HEAE.L vs. ICLN
HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) and ICLN (iShares Global Clean Energy ETF) are both exchange-traded funds - HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD, while ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index. Both are passively managed. Over the past 10 years, HEAE.L returned 5.38%/yr vs 12.25%/yr for ICLN. At a 0.24 correlation, their price movements are largely independent. HEAE.L charges 0.18%/yr vs 0.39%/yr for ICLN.
Performance
HEAE.L vs. ICLN - Performance Comparison
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Different Trading Currencies
HEAE.L is traded in GBP, while ICLN is traded in USD. To make them comparable, the ICLN 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 -1.49% return, which is significantly lower than ICLN's 27.98% return. Over the past 10 years, HEAE.L has underperformed ICLN with an annualized return of 5.38%, while ICLN has yielded a comparatively higher 12.25% annualized return.
HEAE.L
- 1D
- 0.00%
- 1M
- 1.12%
- YTD
- -1.49%
- 6M
- -0.50%
- 1Y
- 7.43%
- 3Y*
- 3.82%
- 5Y*
- 2.06%
- 10Y*
- 5.38%
ICLN
- 1D
- 0.96%
- 1M
- -5.49%
- YTD
- 27.98%
- 6M
- 26.69%
- 1Y
- 62.20%
- 3Y*
- 3.13%
- 5Y*
- 0.82%
- 10Y*
- 12.25%
HEAE.L vs. ICLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -1.49% | 12.67% | -0.58% | 5.53% | -14.69% | 25.32% | -2.05% | 31.62% | -0.70% | 2.75% |
ICLN iShares Global Clean Energy ETF | 27.98% | 36.57% | -24.42% | -24.38% | 5.82% | -23.46% | 134.72% | 38.87% | -3.64% | 10.96% |
Correlation
The correlation between HEAE.L and ICLN is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.24 |
The correlation between HEAE.L and ICLN shifts across timeframes, from 0.10 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEAE.L vs. ICLN — Risk / Return Rank
HEAE.L
ICLN
HEAE.L vs. ICLN - 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 iShares Global Clean Energy ETF (ICLN). 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.
| HEAE.L | ICLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.38 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 4.03 | -3.57 |
| Martin ratioReturn relative to average drawdown | 1.09 | 13.19 | -12.10 |
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Drawdowns
HEAE.L vs. ICLN - Drawdown Comparison
The maximum HEAE.L drawdown since its inception was -25.54%, smaller than the maximum ICLN drawdown of -84.40%. Use the drawdown chart below to compare losses from any high point for HEAE.L and ICLN.
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Drawdown Indicators
| HEAE.L | ICLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.54% | -84.40% | +58.86% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -15.79% | +2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -24.51% | -42.62% | +18.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -57.04% | +32.53% |
Max Drawdown (10Y)Largest decline over 10 years | -24.51% | -64.68% | +40.17% |
Current DrawdownCurrent decline from peak | -10.03% | -32.10% | +22.07% |
Average DrawdownAverage peak-to-trough decline | -8.54% | -57.59% | +49.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 4.82% | +1.15% |
Volatility
HEAE.L vs. ICLN - Volatility Comparison
The current volatility for SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) is 5.19%, while iShares Global Clean Energy ETF (ICLN) has a volatility of 12.56%. This indicates that HEAE.L experiences smaller price fluctuations and is considered to be less risky than ICLN 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 | ICLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 12.56% | -7.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.20% | 21.31% | -9.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 26.75% | -9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 25.64% | -8.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 26.28% | -10.20% |
HEAE.L vs. ICLN - Expense Ratio Comparison
HEAE.L has a 0.18% expense ratio, which is lower than ICLN's 0.39% expense ratio.
Dividends
HEAE.L vs. ICLN - Dividend Comparison
HEAE.L has not paid dividends to shareholders, while ICLN's dividend yield for the trailing twelve months is around 1.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEAE.L SPDR MSCI Europe Health Care 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% |
ICLN iShares Global Clean Energy ETF | 1.28% | 1.63% | 1.85% | 1.59% | 0.89% | 1.18% | 0.34% | 1.36% | 2.77% | 2.49% | 3.88% | 2.36% |
Frequently Asked Questions
HEAE.L and ICLN have a correlation of 0.10, 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 0.39% for ICLN.
HEAE.L is categorized as Health & Biotech Equities, while ICLN is Alternative Energy Equities. HEAE.L tracks MSCI World/Health Care NR USD, while ICLN tracks S&P Global Clean Energy Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.18% for HEAE.L and 0.39% for ICLN.
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