HEAE.L vs. 8PSE.DE
HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) and 8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) are both exchange-traded funds - HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD, while 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged). Both are passively managed. Over the past 3 years, HEAE.L returned 2.88%/yr vs 28.27%/yr for 8PSE.DE. At a 0.06 correlation, their price movements are largely independent. HEAE.L charges 0.18%/yr vs 0.34%/yr for 8PSE.DE.
Performance
HEAE.L vs. 8PSE.DE - Performance Comparison
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Different Trading Currencies
HEAE.L is traded in GBP, while 8PSE.DE is traded in EUR. To make them comparable, the 8PSE.DE values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HEAE.L achieves a -2.42% return, which is significantly lower than 8PSE.DE's -0.64% return.
HEAE.L
- 1D
- 3.29%
- 1M
- 1.82%
- YTD
- -2.42%
- 6M
- -1.32%
- 1Y
- 9.06%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
8PSE.DE
- 1D
- 0.84%
- 1M
- -2.29%
- YTD
- -0.64%
- 6M
- 3.44%
- 1Y
- 31.94%
- 3Y*
- 28.27%
- 5Y*
- 15.62%
- 10Y*
- —
HEAE.L vs. 8PSE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -2.42% | 13.38% | -1.21% | 5.53% | -5.60% |
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | -0.64% | 71.25% | 18.70% | 7.80% | -3.48% |
Correlation
The correlation between HEAE.L and 8PSE.DE is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.06 |
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Return for Risk
HEAE.L vs. 8PSE.DE — Risk / Return Rank
HEAE.L
8PSE.DE
HEAE.L vs. 8PSE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) and Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE). 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.
| HEAE.L | 8PSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.60 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 0.63 | +0.03 |
| Martin ratioReturn relative to average drawdown | 1.57 | 2.60 | -1.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEAE.L | 8PSE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.54 | 0.18 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.15 | -0.01 |
Drawdowns
HEAE.L vs. 8PSE.DE - Drawdown Comparison
The maximum HEAE.L drawdown since its inception was -24.51%, smaller than the maximum 8PSE.DE drawdown of -50.38%. Use the drawdown chart below to compare losses from any high point for HEAE.L and 8PSE.DE.
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Drawdown Indicators
| HEAE.L | 8PSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.51% | -50.38% | +25.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -50.38% | +36.65% |
Max Drawdown (3Y)Largest decline over 3 years | -24.51% | -50.38% | +25.87% |
Max Drawdown (5Y)Largest decline over 5 years | — | -50.38% | — |
Current DrawdownCurrent decline from peak | -10.88% | -16.80% | +5.92% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -12.51% | +4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.78% | 12.24% | -6.46% |
Volatility
HEAE.L vs. 8PSE.DE - Volatility Comparison
The current volatility for SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) is 5.60%, while Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a volatility of 5.90%. This indicates that HEAE.L experiences smaller price fluctuations and is considered to be less risky than 8PSE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEAE.L | 8PSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 5.90% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 70.38% | -58.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 180.98% | -164.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.28% | 87.38% | -71.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 80.87% | -64.59% |
HEAE.L vs. 8PSE.DE - Expense Ratio Comparison
HEAE.L has a 0.18% expense ratio, which is lower than 8PSE.DE's 0.34% expense ratio.
Dividends
HEAE.L vs. 8PSE.DE - Dividend Comparison
Neither HEAE.L nor 8PSE.DE has paid dividends to shareholders.
Frequently Asked Questions
HEAE.L and 8PSE.DE have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEAE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAE.L is cheaper with a 0.18% expense ratio, compared with 0.34% for 8PSE.DE.
HEAE.L is categorized as Health & Biotech Equities, while 8PSE.DE is Gold. HEAE.L tracks MSCI World/Health Care NR USD, while 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged). They also come from different issuers: State Street and Invesco. Their fees differ too: 0.18% for HEAE.L and 0.34% for 8PSE.DE.
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