DH2O.L vs. SPXS.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - DH2O.L tracks the S&P Global Water Index (NET) (USD) while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, DH2O.L returned 9.56%/yr vs -27.39%/yr for SPXS.L. A 0.77 correlation means they provide meaningful diversification when combined. DH2O.L charges 0.65%/yr vs 0.05%/yr for SPXS.L.
Performance
DH2O.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, DH2O.L achieves a 2.64% return, which is significantly lower than SPXS.L's 10.20% return. Over the past 10 years, DH2O.L has outperformed SPXS.L with an annualized return of 9.56%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.
DH2O.L
- 1D
- -0.07%
- 1M
- 2.85%
- 6M
- 0.83%
- YTD
- 2.64%
- 1Y
- 6.10%
- 3Y*
- 8.88%
- 5Y*
- 4.80%
- 10Y*
- 9.56%
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
DH2O.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 2.64% | 17.60% | 4.29% | 13.57% | -20.83% | 30.67% | 15.22% | 33.60% | -10.59% | 27.00% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 21.62% |
Correlation
The correlation between DH2O.L and SPXS.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.77 |
Over the past year, the correlation between DH2O.L and SPXS.L has dropped to 0.49 - 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. SPXS.L — Risk / Return Rank
DH2O.L
SPXS.L
DH2O.L vs. SPXS.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 Invesco S&P 500 UCITS ETF (SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.52 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | -1.00 | +1.66 |
| Martin ratioReturn relative to average drawdown | 1.53 | -1.23 | +2.76 |
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Drawdowns
DH2O.L vs. SPXS.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for DH2O.L and SPXS.L.
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Drawdown Indicators
| DH2O.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -99.07% | +42.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -99.07% | +88.54% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -99.07% | +82.99% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -99.07% | +66.64% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | -99.07% | +63.51% |
Current DrawdownCurrent decline from peak | -5.23% | -98.90% | +93.67% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -7.67% | -2.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 80.57% | -75.99% |
Volatility
DH2O.L vs. SPXS.L - Volatility Comparison
iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a higher volatility of 4.04% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that DH2O.L's price experiences larger fluctuations and is considered to be riskier than SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 2.73% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 9.24% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.58% | 99.43% | -85.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.74% | 47.13% | -30.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 35.27% | -18.79% |
DH2O.L vs. SPXS.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
DH2O.L vs. SPXS.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.36%, while SPXS.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) | 1.36% | 1.33% | 1.06% | 1.18% | 1.09% | 1.66% | 0.94% | 1.39% | 1.80% | 1.46% | 1.76% | 1.65% |
SPXS.L Invesco S&P 500 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% |
Frequently Asked Questions
DH2O.L and SPXS.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.65% for DH2O.L.
DH2O.L tracks S&P Global Water Index (NET) (USD), while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for DH2O.L and 0.05% for SPXS.L.
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