HDGB.L vs. MOAT.L

Last updated Jul 16, 2026

HDGB.L (VanEck Hydrogen Economy UCITS ETF) and MOAT.L (VanEck Morningstar US Sustainable Wide Moat UCITS ETF) are both exchange-traded funds - HDGB.L is a Global Equities fund tracking the VanEck Hydrogen Economy UCITS ETF, while MOAT.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 5 years, HDGB.L returned -12.57%/yr vs 4.05%/yr for MOAT.L. At a 0.44 correlation, their price movements are largely independent. HDGB.L charges 0.55%/yr vs 0.49%/yr for MOAT.L.

Performance

HDGB.L vs. MOAT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Hydrogen Economy UCITS ETF (HDGB.L) and VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HDGB.L is traded in GBP, while MOAT.L is traded in USD. To make them comparable, the MOAT.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDGB.L achieves a 35.57% return, which is significantly higher than MOAT.L's -0.22% return.

HDGB.L

• 1D: -0.30%
• 1M: -11.66%
• 6M: 18.47%
• YTD: 35.57%
• 1Y: 59.95%
• 3Y*: -6.65%
• 5Y*: -12.57%
• 10Y*: —

MOAT.L

• 1D: 0.28%
• 1M: 1.69%
• 6M: -2.36%
• YTD: -0.22%
• 1Y: 7.19%
• 3Y*: 6.60%
• 5Y*: 4.05%
• 10Y*: 10.42%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HDGB.L VanEck Hydrogen Economy UCITS ETF	35.57%	10.07%	-28.93%	-27.71%	-31.76%	-20.01%
MOAT.L VanEck Morningstar US Sustainable Wide Moat UCITS ETF	-0.22%	-0.31%	13.06%	12.45%	-9.03%	13.64%

Correlation

The correlation between HDGB.L and MOAT.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	0.45
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.44

The correlation between HDGB.L and MOAT.L shifts across timeframes, from 0.28 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

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

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

HDGB.L

HDGB.L Risk / Return Rank: 51
HDGB.L Sharpe Ratio Rank: 58
HDGB.L Sortino Ratio Rank: 59
HDGB.L Omega Ratio Rank: 51
HDGB.L Calmar Ratio Rank: 52
HDGB.L Martin Ratio Rank: 37

MOAT.L

MOAT.L Risk / Return Rank: 20
MOAT.L Sharpe Ratio Rank: 21
MOAT.L Sortino Ratio Rank: 21
MOAT.L Omega Ratio Rank: 18
MOAT.L Calmar Ratio Rank: 19
MOAT.L Martin Ratio Rank: 20

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.

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Hydrogen Economy UCITS ETF (HDGB.L) and VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.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.

	HDGB.L	MOAT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.59	0.52	+1.07
Sortino ratio: Return per unit of downside risk	2.26	0.84	+1.42
Omega ratio: Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio: Return relative to maximum drawdown	2.13	0.66	+1.48
Martin ratio: Return relative to average drawdown	4.71	1.47	+3.24

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

The current HDGB.L Sharpe Ratio is 1.59, which is higher than the MOAT.L Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of HDGB.L and MOAT.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

HDGB.L vs. MOAT.L - Drawdown Comparison

The maximum HDGB.L drawdown since its inception was -80.00%, which is greater than MOAT.L's maximum drawdown of -25.07%. Use the drawdown chart below to compare losses from any high point for HDGB.L and MOAT.L.

Drawdown Indicators

	HDGB.L	MOAT.L	Difference
Max Drawdown Largest peak-to-trough decline	-80.00%	-25.07%	-54.93%
Max Drawdown (1Y) Largest decline over 1 year	-29.04%	-10.93%	-18.11%
Max Drawdown (3Y) Largest decline over 3 years	-63.35%	-23.01%	-40.34%
Max Drawdown (5Y) Largest decline over 5 years	-80.00%	-23.01%	-56.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-25.07%	—
Current Drawdown Current decline from peak	-58.84%	-4.71%	-54.13%
Average Drawdown Average peak-to-trough decline	-51.60%	-4.47%	-47.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.19%	4.88%	+8.31%

Volatility

HDGB.L vs. MOAT.L - Volatility Comparison

VanEck Hydrogen Economy UCITS ETF (HDGB.L) has a higher volatility of 10.35% compared to VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L) at 5.29%. This indicates that HDGB.L's price experiences larger fluctuations and is considered to be riskier than MOAT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGB.L	MOAT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.35%	5.29%	+5.06%
Volatility (6M) Calculated over the trailing 6-month period	27.35%	10.96%	+16.39%
Volatility (1Y) Calculated over the trailing 1-year period	39.10%	13.84%	+25.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.53%	15.79%	+18.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.61%	16.83%	+17.78%

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

HDGB.L has a 0.55% expense ratio, which is higher than MOAT.L's 0.49% expense ratio.

Dividends

HDGB.L vs. MOAT.L - Dividend Comparison

Neither HDGB.L nor MOAT.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

HDGB.L and MOAT.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.

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

On fees, MOAT.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, HDGB.L or MOAT.L?

MOAT.L is cheaper with a 0.49% expense ratio, compared with 0.55% for HDGB.L.

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

HDGB.L is categorized as Global Equities, while MOAT.L is Large Cap Blend Equities. HDGB.L tracks VanEck Hydrogen Economy UCITS ETF, while MOAT.L tracks Russell 1000 TR USD. Their fees differ too: 0.55% for HDGB.L and 0.49% for MOAT.L.