HEAE.L vs. IEUR
HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, HEAE.L returned 5.38%/yr vs 10.68%/yr for IEUR. At a 0.45 correlation, their price movements are largely independent. HEAE.L charges 0.18%/yr vs 0.09%/yr for IEUR.
Performance
HEAE.L vs. IEUR - Performance Comparison
Loading charts...
Different Trading Currencies
HEAE.L is traded in GBP, while IEUR is traded in USD. To make them comparable, the IEUR 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 IEUR's 8.20% return. Over the past 10 years, HEAE.L has underperformed IEUR with an annualized return of 5.38%, while IEUR has yielded a comparatively higher 10.68% 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%
IEUR
- 1D
- 0.23%
- 1M
- 2.38%
- YTD
- 8.20%
- 6M
- 9.50%
- 1Y
- 20.58%
- 3Y*
- 14.07%
- 5Y*
- 9.38%
- 10Y*
- 10.68%
HEAE.L vs. IEUR - 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% |
IEUR iShares Core MSCI Europe ETF | 8.20% | 26.01% | 3.17% | 13.72% | -5.90% | 17.82% | 2.22% | 20.20% | -9.81% | 15.75% |
Correlation
The correlation between HEAE.L and IEUR is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.45 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HEAE.L vs. IEUR — Risk / Return Rank
HEAE.L
IEUR
HEAE.L vs. IEUR - 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 Core MSCI Europe ETF (IEUR). 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 | IEUR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.27 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 1.74 | -1.27 |
| Martin ratioReturn relative to average drawdown | 1.09 | 6.85 | -5.75 |
Loading charts...
Drawdowns
HEAE.L vs. IEUR - Drawdown Comparison
The maximum HEAE.L drawdown since its inception was -25.54%, smaller than the maximum IEUR drawdown of -30.58%. Use the drawdown chart below to compare losses from any high point for HEAE.L and IEUR.
Loading charts...
Drawdown Indicators
| HEAE.L | IEUR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.54% | -30.58% | +5.04% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -11.06% | -2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -24.51% | -13.06% | -11.45% |
Max Drawdown (5Y)Largest decline over 5 years | -24.51% | -17.67% | -6.84% |
Max Drawdown (10Y)Largest decline over 10 years | -24.51% | -30.58% | +6.07% |
Current DrawdownCurrent decline from peak | -10.03% | 0.00% | -10.03% |
Average DrawdownAverage peak-to-trough decline | -8.54% | -4.41% | -4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 2.81% | +3.16% |
Volatility
HEAE.L vs. IEUR - Volatility Comparison
SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) has a higher volatility of 5.19% compared to iShares Core MSCI Europe ETF (IEUR) at 4.74%. This indicates that HEAE.L's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HEAE.L | IEUR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 4.74% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 12.20% | 11.19% | +1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.80% | 13.13% | +3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 14.24% | +2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 16.31% | -0.23% |
HEAE.L vs. IEUR - Expense Ratio Comparison
HEAE.L has a 0.18% expense ratio, which is higher than IEUR's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HEAE.L vs. IEUR - Dividend Comparison
HEAE.L has not paid dividends to shareholders, while IEUR's dividend yield for the trailing twelve months is around 2.76%.
| 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% |
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
Frequently Asked Questions
HEAE.L and IEUR have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEUR is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEUR is cheaper with a 0.09% expense ratio, compared with 0.18% for HEAE.L.
HEAE.L is categorized as Health & Biotech Equities, while IEUR is Europe Equities. HEAE.L tracks MSCI World/Health Care NR USD, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.18% for HEAE.L and 0.09% for IEUR.
Find the right allocation for HEAE.L and IEUR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer