HEAW.L vs. FHLC

Last updated Jun 5, 2026

HEAW.L (SPDR MSCI World Health Care UCITS ETF) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds - HEAW.L tracks the MSCI World/Health Care NR USD while FHLC tracks the MSCI USA IMI Health Care Index. Both are passively managed. Over the past 3 years, HEAW.L returned 2.71%/yr vs 4.37%/yr for FHLC. A 0.62 correlation means they provide meaningful diversification when combined. HEAW.L charges 0.30%/yr vs 0.08%/yr for FHLC.

Performance

HEAW.L vs. FHLC - 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 Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEAW.L is traded in GBP, while FHLC is traded in USD. To make them comparable, the FHLC 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 -2.73% return, which is significantly lower than FHLC's -0.65% return.

HEAW.L

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

FHLC

• 1D: 2.97%
• 1M: 5.12%
• YTD: -0.65%
• 6M: -1.37%
• 1Y: 18.69%
• 3Y*: 4.37%
• 5Y*: 6.25%
• 10Y*: 10.21%

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

HEAW.L vs. FHLC - 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%
FHLC Fidelity MSCI Health Care Index ETF	-0.65%	7.19%	4.27%	-2.54%	6.35%

Correlation

The correlation between HEAW.L and FHLC is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.62

The correlation between HEAW.L and FHLC has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

HEAW.L vs. FHLC — 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

FHLC

FHLC Risk / Return Rank: 34
FHLC Sharpe Ratio Rank: 34
FHLC Sortino Ratio Rank: 37
FHLC Omega Ratio Rank: 32
FHLC Calmar Ratio Rank: 35
FHLC Martin Ratio Rank: 30

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. FHLC - 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 Fidelity MSCI Health Care Index ETF (FHLC). 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	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.30	-0.37
Sortino ratio: Return per unit of downside risk	1.45	1.95	-0.50
Omega ratio: Gain probability vs. loss probability	1.17	1.22	-0.06
Calmar ratio: Return relative to maximum drawdown	1.18	1.62	-0.44
Martin ratio: Return relative to average drawdown	3.10	3.83	-0.72
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. FHLC - Sharpe Ratio Comparison

The current HEAW.L Sharpe Ratio is 0.92, which is comparable to the FHLC Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of HEAW.L and FHLC, 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	FHLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.30	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.69	-0.49

Drawdowns

HEAW.L vs. FHLC - Drawdown Comparison

The maximum HEAW.L drawdown since its inception was -18.85%, smaller than the maximum FHLC drawdown of -20.22%. Use the drawdown chart below to compare losses from any high point for HEAW.L and FHLC.

Drawdown Indicators

	HEAW.L	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-20.22%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-11.57%	+0.86%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-19.11%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.22%	—
Current Drawdown Current decline from peak	-6.00%	-5.14%	-0.86%
Average Drawdown Average peak-to-trough decline	-5.60%	-4.49%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	4.90%	-0.82%

Volatility

HEAW.L vs. FHLC - Volatility Comparison

SPDR MSCI World Health Care UCITS ETF (HEAW.L) and Fidelity MSCI Health Care Index ETF (FHLC) have volatilities of 5.19% and 5.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEAW.L	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	5.31%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	10.70%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	14.47%	-0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	14.74%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	17.44%	-4.33%

HEAW.L vs. FHLC - Expense Ratio Comparison

HEAW.L has a 0.30% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

HEAW.L vs. FHLC - Dividend Comparison

HEAW.L has not paid dividends to shareholders, while FHLC's dividend yield for the trailing twelve months is around 1.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.38%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
HEAW.L SPDR MSCI World 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%

Frequently Asked Questions

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

HEAW.L and FHLC have a correlation of 0.72, 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 FHLC?

On fees, FHLC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEAW.L or FHLC?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.30% for HEAW.L.

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

HEAW.L tracks MSCI World/Health Care NR USD, while FHLC tracks MSCI USA IMI Health Care Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.30% for HEAW.L and 0.08% for FHLC.