HEAW.L vs. HEAL.L
HEAW.L (SPDR MSCI World Health Care UCITS ETF) and HEAL.L (iShares Healthcare Innovation UCITS ETF USD (Acc)) are both Health & Biotech Equities funds tracking the MSCI World/Health Care NR USD, from State Street and iShares respectively. Both are passively managed. Over the past 3 years, HEAW.L returned 2.71%/yr vs 3.42%/yr for HEAL.L. A 0.65 correlation means they provide meaningful diversification when combined. HEAW.L charges 0.30%/yr vs 0.40%/yr for HEAL.L.
Performance
HEAW.L vs. HEAL.L - Performance Comparison
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Different Trading Currencies
HEAW.L is traded in GBP, while HEAL.L is traded in USD. To make them comparable, the HEAL.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 -2.73% return, which is significantly lower than HEAL.L's 1.05% return.
HEAW.L
- 1D
- 3.01%
- 1M
- 4.33%
- YTD
- -2.73%
- 6M
- -2.25%
- 1Y
- 12.68%
- 3Y*
- 2.71%
- 5Y*
- —
- 10Y*
- —
HEAL.L
- 1D
- 3.48%
- 1M
- 5.78%
- YTD
- 1.05%
- 6M
- -1.10%
- 1Y
- 21.49%
- 3Y*
- 3.42%
- 5Y*
- -0.90%
- 10Y*
- —
HEAW.L vs. HEAL.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% |
HEAL.L iShares Healthcare Innovation UCITS ETF USD (Acc) | 1.05% | 9.99% | 2.73% | -2.04% | -6.88% |
Correlation
The correlation between HEAW.L and HEAL.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.65 |
The correlation between HEAW.L and HEAL.L has been stable across timeframes, ranging from 0.65 to 0.70 - a consistent structural relationship.
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Return for Risk
HEAW.L vs. HEAL.L — Risk / Return Rank
HEAW.L
HEAL.L
HEAW.L vs. HEAL.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 Healthcare Innovation UCITS ETF USD (Acc) (HEAL.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 | HEAL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.22 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.72 | -0.54 |
| Martin ratioReturn relative to average drawdown | 3.10 | 4.29 | -1.19 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEAW.L | HEAL.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 1.27 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.05 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.33 | -0.14 |
Drawdowns
HEAW.L vs. HEAL.L - Drawdown Comparison
The maximum HEAW.L drawdown since its inception was -18.85%, smaller than the maximum HEAL.L drawdown of -38.78%. Use the drawdown chart below to compare losses from any high point for HEAW.L and HEAL.L.
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Drawdown Indicators
| HEAW.L | HEAL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.85% | -38.78% | +19.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.71% | -12.44% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -18.85% | -23.58% | +4.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.97% | — |
Current DrawdownCurrent decline from peak | -6.00% | -17.10% | +11.10% |
Average DrawdownAverage peak-to-trough decline | -5.60% | -15.26% | +9.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 5.00% | -0.92% |
Volatility
HEAW.L vs. HEAL.L - Volatility Comparison
SPDR MSCI World Health Care UCITS ETF (HEAW.L) and iShares Healthcare Innovation UCITS ETF USD (Acc) (HEAL.L) have volatilities of 5.19% and 5.10%, 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.
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Volatility by Period
| HEAW.L | HEAL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 5.10% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 12.85% | -2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.70% | 16.91% | -3.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.11% | 18.71% | -5.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 19.45% | -6.34% |
HEAW.L vs. HEAL.L - Expense Ratio Comparison
HEAW.L has a 0.30% expense ratio, which is lower than HEAL.L's 0.40% expense ratio.
Dividends
HEAW.L vs. HEAL.L - Dividend Comparison
Neither HEAW.L nor HEAL.L has paid dividends to shareholders.
Frequently Asked Questions
HEAW.L and HEAL.L have a correlation of 0.70, 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 0.40% for HEAL.L.
Both ETFs track MSCI World/Health Care NR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for HEAW.L and 0.40% for HEAL.L.
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