DH2O.L vs. AQWA.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and AQWA.L (Global X Clean Water UCITS ETF USD Acc) are both exchange-traded funds - DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD), while AQWA.L is a Water Equities fund tracking the Solactive Global Clean Water Industry v2 Index. Both are passively managed. Over the past 3 years, DH2O.L returned 9.31%/yr vs 10.03%/yr for AQWA.L. Their correlation of 0.88 suggests significant overlap in exposure. DH2O.L charges 0.65%/yr vs 0.50%/yr for AQWA.L.
Performance
DH2O.L vs. AQWA.L - Performance Comparison
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Returns By Period
In the year-to-date period, DH2O.L achieves a 4.37% return, which is significantly higher than AQWA.L's 3.41% return.
DH2O.L
- 1D
- 0.08%
- 1M
- 4.00%
- 6M
- 1.18%
- YTD
- 4.37%
- 1Y
- 7.63%
- 3Y*
- 9.31%
- 5Y*
- 5.15%
- 10Y*
- 9.79%
AQWA.L
- 1D
- -0.30%
- 1M
- 1.58%
- 6M
- -1.03%
- YTD
- 3.41%
- 1Y
- 4.17%
- 3Y*
- 10.03%
- 5Y*
- —
- 10Y*
- —
DH2O.L vs. AQWA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 4.37% | 17.60% | 4.29% | 13.57% | -20.83% | 3.51% |
AQWA.L Global X Clean Water UCITS ETF USD Acc | 3.41% | 12.96% | 5.98% | 25.16% | -19.37% | 1.47% |
Correlation
The correlation between DH2O.L and AQWA.L is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2021 | 0.88 |
The correlation between DH2O.L and AQWA.L has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
DH2O.L vs. AQWA.L — Risk / Return Rank
DH2O.L
AQWA.L
DH2O.L vs. AQWA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF USD (Dist) (DH2O.L) and Global X Clean Water UCITS ETF USD Acc (AQWA.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.
| DH2O.L | AQWA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.06 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.35 | +0.37 |
| Martin ratioReturn relative to average drawdown | 1.66 | 0.75 | +0.91 |
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Drawdowns
DH2O.L vs. AQWA.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, which is greater than AQWA.L's maximum drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for DH2O.L and AQWA.L.
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Drawdown Indicators
| DH2O.L | AQWA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -28.61% | -28.29% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -11.86% | +1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -17.35% | +1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | — | — |
Current DrawdownCurrent decline from peak | -3.63% | -6.22% | +2.59% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -9.24% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 5.57% | -0.99% |
Volatility
DH2O.L vs. AQWA.L - Volatility Comparison
iShares Global Water UCITS ETF USD (Dist) (DH2O.L) and Global X Clean Water UCITS ETF USD Acc (AQWA.L) have volatilities of 4.28% and 4.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DH2O.L | AQWA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 4.42% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.90% | 11.75% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 14.88% | -1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 17.33% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 17.33% | -0.85% |
DH2O.L vs. AQWA.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than AQWA.L's 0.50% expense ratio.
Dividends
DH2O.L vs. AQWA.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.34%, while AQWA.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AQWA.L Global X Clean Water UCITS ETF USD Acc | 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) | 1.34% | 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
DH2O.L and AQWA.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AQWA.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AQWA.L is cheaper with a 0.50% expense ratio, compared with 0.65% for DH2O.L.
DH2O.L is categorized as Global Equities, while AQWA.L is Water Equities. DH2O.L tracks S&P Global Water Index (NET) (USD), while AQWA.L tracks Solactive Global Clean Water Industry v2 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.65% for DH2O.L and 0.50% for AQWA.L.
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