HEAW.L vs. XLVS.L

Last updated Jun 5, 2026

HEAW.L (SPDR MSCI World Health Care UCITS ETF) and XLVS.L (Invesco Health Care S&P US Select Sector UCITS ETF Acc) are both Health & Biotech Equities funds - HEAW.L tracks the MSCI World/Health Care NR USD while XLVS.L tracks the S&P® Select Sector Capped 20% Health Care Index. Both are passively managed. Over the past 3 years, HEAW.L returned 2.71%/yr vs 3.86%/yr for XLVS.L. Their correlation of 0.90 suggests significant overlap in exposure. HEAW.L charges 0.30%/yr vs 0.14%/yr for XLVS.L.

Performance

HEAW.L vs. XLVS.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 Health Care S&P US Select Sector UCITS ETF Acc (XLVS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEAW.L is traded in GBP, while XLVS.L is traded in USD. To make them comparable, the XLVS.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 XLVS.L's -1.70% return.

HEAW.L

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

XLVS.L

• 1D: 3.00%
• 1M: 5.76%
• YTD: -1.70%
• 6M: -1.27%
• 1Y: 16.24%
• 3Y*: 3.86%
• 5Y*: 6.90%
• 10Y*: 9.98%

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

HEAW.L vs. XLVS.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%
XLVS.L Invesco Health Care S&P US Select Sector UCITS ETF Acc	-1.70%	6.60%	3.94%	-3.52%	8.42%

Correlation

The correlation between HEAW.L and XLVS.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.90

The correlation between HEAW.L and XLVS.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

HEAW.L vs. XLVS.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

XLVS.L

XLVS.L Risk / Return Rank: 28
XLVS.L Sharpe Ratio Rank: 28
XLVS.L Sortino Ratio Rank: 30
XLVS.L Omega Ratio Rank: 26
XLVS.L Calmar Ratio Rank: 30
XLVS.L Martin Ratio Rank: 26

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. XLVS.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 Health Care S&P US Select Sector UCITS ETF Acc (XLVS.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	XLVS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.04	-0.12
Sortino ratio: Return per unit of downside risk	1.45	1.59	-0.13
Omega ratio: Gain probability vs. loss probability	1.17	1.18	-0.02
Calmar ratio: Return relative to maximum drawdown	1.18	1.39	-0.21
Martin ratio: Return relative to average drawdown	3.10	3.46	-0.36
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. XLVS.L - Sharpe Ratio Comparison

The current HEAW.L Sharpe Ratio is 0.92, which is comparable to the XLVS.L Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of HEAW.L and XLVS.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	XLVS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	1.04	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.70	-0.50

Drawdowns

HEAW.L vs. XLVS.L - Drawdown Comparison

The maximum HEAW.L drawdown since its inception was -18.85%, smaller than the maximum XLVS.L drawdown of -24.30%. Use the drawdown chart below to compare losses from any high point for HEAW.L and XLVS.L.

Drawdown Indicators

	HEAW.L	XLVS.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.85%	-24.30%	+5.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-11.67%	+0.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-19.70%	+0.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.70%	—
Current Drawdown Current decline from peak	-6.00%	-5.07%	-0.93%
Average Drawdown Average peak-to-trough decline	-5.60%	-4.78%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.08%	4.68%	-0.60%

Volatility

HEAW.L vs. XLVS.L - Volatility Comparison

The current volatility for SPDR MSCI World Health Care UCITS ETF (HEAW.L) is 5.19%, while Invesco Health Care S&P US Select Sector UCITS ETF Acc (XLVS.L) has a volatility of 5.57%. This indicates that HEAW.L experiences smaller price fluctuations and is considered to be less risky than XLVS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEAW.L	XLVS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	5.57%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	11.37%	-1.41%
Volatility (1Y) Calculated over the trailing 1-year period	13.70%	15.57%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	15.06%	-1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	16.42%	-3.31%

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

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

Dividends

HEAW.L vs. XLVS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.92, HEAW.L and XLVS.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 XLVS.L?

On fees, XLVS.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 XLVS.L?

XLVS.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 XLVS.L?

HEAW.L tracks MSCI World/Health Care NR USD, while XLVS.L tracks S&P® Select Sector Capped 20% Health Care Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.30% for HEAW.L and 0.14% for XLVS.L.