86% | 23.81% | -0.32% | 0.33% | 5.38% |
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -2.42% | 13.38% | -1.21% | 5.53% | -5.60% |
Correlation
The correlation between BTEK.L and HEAE.L is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.43 |
The correlation between BTEK.L and HEAE.L shifts across timeframes, from 0.43 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTEK.L vs. HEAE.L — Risk / Return Rank
BTEK.L
HEAE.L
BTEK.L vs. HEAE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq US Biotechnology UCITS ETF (BTEK.L) 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.
| BTEK.L | HEAE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.11 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 6.23 | 0.66 | +5.57 |
| Martin ratioReturn relative to average drawdown | 17.55 | 1.57 | +15.99 |
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
| BTEK.L | HEAE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.24 | 0.54 | +1.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.14 | +0.17 |
Drawdowns
BTEK.L vs. HEAE.L - Drawdown Comparison
The maximum BTEK.L drawdown since its inception was -30.86%, which is greater than HEAE.L's maximum drawdown of -24.51%. Use the drawdown chart below to compare losses from any high point for BTEK.L and HEAE.L.
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Drawdown Indicators
| BTEK.L | HEAE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.86% | -24.51% | -6.35% |
Max Drawdown (1Y)Largest decline over 1 year | -6.89% | -13.73% | +6.84% |
Max Drawdown (3Y)Largest decline over 3 years | -26.34% | -24.51% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -30.86% | — | — |
Current DrawdownCurrent decline from peak | -1.86% | -10.88% | +9.02% |
Average DrawdownAverage peak-to-trough decline | -10.04% | -7.69% | -2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 5.78% | -3.33% |
Volatility
BTEK.L vs. HEAE.L - Volatility Comparison
iShares Nasdaq US Biotechnology UCITS ETF (BTEK.L) has a higher volatility of 6.91% compared to SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) at 5.60%. This indicates that BTEK.L'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
| BTEK.L | HEAE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.91% | 5.60% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 14.67% | 12.12% | +2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.14% | 16.79% | +2.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.08% | 16.28% | +3.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.71% | 16.28% | +5.43% |
BTEK.L vs. HEAE.L - Expense Ratio Comparison
BTEK.L has a 0.35% expense ratio, which is higher than HEAE.L's 0.18% expense ratio.
Dividends
BTEK.L vs. HEAE.L - Dividend Comparison
Neither BTEK.L nor HEAE.L has paid dividends to shareholders.
Frequently Asked Questions
BTEK.L and HEAE.L have a correlation of 0.58, 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 0.35% for BTEK.L.
BTEK.L tracks NASDAQ Biotechnology TR USD, while HEAE.L tracks MSCI World/Health Care NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.35% for BTEK.L and 0.18% for HEAE.L.
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