DH2O.L vs. MVOL.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and MVOL.L (iShares Edge MSCI World Minimum Volatility UCITS) are both Global Equities funds from iShares - DH2O.L tracks the S&P Global Water Index (NET) (USD) while MVOL.L tracks the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, DH2O.L returned 9.79%/yr vs 6.83%/yr for MVOL.L. A 0.77 correlation means they provide meaningful diversification when combined. DH2O.L charges 0.65%/yr vs 0.35%/yr for MVOL.L.
Performance
DH2O.L vs. MVOL.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 MVOL.L's 2.60% return. Over the past 10 years, DH2O.L has outperformed MVOL.L with an annualized return of 9.79%, while MVOL.L has yielded a comparatively lower 6.83% annualized 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%
MVOL.L
- 1D
- 0.65%
- 1M
- 1.99%
- 6M
- 2.88%
- YTD
- 2.60%
- 1Y
- 4.67%
- 3Y*
- 9.17%
- 5Y*
- 5.10%
- 10Y*
- 6.83%
DH2O.L vs. MVOL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 4.37% | 17.60% | 4.29% | 13.57% | -20.83% | 30.67% | 15.22% | 33.60% | -10.59% | 27.00% |
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS | 2.60% | 11.02% | 11.08% | 7.28% | -9.62% | 14.65% | 2.56% | 22.56% | -2.40% | 17.39% |
Correlation
The correlation between DH2O.L and MVOL.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012 | 0.77 |
Over the past year, the correlation between DH2O.L and MVOL.L has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.
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Return for Risk
DH2O.L vs. MVOL.L — Risk / Return Rank
DH2O.L
MVOL.L
DH2O.L vs. MVOL.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 iShares Edge MSCI World Minimum Volatility UCITS (MVOL.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 | MVOL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.11 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 0.81 | -0.08 |
| Martin ratioReturn relative to average drawdown | 1.66 | 1.76 | -0.10 |
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Drawdowns
DH2O.L vs. MVOL.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, which is greater than MVOL.L's maximum drawdown of -28.82%. Use the drawdown chart below to compare losses from any high point for DH2O.L and MVOL.L.
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Drawdown Indicators
| DH2O.L | MVOL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -28.82% | -28.08% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -5.78% | -4.75% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -8.15% | -7.93% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -18.52% | -13.91% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -28.82% | -6.74% |
Current DrawdownCurrent decline from peak | -3.63% | -2.01% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -3.30% | -7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 2.65% | +1.93% |
Volatility
DH2O.L vs. MVOL.L - Volatility Comparison
iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a higher volatility of 4.28% compared to iShares Edge MSCI World Minimum Volatility UCITS (MVOL.L) at 2.29%. This indicates that DH2O.L's price experiences larger fluctuations and is considered to be riskier than MVOL.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 | MVOL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 2.29% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 10.90% | 6.07% | +4.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 7.87% | +5.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 10.67% | +6.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 11.62% | +4.86% |
DH2O.L vs. MVOL.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than MVOL.L's 0.35% expense ratio.
Dividends
DH2O.L vs. MVOL.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.34%, while MVOL.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MVOL.L iShares Edge MSCI World Minimum Volatility UCITS | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DH2O.L and MVOL.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MVOL.L is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MVOL.L is cheaper with a 0.35% expense ratio, compared with 0.65% for DH2O.L.
DH2O.L tracks S&P Global Water Index (NET) (USD), while MVOL.L tracks MSCI ACWI NR USD. Their fees differ too: 0.65% for DH2O.L and 0.35% for MVOL.L.
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