DH2O.L vs. VRPS.L
DH2O.L (iShares Global Water UCITS ETF USD (Dist)) and VRPS.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist)) are both exchange-traded funds - DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD), while VRPS.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities Index. Both are passively managed. Over the past 5 years, DH2O.L returned 5.15%/yr vs 3.51%/yr for VRPS.L. At a 0.48 correlation, their price movements are largely independent. DH2O.L charges 0.65%/yr vs 0.50%/yr for VRPS.L.
Performance
DH2O.L vs. VRPS.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 VRPS.L's 2.17% 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%
VRPS.L
- 1D
- -0.08%
- 1M
- 0.15%
- 6M
- 1.54%
- YTD
- 2.17%
- 1Y
- 5.34%
- 3Y*
- 8.46%
- 5Y*
- 3.51%
- 10Y*
- —
DH2O.L vs. VRPS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -8.63% |
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 2.17% | 6.33% | 10.82% | 9.27% | -9.73% | 3.63% | 4.19% | 17.74% | -6.03% |
Correlation
The correlation between DH2O.L and VRPS.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018 | 0.48 |
Over the past year, the correlation between DH2O.L and VRPS.L has dropped to 0.28 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
DH2O.L vs. VRPS.L — Risk / Return Rank
DH2O.L
VRPS.L
DH2O.L vs. VRPS.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 Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.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 | VRPS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.30 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 2.52 | -1.79 |
| Martin ratioReturn relative to average drawdown | 1.66 | 9.28 | -7.62 |
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Drawdowns
DH2O.L vs. VRPS.L - Drawdown Comparison
The maximum DH2O.L drawdown since its inception was -56.90%, which is greater than VRPS.L's maximum drawdown of -34.22%. Use the drawdown chart below to compare losses from any high point for DH2O.L and VRPS.L.
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Drawdown Indicators
| DH2O.L | VRPS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.90% | -34.22% | -22.68% |
Max Drawdown (1Y)Largest decline over 1 year | -10.53% | -2.11% | -8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -16.08% | -3.45% | -12.63% |
Max Drawdown (5Y)Largest decline over 5 years | -32.43% | -13.90% | -18.53% |
Max Drawdown (10Y)Largest decline over 10 years | -35.56% | — | — |
Current DrawdownCurrent decline from peak | -3.63% | -0.31% | -3.32% |
Average DrawdownAverage peak-to-trough decline | -10.39% | -3.22% | -7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.58% | 0.57% | +4.01% |
Volatility
DH2O.L vs. VRPS.L - Volatility Comparison
iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a higher volatility of 4.28% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.L) at 0.66%. This indicates that DH2O.L's price experiences larger fluctuations and is considered to be riskier than VRPS.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 | VRPS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.28% | 0.66% | +3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.90% | 2.82% | +8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 3.88% | +9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 5.34% | +11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 10.84% | +5.64% |
DH2O.L vs. VRPS.L - Expense Ratio Comparison
DH2O.L has a 0.65% expense ratio, which is higher than VRPS.L's 0.50% expense ratio.
Dividends
DH2O.L vs. VRPS.L - Dividend Comparison
DH2O.L's dividend yield for the trailing twelve months is around 1.34%, less than VRPS.L's 5.14% yield.
| 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% |
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 5.14% | 4.99% | 4.98% | 4.97% | 4.60% | 3.72% | 3.97% | 4.33% | 0.70% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DH2O.L and VRPS.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VRPS.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VRPS.L is cheaper with a 0.50% expense ratio, compared with 0.65% for DH2O.L.
DH2O.L is categorized as Global Equities, while VRPS.L is Preferred Stock/Convertible Bonds. DH2O.L tracks S&P Global Water Index (NET) (USD), while VRPS.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for DH2O.L and 0.50% for VRPS.L.
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