GLGG.L vs. DH2O.L

Last updated Jul 16, 2026

GLGG.L (L&G Clean Water UCITS ETF) and DH2O.L (iShares Global Water UCITS ETF USD (Dist)) are both exchange-traded funds - GLGG.L is a Water Equities fund tracking the S&P Global Water TR, while DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD). Both are passively managed. Over the past 5 years, GLGG.L returned 6.27%/yr vs 5.17%/yr for DH2O.L. Their correlation of 0.81 suggests significant overlap in exposure. GLGG.L charges 0.49%/yr vs 0.65%/yr for DH2O.L.

Performance

GLGG.L vs. DH2O.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Clean Water UCITS ETF (GLGG.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLGG.L is traded in GBp, while DH2O.L is traded in USD. To make them comparable, the DH2O.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLGG.L achieves a 3.74% return, which is significantly higher than DH2O.L's 2.29% return.

GLGG.L

• 1D: -0.78%
• 1M: 0.67%
• 6M: 0.12%
• YTD: 3.74%
• 1Y: 6.98%
• 3Y*: 9.60%
• 5Y*: 6.27%
• 10Y*: —

DH2O.L

• 1D: 0.00%
• 1M: 2.01%
• 6M: 0.28%
• YTD: 2.29%
• 1Y: 5.05%
• 3Y*: 7.67%
• 5Y*: 5.17%
• 10Y*: 9.34%

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

GLGG.L vs. DH2O.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLGG.L L&G Clean Water UCITS ETF	3.74%	7.81%	5.74%	14.58%	-7.49%	27.84%	14.90%	-14.11%
DH2O.L iShares Global Water UCITS ETF USD (Dist)	2.29%	9.23%	6.11%	7.89%	-11.42%	31.91%	11.83%	6.48%

Correlation

The correlation between GLGG.L and DH2O.L is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 26, 2019	0.81

The correlation between GLGG.L and DH2O.L has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

GLGG.L vs. DH2O.L — Risk / Return Rank

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

GLGG.L

GLGG.L Risk / Return Rank: 17
GLGG.L Sharpe Ratio Rank: 18
GLGG.L Sortino Ratio Rank: 17
GLGG.L Omega Ratio Rank: 16
GLGG.L Calmar Ratio Rank: 18
GLGG.L Martin Ratio Rank: 17

DH2O.L

DH2O.L Risk / Return Rank: 18
DH2O.L Sharpe Ratio Rank: 19
DH2O.L Sortino Ratio Rank: 17
DH2O.L Omega Ratio Rank: 17
DH2O.L Calmar Ratio Rank: 19
DH2O.L Martin Ratio Rank: 18

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.

GLGG.L vs. DH2O.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Clean Water UCITS ETF (GLGG.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.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.

	GLGG.L	DH2O.L	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.46	+0.03
Sortino ratio: Return per unit of downside risk	0.76	0.70	+0.05
Omega ratio: Gain probability vs. loss probability	1.09	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.60	0.60	0.00
Martin ratio: Return relative to average drawdown	1.36	1.46	-0.10

GLGG.L vs. DH2O.L - Sharpe Ratio Comparison

The current GLGG.L Sharpe Ratio is 0.48, which is comparable to the DH2O.L Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of GLGG.L and DH2O.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

GLGG.L vs. DH2O.L - Drawdown Comparison

The maximum GLGG.L drawdown since its inception was -35.59%, smaller than the maximum DH2O.L drawdown of -37.91%. Use the drawdown chart below to compare losses from any high point for GLGG.L and DH2O.L.

Drawdown Indicators

	GLGG.L	DH2O.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.59%	-37.91%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-10.33%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-19.97%	-14.14%	-5.83%
Max Drawdown (5Y) Largest decline over 5 years	-19.97%	-23.57%	+3.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.84%	—
Current Drawdown Current decline from peak	-7.01%	-5.49%	-1.52%
Average Drawdown Average peak-to-trough decline	-9.01%	-6.01%	-3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	4.25%	+0.88%

Volatility

GLGG.L vs. DH2O.L - Volatility Comparison

L&G Clean Water UCITS ETF (GLGG.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.L) have volatilities of 4.76% and 4.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLGG.L	DH2O.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.67%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	10.97%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.37%	13.59%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.47%	15.17%	+5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	15.73%	+6.17%

GLGG.L vs. DH2O.L - Expense Ratio Comparison

GLGG.L has a 0.49% expense ratio, which is lower than DH2O.L's 0.65% expense ratio.

Dividends

GLGG.L vs. DH2O.L - Dividend Comparison

GLGG.L has not paid dividends to shareholders, while DH2O.L's dividend yield for the trailing twelve months is around 1.36%.

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%
GLGG.L L&G Clean Water 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

Can I hold both GLGG.L and DH2O.L in my portfolio?

GLGG.L and DH2O.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLGG.L or DH2O.L?

On fees, GLGG.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLGG.L or DH2O.L?

GLGG.L is cheaper with a 0.49% expense ratio, compared with 0.65% for DH2O.L.

What is the main difference between GLGG.L and DH2O.L?

GLGG.L is categorized as Water Equities, while DH2O.L is Global Equities. GLGG.L tracks S&P Global Water TR, while DH2O.L tracks S&P Global Water Index (NET) (USD). They also come from different issuers: Legal & General and iShares. Their fees differ too: 0.49% for GLGG.L and 0.65% for DH2O.L.