HLTH.L vs. WHCE.L

Last updated Jun 5, 2026

HLTH.L (SPDR® MSCI Europe Health Care UCITS ETF) and WHCE.L (Invesco S&P World Health Care ESG UCITS ETF Acc) are both Health & Biotech Equities funds - HLTH.L tracks the MSCI World/Health Care NR USD while WHCE.L tracks the S&P World ESG Enhanced Health Care Index. Both are passively managed. Over the past 3 years, HLTH.L returned 2.79%/yr vs 3.14%/yr for WHCE.L. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.

Performance

HLTH.L vs. WHCE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR® MSCI Europe Health Care UCITS ETF (HLTH.L) and Invesco S&P World Health Care ESG UCITS ETF Acc (WHCE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HLTH.L is traded in EUR, while WHCE.L is traded in USD. To make them comparable, the WHCE.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, HLTH.L achieves a -1.46% return, which is significantly higher than WHCE.L's -3.14% return.

HLTH.L

• 1D: 3.12%
• 1M: 1.53%
• YTD: -1.46%
• 6M: -0.41%
• 1Y: 6.14%
• 3Y*: 2.79%
• 5Y*: 5.77%
• 10Y*: 6.14%

WHCE.L

• 1D: 2.74%
• 1M: 4.45%
• YTD: -3.14%
• 6M: -2.60%
• 1Y: 10.11%
• 3Y*: 3.14%
• 5Y*: —
• 10Y*: —

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

HLTH.L vs. WHCE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HLTH.L SPDR® MSCI Europe Health Care UCITS ETF	-1.46%	7.01%	4.14%	-1.48%
WHCE.L Invesco S&P World Health Care ESG UCITS ETF Acc	-3.14%	2.18%	8.25%	1.96%

Correlation

The correlation between HLTH.L and WHCE.L 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.71

The correlation between HLTH.L and WHCE.L has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

HLTH.L vs. WHCE.L — Risk / Return Rank

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

HLTH.L

HLTH.L Risk / Return Rank: 15
HLTH.L Sharpe Ratio Rank: 15
HLTH.L Sortino Ratio Rank: 15
HLTH.L Omega Ratio Rank: 15
HLTH.L Calmar Ratio Rank: 15
HLTH.L Martin Ratio Rank: 14

WHCE.L

WHCE.L Risk / Return Rank: 22
WHCE.L Sharpe Ratio Rank: 23
WHCE.L Sortino Ratio Rank: 24
WHCE.L Omega Ratio Rank: 22
WHCE.L Calmar Ratio Rank: 22
WHCE.L Martin Ratio Rank: 21

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.

HLTH.L vs. WHCE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Health Care UCITS ETF (HLTH.L) and Invesco S&P World Health Care ESG UCITS ETF Acc (WHCE.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.

	HLTH.L	WHCE.L	Difference
Sharpe ratio: Return per unit of total volatility	0.37	0.64	-0.28
Sortino ratio: Return per unit of downside risk	0.66	1.07	-0.42
Omega ratio: Gain probability vs. loss probability	1.08	1.12	-0.04
Calmar ratio: Return relative to maximum drawdown	0.49	0.83	-0.34
Martin ratio: Return relative to average drawdown	1.07	2.15	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLTH.L vs. WHCE.L - Sharpe Ratio Comparison

The current HLTH.L Sharpe Ratio is 0.37, which is lower than the WHCE.L Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of HLTH.L and WHCE.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

	HLTH.L	WHCE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	0.64	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.20	+0.15

Drawdowns

HLTH.L vs. WHCE.L - Drawdown Comparison

The maximum HLTH.L drawdown since its inception was -26.57%, which is greater than WHCE.L's maximum drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for HLTH.L and WHCE.L.

Drawdown Indicators

	HLTH.L	WHCE.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.57%	-22.21%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-12.57%	-12.12%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-26.57%	-22.21%	-4.36%
Max Drawdown (5Y) Largest decline over 5 years	-26.57%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.57%	—	—
Current Drawdown Current decline from peak	-10.88%	-10.22%	-0.66%
Average Drawdown Average peak-to-trough decline	-9.38%	-6.84%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.71%	4.70%	+1.01%

Volatility

HLTH.L vs. WHCE.L - Volatility Comparison

SPDR® MSCI Europe Health Care UCITS ETF (HLTH.L) and Invesco S&P World Health Care ESG UCITS ETF Acc (WHCE.L) have volatilities of 5.58% and 5.50%, 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

	HLTH.L	WHCE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	5.50%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	11.34%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	15.66%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.59%	14.32%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.69%	14.32%	+1.37%

HLTH.L vs. WHCE.L - Expense Ratio Comparison

Both HLTH.L and WHCE.L have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HLTH.L vs. WHCE.L - Dividend Comparison

Neither HLTH.L nor WHCE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HLTH.L and WHCE.L in my portfolio?

HLTH.L and WHCE.L 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, HLTH.L or WHCE.L?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HLTH.L or WHCE.L?

HLTH.L and WHCE.L have the same expense ratio: 0.18% per year.

What is the main difference between HLTH.L and WHCE.L?

HLTH.L tracks MSCI World/Health Care NR USD, while WHCE.L tracks S&P World ESG Enhanced Health Care Index. They also come from different issuers: State Street and Invesco.