HDRO.L vs. HTWG.L

Last updated Jun 5, 2026

HDRO.L (VanEck Hydrogen Economy UCITS ETF) and HTWG.L (L&G Hydrogen Economy UCITS ETF) are both Alternative Energy Equities funds - HDRO.L tracks the MVIS Global Hydrogen Economy ESG Index while HTWG.L tracks the Solactive Hydrogen Economy Index NTR. Both are passively managed. Over the past 5 years, HDRO.L returned -10.48%/yr vs 1.17%/yr for HTWG.L. Their correlation of 0.89 suggests significant overlap in exposure. HDRO.L charges 0.55%/yr vs 0.49%/yr for HTWG.L.

Performance

HDRO.L vs. HTWG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Hydrogen Economy UCITS ETF (HDRO.L) and L&G Hydrogen Economy UCITS ETF (HTWG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HDRO.L achieves a 73.36% return, which is significantly higher than HTWG.L's 52.87% return.

HDRO.L

• 1D: -2.63%
• 1M: 5.04%
• YTD: 73.36%
• 6M: 57.33%
• 1Y: 123.46%
• 3Y*: 7.48%
• 5Y*: -10.48%
• 10Y*: —

HTWG.L

• 1D: -2.48%
• 1M: 3.22%
• YTD: 52.87%
• 6M: 48.01%
• 1Y: 107.85%
• 3Y*: 23.11%
• 5Y*: 1.17%
• 10Y*: —

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

HDRO.L vs. HTWG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDRO.L VanEck Hydrogen Economy UCITS ETF	73.36%	17.70%	-29.88%	-23.67%	-38.95%	-21.57%
HTWG.L L&G Hydrogen Economy UCITS ETF	52.87%	40.54%	-8.27%	-3.67%	-37.07%	-14.25%

Correlation

The correlation between HDRO.L and HTWG.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.89

The correlation between HDRO.L and HTWG.L has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

HDRO.L vs. HTWG.L - Sectors Allocation Comparison

Sectors	HDRO.L	HTWG.L
Industrials	70.3%	53.6%
Basic Materials	27.3%	25.4%
Energy	0.8%	-
Consumer Cyclical	0.6%	11.3%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	9.7%

Return for Risk

HDRO.L vs. HTWG.L — Risk / Return Rank

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

HDRO.L

HDRO.L Risk / Return Rank: 82
HDRO.L Sharpe Ratio Rank: 92
HDRO.L Sortino Ratio Rank: 86
HDRO.L Omega Ratio Rank: 78
HDRO.L Calmar Ratio Rank: 87
HDRO.L Martin Ratio Rank: 65

HTWG.L

HTWG.L Risk / Return Rank: 92
HTWG.L Sharpe Ratio Rank: 95
HTWG.L Sortino Ratio Rank: 92
HTWG.L Omega Ratio Rank: 90
HTWG.L Calmar Ratio Rank: 94
HTWG.L Martin Ratio Rank: 89

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.

HDRO.L vs. HTWG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Hydrogen Economy UCITS ETF (HDRO.L) and L&G Hydrogen Economy UCITS ETF (HTWG.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.

	HDRO.L	HTWG.L	Difference
Sharpe ratio: Return per unit of total volatility	3.24	3.62	-0.37
Sortino ratio: Return per unit of downside risk	3.85	4.25	-0.39
Omega ratio: Gain probability vs. loss probability	1.46	1.53	-0.07
Calmar ratio: Return relative to maximum drawdown	4.98	6.80	-1.83
Martin ratio: Return relative to average drawdown	11.61	19.36	-7.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDRO.L vs. HTWG.L - Sharpe Ratio Comparison

The current HDRO.L Sharpe Ratio is 3.24, which is comparable to the HTWG.L Sharpe Ratio of 3.62. The chart below compares the historical Sharpe Ratios of HDRO.L and HTWG.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.

Sharpe Ratios by Period

	HDRO.L	HTWG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.24	3.62	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	0.04	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	-0.10	-0.20

Drawdowns

HDRO.L vs. HTWG.L - Drawdown Comparison

The maximum HDRO.L drawdown since its inception was -81.30%, which is greater than HTWG.L's maximum drawdown of -66.43%. Use the drawdown chart below to compare losses from any high point for HDRO.L and HTWG.L.

Drawdown Indicators

	HDRO.L	HTWG.L	Difference
Max Drawdown Largest peak-to-trough decline	-81.30%	-66.43%	-14.87%
Max Drawdown (1Y) Largest decline over 1 year	-24.66%	-15.76%	-8.90%
Max Drawdown (3Y) Largest decline over 3 years	-63.38%	-32.66%	-30.72%
Max Drawdown (5Y) Largest decline over 5 years	-81.00%	-59.41%	-21.59%
Current Drawdown Current decline from peak	-48.09%	-14.75%	-33.34%
Average Drawdown Average peak-to-trough decline	-54.05%	-46.26%	-7.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.59%	5.55%	+5.04%

Volatility

HDRO.L vs. HTWG.L - Volatility Comparison

VanEck Hydrogen Economy UCITS ETF (HDRO.L) has a higher volatility of 14.75% compared to L&G Hydrogen Economy UCITS ETF (HTWG.L) at 11.42%. This indicates that HDRO.L's price experiences larger fluctuations and is considered to be riskier than HTWG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDRO.L	HTWG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.75%	11.42%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	25.15%	19.17%	+5.98%
Volatility (1Y) Calculated over the trailing 1-year period	37.89%	29.67%	+8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.42%	28.58%	+9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.51%	28.79%	+9.72%

HDRO.L vs. HTWG.L - Expense Ratio Comparison

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

Dividends

HDRO.L vs. HTWG.L - Dividend Comparison

Neither HDRO.L nor HTWG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HDRO.L and HTWG.L in my portfolio?

With a correlation of 0.91, HDRO.L and HTWG.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, HDRO.L or HTWG.L?

On fees, HTWG.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, HDRO.L or HTWG.L?

HTWG.L is cheaper with a 0.49% expense ratio, compared with 0.55% for HDRO.L.

What is the main difference between HDRO.L and HTWG.L?

HDRO.L tracks MVIS Global Hydrogen Economy ESG Index, while HTWG.L tracks Solactive Hydrogen Economy Index NTR. They also come from different issuers: VanEck and L&G. Their fees differ too: 0.55% for HDRO.L and 0.49% for HTWG.L.