HEAE.L vs. HEAW.L
HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) and HEAW.L (SPDR MSCI World Health Care UCITS ETF) are both Health & Biotech Equities funds from State Street tracking the MSCI World/Health Care NR USD. Both are passively managed. Over the past 3 years, HEAE.L returned 2.88%/yr vs 2.71%/yr for HEAW.L. A 0.63 correlation means they provide meaningful diversification when combined. HEAE.L charges 0.18%/yr vs 0.30%/yr for HEAW.L.
Performance
HEAE.L vs. HEAW.L - Performance Comparison
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Returns By Period
In the year-to-date period, HEAE.L achieves a -2.42% return, which is significantly higher than HEAW.L's -2.73% return.
HEAE.L
- 1D
- 3.29%
- 1M
- 1.82%
- YTD
- -2.42%
- 6M
- -1.32%
- 1Y
- 9.06%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
HEAW.L
- 1D
- 3.01%
- 1M
- 4.33%
- YTD
- -2.73%
- 6M
- -2.25%
- 1Y
- 12.68%
- 3Y*
- 2.71%
- 5Y*
- —
- 10Y*
- —
HEAE.L vs. HEAW.L - 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% |
HEAW.L SPDR MSCI World Health Care UCITS ETF | -2.73% | 7.46% | 2.52% | -2.05% | 1.72% |
Correlation
The correlation between HEAE.L and HEAW.L is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022 | 0.63 |
The correlation between HEAE.L and HEAW.L shifts across timeframes, from 0.63 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEAE.L vs. HEAW.L — Risk / Return Rank
HEAE.L
HEAW.L
HEAE.L vs. HEAW.L - 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 SPDR MSCI World Health Care UCITS ETF (HEAW.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.
| HEAE.L | HEAW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.17 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 1.18 | -0.52 |
| Martin ratioReturn relative to average drawdown | 1.57 | 3.10 | -1.54 |
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 | HEAW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.54 | 0.92 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.20 | -0.05 |
Drawdowns
HEAE.L vs. HEAW.L - Drawdown Comparison
The maximum HEAE.L drawdown since its inception was -24.51%, which is greater than HEAW.L's maximum drawdown of -18.85%. Use the drawdown chart below to compare losses from any high point for HEAE.L and HEAW.L.
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Drawdown Indicators
| HEAE.L | HEAW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.51% | -18.85% | -5.66% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -10.71% | -3.02% |
Max Drawdown (3Y)Largest decline over 3 years | -24.51% | -18.85% | -5.66% |
Current DrawdownCurrent decline from peak | -10.88% | -6.00% | -4.88% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -5.60% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.78% | 4.08% | +1.70% |
Volatility
HEAE.L vs. HEAW.L - Volatility Comparison
SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) has a higher volatility of 5.60% compared to SPDR MSCI World Health Care UCITS ETF (HEAW.L) at 5.19%. This indicates that HEAE.L's price experiences larger fluctuations and is considered to be riskier than HEAW.L 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 | HEAW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 5.19% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 12.12% | 9.96% | +2.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.79% | 13.70% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.28% | 13.11% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.28% | 13.11% | +3.17% |
HEAE.L vs. HEAW.L - Expense Ratio Comparison
HEAE.L has a 0.18% expense ratio, which is lower than HEAW.L's 0.30% expense ratio.
Dividends
HEAE.L vs. HEAW.L - Dividend Comparison
Neither HEAE.L nor HEAW.L has paid dividends to shareholders.
Frequently Asked Questions
HEAE.L and HEAW.L have a correlation of 0.76, 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 0.30% for HEAW.L.
Both ETFs track MSCI World/Health Care NR USD. Their fees differ too: 0.18% for HEAE.L and 0.30% for HEAW.L.
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