HEAE.L vs. PPH

Last updated Jun 5, 2026

HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) and PPH (VanEck Vectors Pharmaceutical ETF) are both Health & Biotech Equities funds - HEAE.L tracks the MSCI World/Health Care NR USD while PPH tracks the MVIS US Listed Pharmaceutical 25 Index. Both are passively managed. Over the past 3 years, HEAE.L returned 2.88%/yr vs 10.35%/yr for PPH. At a 0.47 correlation, their price movements are largely independent. HEAE.L charges 0.18%/yr vs 0.36%/yr for PPH.

Performance

HEAE.L vs. PPH - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) and VanEck Vectors Pharmaceutical ETF (PPH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEAE.L is traded in GBP, while PPH is traded in USD. To make them comparable, the PPH 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 PPH's 3.04% return.

HEAE.L

• 1D: 3.29%
• 1M: 1.82%
• YTD: -2.42%
• 6M: -1.32%
• 1Y: 9.06%
• 3Y*: 2.88%
• 5Y*: —
• 10Y*: —

PPH

• 1D: 3.42%
• 1M: 3.29%
• YTD: 3.04%
• 6M: 5.62%
• 1Y: 22.60%
• 3Y*: 10.35%
• 5Y*: 11.14%
• 10Y*: 8.58%

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

HEAE.L vs. PPH - 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%
PPH VanEck Vectors Pharmaceutical ETF	3.04%	13.30%	9.94%	1.61%	0.82%

Correlation

The correlation between HEAE.L and PPH is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 11, 2022	0.47

The correlation between HEAE.L and PPH shifts across timeframes, from 0.47 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HEAE.L vs. PPH — Risk / Return Rank

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

HEAE.L

HEAE.L Risk / Return Rank: 18
HEAE.L Sharpe Ratio Rank: 18
HEAE.L Sortino Ratio Rank: 18
HEAE.L Omega Ratio Rank: 18
HEAE.L Calmar Ratio Rank: 17
HEAE.L Martin Ratio Rank: 17

PPH

PPH Risk / Return Rank: 36
PPH Sharpe Ratio Rank: 35
PPH Sortino Ratio Rank: 38
PPH Omega Ratio Rank: 35
PPH Calmar Ratio Rank: 41
PPH Martin Ratio Rank: 32

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.

HEAE.L vs. PPH - 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 VanEck Vectors Pharmaceutical ETF (PPH). 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	PPH	Difference
Sharpe ratio: Return per unit of total volatility	0.54	1.33	-0.79
Sortino ratio: Return per unit of downside risk	0.90	2.05	-1.15
Omega ratio: Gain probability vs. loss probability	1.11	1.23	-0.13
Calmar ratio: Return relative to maximum drawdown	0.66	2.09	-1.43
Martin ratio: Return relative to average drawdown	1.57	5.21	-3.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEAE.L vs. PPH - Sharpe Ratio Comparison

The current HEAE.L Sharpe Ratio is 0.54, which is lower than the PPH Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of HEAE.L and PPH, 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

	HEAE.L	PPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	1.33	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.59	-0.44

Drawdowns

HEAE.L vs. PPH - Drawdown Comparison

The maximum HEAE.L drawdown since its inception was -24.51%, which is greater than PPH's maximum drawdown of -23.15%. Use the drawdown chart below to compare losses from any high point for HEAE.L and PPH.

Drawdown Indicators

	HEAE.L	PPH	Difference
Max Drawdown Largest peak-to-trough decline	-24.51%	-23.15%	-1.36%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-10.87%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-24.51%	-17.12%	-7.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.10%	—
Current Drawdown Current decline from peak	-10.88%	-4.76%	-6.12%
Average Drawdown Average peak-to-trough decline	-7.69%	-5.58%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.78%	4.35%	+1.43%

Volatility

HEAE.L vs. PPH - Volatility Comparison

The current volatility for SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) is 5.60%, while VanEck Vectors Pharmaceutical ETF (PPH) has a volatility of 6.17%. This indicates that HEAE.L experiences smaller price fluctuations and is considered to be less risky than PPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEAE.L	PPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	6.17%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	12.10%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	17.13%	-0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.28%	14.85%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	17.42%	-1.14%

HEAE.L vs. PPH - Expense Ratio Comparison

HEAE.L has a 0.18% expense ratio, which is lower than PPH's 0.36% expense ratio.

Dividends

HEAE.L vs. PPH - Dividend Comparison

HEAE.L has not paid dividends to shareholders, while PPH's dividend yield for the trailing twelve months is around 2.05%.

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%
PPH VanEck Vectors Pharmaceutical ETF	2.05%	1.78%	1.98%	2.09%	1.55%	1.62%	1.66%	1.77%	1.97%	1.92%	2.43%	1.93%

Frequently Asked Questions

Can I hold both HEAE.L and PPH in my portfolio?

HEAE.L and PPH have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEAE.L or PPH?

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.

Which ETF is cheaper, HEAE.L or PPH?

HEAE.L is cheaper with a 0.18% expense ratio, compared with 0.36% for PPH.

What is the main difference between HEAE.L and PPH?

HEAE.L tracks MSCI World/Health Care NR USD, while PPH tracks MVIS US Listed Pharmaceutical 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.18% for HEAE.L and 0.36% for PPH.