HEAW.L vs. BTEK.L

Last updated Jun 5, 2026

HEAW.L (SPDR MSCI World Health Care UCITS ETF) and BTEK.L (iShares Nasdaq US Biotechnology UCITS ETF) are both Health & Biotech Equities funds - HEAW.L tracks the MSCI World/Health Care NR USD while BTEK.L tracks the NASDAQ Biotechnology TR USD. Both are passively managed. Over the past 3 years, HEAW.L returned 2.71%/yr vs 10.19%/yr for BTEK.L. A 0.66 correlation means they provide meaningful diversification when combined. HEAW.L charges 0.30%/yr vs 0.35%/yr for BTEK.L.

Performance

HEAW.L vs. BTEK.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Health Care UCITS ETF (HEAW.L) and iShares Nasdaq US Biotechnology UCITS ETF (BTEK.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEAW.L achieves a -2.73% return, which is significantly lower than BTEK.L's 4.86% return.

HEAW.L

• 1D: 3.01%
• 1M: 4.33%
• YTD: -2.73%
• 6M: -2.25%
• 1Y: 12.68%
• 3Y*: 2.71%
• 5Y*: —
• 10Y*: —

BTEK.L

• 1D: 3.56%
• 1M: 2.25%
• YTD: 4.86%
• 6M: 2.70%
• 1Y: 43.15%
• 3Y*: 10.19%
• 5Y*: 5.85%
• 10Y*: —

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

HEAW.L vs. BTEK.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HEAW.L SPDR MSCI World Health Care UCITS ETF	-2.73%	7.46%	2.52%	-2.05%	5.82%
BTEK.L iShares Nasdaq US Biotechnology UCITS ETF	4.86%	23.81%	-0.32%	0.33%	5.68%

Correlation

The correlation between HEAW.L and BTEK.L is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.66

The correlation between HEAW.L and BTEK.L has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

HEAW.L vs. BTEK.L — Risk / Return Rank

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

HEAW.L

HEAW.L Risk / Return Rank: 25
HEAW.L Sharpe Ratio Rank: 27
HEAW.L Sortino Ratio Rank: 27
HEAW.L Omega Ratio Rank: 25
HEAW.L Calmar Ratio Rank: 25
HEAW.L Martin Ratio Rank: 24

BTEK.L

BTEK.L Risk / Return Rank: 76
BTEK.L Sharpe Ratio Rank: 70
BTEK.L Sortino Ratio Rank: 70
BTEK.L Omega Ratio Rank: 63
BTEK.L Calmar Ratio Rank: 92
BTEK.L Martin Ratio Rank: 85

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.

HEAW.L vs. BTEK.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 (BTEK.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.

	HEAW.L	BTEK.L	Difference
Sharpe ratio: Return per unit of total volatility	0.92	2.24	-1.32
Sortino ratio: Return per unit of downside risk	1.45	3.13	-1.68
Omega ratio: Gain probability vs. loss probability	1.17	1.38	-0.21
Calmar ratio: Return relative to maximum drawdown	1.18	6.23	-5.05
Martin ratio: Return relative to average drawdown	3.10	17.55	-14.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEAW.L vs. BTEK.L - Sharpe Ratio Comparison

The current HEAW.L Sharpe Ratio is 0.92, which is lower than the BTEK.L Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of HEAW.L and BTEK.L, 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

	HEAW.L	BTEK.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	2.24	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.31	-0.11

Drawdowns

HEAW.L vs. BTEK.L - Drawdown Comparison

The maximum HEAW.L drawdown since its inception was -18.85%, smaller than the maximum BTEK.L drawdown of -30.86%. Use the drawdown chart below to compare losses from any high point for HEAW.L and BTEK.L.

Drawdown Indicators

	HEAW.L	BTEK.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-30.86%	+12.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-6.89%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-26.34%	+7.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.86%	—
Current Drawdown Current decline from peak	-6.00%	-1.86%	-4.14%
Average Drawdown Average peak-to-trough decline	-5.60%	-10.04%	+4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	2.45%	+1.63%

Volatility

HEAW.L vs. BTEK.L - Volatility Comparison

The current volatility for SPDR MSCI World Health Care UCITS ETF (HEAW.L) is 5.19%, while iShares Nasdaq US Biotechnology UCITS ETF (BTEK.L) has a volatility of 6.91%. This indicates that HEAW.L experiences smaller price fluctuations and is considered to be less risky than BTEK.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEAW.L	BTEK.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.91%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	14.67%	-4.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	19.14%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	20.08%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	21.71%	-8.60%

HEAW.L vs. BTEK.L - Expense Ratio Comparison

HEAW.L has a 0.30% expense ratio, which is lower than BTEK.L's 0.35% expense ratio.

Dividends

HEAW.L vs. BTEK.L - Dividend Comparison

Neither HEAW.L nor BTEK.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HEAW.L and BTEK.L in my portfolio?

HEAW.L and BTEK.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEAW.L or BTEK.L?

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.

Which ETF is cheaper, HEAW.L or BTEK.L?

HEAW.L is cheaper with a 0.30% expense ratio, compared with 0.35% for BTEK.L.

What is the main difference between HEAW.L and BTEK.L?

HEAW.L tracks MSCI World/Health Care NR USD, while BTEK.L tracks NASDAQ Biotechnology TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for HEAW.L and 0.35% for BTEK.L.