HEAW.L vs. BTEC.L
HEAW.L (SPDR MSCI World Health Care UCITS ETF) and BTEC.L (iShares Nasdaq US Biotechnology UCITS ETF USD (Acc)) are both Health & Biotech Equities funds - HEAW.L tracks the MSCI World/Health Care NR USD while BTEC.L tracks the NASDAQ Biotechnology NET Index. Both are passively managed. Over the past 5 years, HEAW.L returned -1.69%/yr vs 6.09%/yr for BTEC.L. A 0.52 correlation means they provide meaningful diversification when combined. HEAW.L charges 0.30%/yr vs 0.35%/yr for BTEC.L.
Performance
HEAW.L vs. BTEC.L - Performance Comparison
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Different Trading Currencies
HEAW.L is traded in GBP, while BTEC.L is traded in USD. To make them comparable, the BTEC.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, HEAW.L achieves a 0.93% return, which is significantly lower than BTEC.L's 13.97% return.
HEAW.L
- 1D
- 0.00%
- 1M
- 3.13%
- 6M
- -0.89%
- YTD
- 0.93%
- 1Y
- 16.50%
- 3Y*
- 5.92%
- 5Y*
- -1.69%
- 10Y*
- 4.94%
BTEC.L
- 1D
- 0.00%
- 1M
- 7.86%
- 6M
- 11.73%
- YTD
- 13.97%
- 1Y
- 47.71%
- 3Y*
- 15.40%
- 5Y*
- 6.09%
- 10Y*
- —
HEAW.L vs. BTEC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEAW.L SPDR MSCI World Health Care UCITS ETF | 0.93% | 7.46% | 2.52% | -2.05% | -21.48% | 19.59% | 13.26% | 23.34% | 2.48% | -0.62% |
BTEC.L iShares Nasdaq US Biotechnology UCITS ETF USD (Acc) | 13.97% | 23.49% | -0.33% | 0.91% | -1.44% | 0.45% | 23.66% | 20.79% | -5.96% | -5.88% |
Correlation
The correlation between HEAW.L and BTEC.L is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.52 |
The correlation between HEAW.L and BTEC.L shifts across timeframes, from 0.52 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEAW.L vs. BTEC.L — Risk / Return Rank
HEAW.L
BTEC.L
HEAW.L vs. BTEC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Health Care UCITS ETF (HEAW.L) and iShares Nasdaq US Biotechnology UCITS ETF USD (Acc) (BTEC.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.
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.
| HEAW.L | BTEC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 6.45 | -4.90 |
| Martin ratioReturn relative to average drawdown | 3.95 | 18.57 | -14.61 |
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Drawdowns
HEAW.L vs. BTEC.L - Drawdown Comparison
The maximum HEAW.L drawdown since its inception was -32.15%, roughly equal to the maximum BTEC.L drawdown of -31.02%. Use the drawdown chart below to compare losses from any high point for HEAW.L and BTEC.L.
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Drawdown Indicators
| HEAW.L | BTEC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.15% | -31.02% | -1.13% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -7.31% | -3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -26.37% | +7.52% |
Max Drawdown (5Y)Largest decline over 5 years | -32.15% | -31.02% | -1.13% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | — | — |
Current DrawdownCurrent decline from peak | -14.72% | -5.72% | -9.00% |
Average DrawdownAverage peak-to-trough decline | -8.85% | -9.99% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.18% | 2.54% | +1.64% |
Volatility
HEAW.L vs. BTEC.L - Volatility Comparison
The current volatility for SPDR MSCI World Health Care UCITS ETF (HEAW.L) is 5.29%, while iShares Nasdaq US Biotechnology UCITS ETF USD (Acc) (BTEC.L) has a volatility of 5.91%. This indicates that HEAW.L experiences smaller price fluctuations and is considered to be less risky than BTEC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEAW.L | BTEC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.29% | 5.91% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 10.65% | 15.31% | -4.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.26% | 20.42% | -6.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 20.98% | -4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.99% | 22.30% | -6.31% |
HEAW.L vs. BTEC.L - Expense Ratio Comparison
HEAW.L has a 0.30% expense ratio, which is lower than BTEC.L's 0.35% expense ratio.
Dividends
HEAW.L vs. BTEC.L - Dividend Comparison
Neither HEAW.L nor BTEC.L has paid dividends to shareholders.
Frequently Asked Questions
HEAW.L and BTEC.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEAW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAW.L is cheaper with a 0.30% expense ratio, compared with 0.35% for BTEC.L.
HEAW.L tracks MSCI World/Health Care NR USD, while BTEC.L tracks NASDAQ Biotechnology NET Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for HEAW.L and 0.35% for BTEC.L.
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