HEAW.L vs. XLVP.L

Last updated Jun 5, 2026

HEAW.L (SPDR MSCI World Health Care UCITS ETF) and XLVP.L (Invesco US Health Care Sector UCITS ETF) are both Health & Biotech Equities funds tracking the MSCI World/Health Care NR USD, from State Street and Invesco respectively. Both are passively managed. Over the past 3 years, HEAW.L returned 2.71%/yr vs 3.80%/yr for XLVP.L. With a 0.96 correlation, they move nearly in lockstep. HEAW.L charges 0.30%/yr vs 0.14%/yr for XLVP.L.

Performance

HEAW.L vs. XLVP.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 Invesco US Health Care Sector UCITS ETF (XLVP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEAW.L is traded in GBP, while XLVP.L is traded in GBp. To make them comparable, the XLVP.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 XLVP.L's -1.84% return.

HEAW.L

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

XLVP.L

• 1D: 3.10%
• 1M: 5.91%
• YTD: -1.84%
• 6M: -1.13%
• 1Y: 16.32%
• 3Y*: 3.80%
• 5Y*: 6.90%
• 10Y*: 9.99%

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

HEAW.L vs. XLVP.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%
XLVP.L Invesco US Health Care Sector UCITS ETF	-1.84%	6.91%	3.77%	-3.87%	8.79%

Correlation

The correlation between HEAW.L and XLVP.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.96

The correlation between HEAW.L and XLVP.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

HEAW.L vs. XLVP.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

XLVP.L

XLVP.L Risk / Return Rank: 29
XLVP.L Sharpe Ratio Rank: 31
XLVP.L Sortino Ratio Rank: 32
XLVP.L Omega Ratio Rank: 29
XLVP.L Calmar Ratio Rank: 29
XLVP.L Martin Ratio Rank: 27

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. XLVP.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 Invesco US Health Care Sector UCITS ETF (XLVP.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	XLVP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.10	-0.18
Sortino ratio: Return per unit of downside risk	1.45	1.70	-0.25
Omega ratio: Gain probability vs. loss probability	1.17	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.18	1.41	-0.23
Martin ratio: Return relative to average drawdown	3.10	3.56	-0.46
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. XLVP.L - Sharpe Ratio Comparison

The current HEAW.L Sharpe Ratio is 0.92, which is comparable to the XLVP.L Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of HEAW.L and XLVP.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	XLVP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.10	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.48	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.71	-0.51

Drawdowns

HEAW.L vs. XLVP.L - Drawdown Comparison

The maximum HEAW.L drawdown since its inception was -18.85%, roughly equal to the maximum XLVP.L drawdown of -19.67%. Use the drawdown chart below to compare losses from any high point for HEAW.L and XLVP.L.

Drawdown Indicators

	HEAW.L	XLVP.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-19.67%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-11.56%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-19.67%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.67%	—
Current Drawdown Current decline from peak	-6.00%	-4.97%	-1.03%
Average Drawdown Average peak-to-trough decline	-5.60%	-4.62%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	4.57%	-0.49%

Volatility

HEAW.L vs. XLVP.L - Volatility Comparison

SPDR MSCI World Health Care UCITS ETF (HEAW.L) and Invesco US Health Care Sector UCITS ETF (XLVP.L) have volatilities of 5.19% and 5.43%, 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	XLVP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	5.43%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	10.54%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	14.76%	-1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	14.25%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	15.85%	-2.74%

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

HEAW.L has a 0.30% expense ratio, which is higher than XLVP.L's 0.14% expense ratio.

Dividends

HEAW.L vs. XLVP.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.96, HEAW.L and XLVP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, XLVP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XLVP.L is cheaper with a 0.14% expense ratio, compared with 0.30% for HEAW.L.

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

Both ETFs track MSCI World/Health Care NR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for HEAW.L and 0.14% for XLVP.L.