DH2O.L vs. AQWG.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and AQWG.L (Global X Clean Water UCITS ETF) are both exchange-traded funds - DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD), while AQWG.L is a Water Equities fund tracking the S&P Global Water TR. Both are passively managed. Over the past 3 years, DH2O.L returned 9.31%/yr vs 10.24%/yr for AQWG.L. Their correlation of 0.84 suggests significant overlap in exposure. DH2O.L charges 0.65%/yr vs 0.50%/yr for AQWG.L.
Performance
DH2O.L vs. AQWG.L - Performance Comparison
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Different Trading Currencies
DH2O.L is traded in USD, while AQWG.L is traded in GBP. To make them comparable, the AQWG.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, DH2O.L achieves a 4.37% return, which is significantly higher than AQWG.L's 3.78% 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%
AQWG.L
- 1D
- 0.00%
- 1M
- 2.83%
- 6M
- -0.73%
- YTD
- 3.78%
- 1Y
- 4.53%
- 3Y*
- 10.24%
- 5Y*
- —
- 10Y*
- —
DH2O.L vs. AQWG.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% | 2.81% |
AQWG.L Global X Clean Water UCITS ETF | 3.78% | 13.10% | 5.99% | 24.49% | -19.54% | 4.95% |
Correlation
The correlation between DH2O.L and AQWG.L is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2021 | 0.84 |
The correlation between DH2O.L and AQWG.L has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
DH2O.L vs. AQWG.L — Risk / Return Rank
DH2O.L
AQWG.L
DH2O.L vs. AQWG.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 (AQWG.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 | AQWG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.07 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.37 | +0.35 |
| Martin ratioReturn relative to average drawdown | 1.66 | 0.81 | +0.85 |
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Drawdowns
DH2O.L vs. AQWG.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, which is greater than AQWG.L's maximum drawdown of -28.70%. Use the drawdown chart below to compare losses from any high point for DH2O.L and AQWG.L.
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Drawdown Indicators
| DH2O.L | AQWG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -28.70% | -28.20% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -12.29% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -17.37% | +1.29% |
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% | -6.06% | +2.43% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -9.36% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 5.62% | -1.04% |
Volatility
DH2O.L vs. AQWG.L - Volatility Comparison
iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a higher volatility of 4.28% compared to Global X Clean Water UCITS ETF (AQWG.L) at 3.90%. This indicates that DH2O.L's price experiences larger fluctuations and is considered to be riskier than AQWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DH2O.L | AQWG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 3.90% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.90% | 11.16% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 14.31% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 17.05% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 17.05% | -0.57% |
DH2O.L vs. AQWG.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than AQWG.L's 0.50% expense ratio.
Dividends
DH2O.L vs. AQWG.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.34%, while AQWG.L has not paid dividends to shareholders.
| 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) | 1.34% | 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 AQWG.L have a correlation of 0.77, 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.
DH2O.L is categorized as Global Equities, while AQWG.L is Water Equities. DH2O.L tracks S&P Global Water Index (NET) (USD), while AQWG.L tracks S&P Global Water TR. They also come from different issuers: iShares and Global X. Their fees differ too: 0.65% for DH2O.L and 0.50% for AQWG.L.
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