DOCT.L vs. WHEA.L

Last updated Jul 16, 2026

DOCT.L (L&G Healthcare Breakthrough UCITS ETF) and WHEA.L (State Street SPDR MSCI World Health Care UCITS ETF) are both Health & Biotech Equities funds - DOCT.L tracks the MSCI World/Health Care NR USD while WHEA.L tracks the State Street SPDR MSCI World Health Care UCITS ETF. Both are passively managed. Over the past 5 years, DOCT.L returned -3.16%/yr vs 4.42%/yr for WHEA.L. A 0.70 correlation means they provide meaningful diversification when combined. DOCT.L charges 0.49%/yr vs 0.30%/yr for WHEA.L.

Performance

DOCT.L vs. WHEA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Healthcare Breakthrough UCITS ETF (DOCT.L) and State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOCT.L achieves a 6.89% return, which is significantly higher than WHEA.L's 1.40% return.

DOCT.L

• 1D: 1.46%
• 1M: 8.05%
• 6M: 2.37%
• YTD: 6.89%
• 1Y: 36.46%
• 3Y*: 8.21%
• 5Y*: -3.16%
• 10Y*: —

WHEA.L

• 1D: 0.44%
• 1M: 3.82%
• 6M: -0.33%
• YTD: 1.40%
• 1Y: 17.80%
• 3Y*: 7.00%
• 5Y*: 4.42%
• 10Y*: 8.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DOCT.L vs. WHEA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DOCT.L L&G Healthcare Breakthrough UCITS ETF	6.89%	24.90%	1.96%	-1.16%	-33.86%	0.19%	66.94%	10.00%
WHEA.L State Street SPDR MSCI World Health Care UCITS ETF	1.40%	15.24%	1.05%	3.54%	-5.55%	20.41%	12.93%	11.25%

Correlation

The correlation between DOCT.L and WHEA.L is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.70

The correlation between DOCT.L and WHEA.L has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.

Return for Risk

DOCT.L vs. WHEA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DOCT.L

DOCT.L Risk / Return Rank: 56
DOCT.L Sharpe Ratio Rank: 63
DOCT.L Sortino Ratio Rank: 68
DOCT.L Omega Ratio Rank: 58
DOCT.L Calmar Ratio Rank: 52
DOCT.L Martin Ratio Rank: 39

WHEA.L

WHEA.L Risk / Return Rank: 37
WHEA.L Sharpe Ratio Rank: 38
WHEA.L Sortino Ratio Rank: 41
WHEA.L Omega Ratio Rank: 36
WHEA.L Calmar Ratio Rank: 38
WHEA.L Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DOCT.L vs. WHEA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Healthcare Breakthrough UCITS ETF (DOCT.L) and State Street SPDR MSCI World Health Care UCITS ETF (WHEA.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.

	DOCT.L	WHEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.12	+0.57
Sortino ratio: Return per unit of downside risk	2.53	1.79	+0.74
Omega ratio: Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio: Return relative to maximum drawdown	2.13	1.63	+0.50
Martin ratio: Return relative to average drawdown	5.00	3.96	+1.04

DOCT.L vs. WHEA.L - Sharpe Ratio Comparison

The current DOCT.L Sharpe Ratio is 1.69, which is higher than the WHEA.L Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of DOCT.L and WHEA.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DOCT.L vs. WHEA.L - Drawdown Comparison

The maximum DOCT.L drawdown since its inception was -57.54%, which is greater than WHEA.L's maximum drawdown of -26.20%. Use the drawdown chart below to compare losses from any high point for DOCT.L and WHEA.L.

Drawdown Indicators

	DOCT.L	WHEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-57.54%	-26.20%	-31.34%
Max Drawdown (1Y) Largest decline over 1 year	-17.02%	-10.35%	-6.67%
Max Drawdown (3Y) Largest decline over 3 years	-28.75%	-19.16%	-9.59%
Max Drawdown (5Y) Largest decline over 5 years	-55.80%	-19.16%	-36.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.20%	—
Current Drawdown Current decline from peak	-25.19%	-3.30%	-21.89%
Average Drawdown Average peak-to-trough decline	-28.91%	-4.76%	-24.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.27%	4.27%	+3.00%

Volatility

DOCT.L vs. WHEA.L - Volatility Comparison

L&G Healthcare Breakthrough UCITS ETF (DOCT.L) has a higher volatility of 6.81% compared to State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L) at 5.90%. This indicates that DOCT.L's price experiences larger fluctuations and is considered to be riskier than WHEA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOCT.L	WHEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	5.90%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	11.52%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.54%	15.11%	+6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.12%	14.27%	+9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.67%	14.73%	+9.94%

DOCT.L vs. WHEA.L - Expense Ratio Comparison

DOCT.L has a 0.49% expense ratio, which is higher than WHEA.L's 0.30% expense ratio.

Dividends

DOCT.L vs. WHEA.L - Dividend Comparison

Neither DOCT.L nor WHEA.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DOCT.L and WHEA.L in my portfolio?

DOCT.L and WHEA.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DOCT.L or WHEA.L?

On fees, WHEA.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DOCT.L or WHEA.L?

WHEA.L is cheaper with a 0.30% expense ratio, compared with 0.49% for DOCT.L.

What is the main difference between DOCT.L and WHEA.L?

DOCT.L tracks MSCI World/Health Care NR USD, while WHEA.L tracks State Street SPDR MSCI World Health Care UCITS ETF. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.49% for DOCT.L and 0.30% for WHEA.L.