GBDV.L vs. HDGB.L

Last updated Jul 18, 2026

GBDV.L (SPDR S&P Global Dividend Aristocrats UCITS) and HDGB.L (VanEck Hydrogen Economy UCITS ETF USD (Acc)) are both exchange-traded funds - GBDV.L is a Global Equities fund tracking the S&P Global Dividend Aristocrats index, while HDGB.L is a Hydrogen Economy fund tracking the MVIS Global Hydrogen Economy ESG Index. Both are passively managed. Over the past 5 years, GBDV.L returned 8.02%/yr vs -12.94%/yr for HDGB.L. At a 0.39 correlation, their price movements are largely independent. GBDV.L charges 0.45%/yr vs 0.55%/yr for HDGB.L.

Performance

GBDV.L vs. HDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) and VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBDV.L achieves a 12.11% return, which is significantly lower than HDGB.L's 32.72% return.

GBDV.L

• 1D: 0.27%
• 1M: 3.68%
• 6M: 8.12%
• YTD: 12.11%
• 1Y: 18.64%
• 3Y*: 13.81%
• 5Y*: 8.02%
• 10Y*: 6.46%

HDGB.L

• 1D: -1.51%
• 1M: -13.74%
• 6M: 14.76%
• YTD: 32.72%
• 1Y: 55.48%
• 3Y*: -8.38%
• 5Y*: -12.94%
• 10Y*: —

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

GBDV.L vs. HDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	12.11%	9.25%	8.98%	1.23%	4.57%	7.74%
HDGB.L VanEck Hydrogen Economy UCITS ETF USD (Acc)	32.72%	10.07%	-28.93%	-27.71%	-31.76%	-20.01%

Correlation

The correlation between GBDV.L and HDGB.L is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.39

Over the past year, the correlation between GBDV.L and HDGB.L has dropped to 0.14 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

GBDV.L vs. HDGB.L — Risk / Return Rank

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

GBDV.L

GBDV.L Risk / Return Rank: 79
GBDV.L Sharpe Ratio Rank: 85
GBDV.L Sortino Ratio Rank: 82
GBDV.L Omega Ratio Rank: 82
GBDV.L Calmar Ratio Rank: 76
GBDV.L Martin Ratio Rank: 69

HDGB.L

HDGB.L Risk / Return Rank: 49
HDGB.L Sharpe Ratio Rank: 55
HDGB.L Sortino Ratio Rank: 57
HDGB.L Omega Ratio Rank: 50
HDGB.L Calmar Ratio Rank: 47
HDGB.L Martin Ratio Rank: 36

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.

GBDV.L vs. HDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) and VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.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.

	GBDV.L	HDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.41	+0.73
Sortino ratio: Return per unit of downside risk	2.95	2.08	+0.87
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	3.06	1.81	+1.26
Martin ratio: Return relative to average drawdown	9.50	4.15	+5.35

GBDV.L vs. HDGB.L - Sharpe Ratio Comparison

The current GBDV.L Sharpe Ratio is 2.14, which is higher than the HDGB.L Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of GBDV.L and HDGB.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

GBDV.L vs. HDGB.L - Drawdown Comparison

The maximum GBDV.L drawdown since its inception was -40.46%, smaller than the maximum HDGB.L drawdown of -80.00%. Use the drawdown chart below to compare losses from any high point for GBDV.L and HDGB.L.

Drawdown Indicators

	GBDV.L	HDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.46%	-80.00%	+39.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.06%	-30.53%	+24.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.57%	-63.35%	+49.78%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-80.00%	+63.82%
Max Drawdown (10Y) Largest decline over 10 years	-34.77%	—	—
Current Drawdown Current decline from peak	0.00%	-59.70%	+59.70%
Average Drawdown Average peak-to-trough decline	-11.54%	-51.61%	+40.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	13.34%	-11.38%

Volatility

GBDV.L vs. HDGB.L - Volatility Comparison

The current volatility for SPDR S&P Global Dividend Aristocrats UCITS (GBDV.L) is 2.59%, while VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.L) has a volatility of 10.38%. This indicates that GBDV.L experiences smaller price fluctuations and is considered to be less risky than HDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBDV.L	HDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	10.38%	-7.79%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	27.41%	-20.75%
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	39.12%	-30.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.74%	34.53%	-22.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.05%	34.61%	-20.56%

GBDV.L vs. HDGB.L - Expense Ratio Comparison

GBDV.L has a 0.45% expense ratio, which is lower than HDGB.L's 0.55% expense ratio.

Dividends

GBDV.L vs. HDGB.L - Dividend Comparison

GBDV.L's dividend yield for the trailing twelve months is around 3.72%, while HDGB.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDV.L SPDR S&P Global Dividend Aristocrats UCITS	3.72%	4.21%	3.80%	4.25%	4.26%	3.68%	3.91%	3.60%	3.87%	3.28%	3.49%	3.73%
HDGB.L VanEck Hydrogen Economy UCITS ETF USD (Acc)	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

Can I hold both GBDV.L and HDGB.L in my portfolio?

GBDV.L and HDGB.L have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GBDV.L or HDGB.L?

On fees, GBDV.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GBDV.L or HDGB.L?

GBDV.L is cheaper with a 0.45% expense ratio, compared with 0.55% for HDGB.L.

What is the main difference between GBDV.L and HDGB.L?

GBDV.L is categorized as Global Equities, while HDGB.L is Hydrogen Economy. GBDV.L tracks S&P Global Dividend Aristocrats index, while HDGB.L tracks MVIS Global Hydrogen Economy ESG Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.45% for GBDV.L and 0.55% for HDGB.L.