HTWO.L vs. BIOT.L

Last updated Jul 16, 2026

HTWO.L (L&G Hydrogen Economy UCITS ETF) and BIOT.L (L&G Pharma Breakthrough UCITS ETF - USD Accumulating ETF) are both exchange-traded funds - HTWO.L is a Global Equities fund tracking the L&G Hydrogen Economy UCITS ETF, while BIOT.L is a Health & Biotech Equities fund tracking the Solactive Pharma Breakthrough Value Index Net Total Return. Both are passively managed. Over the past 5 years, HTWO.L returned -0.51%/yr vs 2.83%/yr for BIOT.L. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 0.49% expense ratio.

Performance

HTWO.L vs. BIOT.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G Hydrogen Economy UCITS ETF (HTWO.L) and L&G Pharma Breakthrough UCITS ETF - USD Accumulating ETF (BIOT.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTWO.L achieves a 29.27% return, which is significantly higher than BIOT.L's 8.27% return.

HTWO.L

• 1D: 0.09%
• 1M: -10.01%
• 6M: 17.06%
• YTD: 29.27%
• 1Y: 59.38%
• 3Y*: 13.91%
• 5Y*: -0.51%
• 10Y*: —

BIOT.L

• 1D: 0.31%
• 1M: 7.79%
• 6M: 7.56%
• YTD: 8.27%
• 1Y: 33.81%
• 3Y*: 10.20%
• 5Y*: 2.83%
• 10Y*: —

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

HTWO.L vs. BIOT.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HTWO.L L&G Hydrogen Economy UCITS ETF	29.27%	40.50%	-8.00%	-3.49%	-37.13%	-33.03%
BIOT.L L&G Pharma Breakthrough UCITS ETF - USD Accumulating ETF	8.27%	36.47%	-5.31%	-9.28%	-8.41%	-7.56%

Correlation

The correlation between HTWO.L and BIOT.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 10, 2021	0.56

The correlation between HTWO.L and BIOT.L shifts across timeframes, from 0.38 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HTWO.L vs. BIOT.L — Risk / Return Rank

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

HTWO.L

HTWO.L Risk / Return Rank: 66
HTWO.L Sharpe Ratio Rank: 73
HTWO.L Sortino Ratio Rank: 68
HTWO.L Omega Ratio Rank: 63
HTWO.L Calmar Ratio Rank: 71
HTWO.L Martin Ratio Rank: 57

BIOT.L

BIOT.L Risk / Return Rank: 67
BIOT.L Sharpe Ratio Rank: 63
BIOT.L Sortino Ratio Rank: 64
BIOT.L Omega Ratio Rank: 55
BIOT.L Calmar Ratio Rank: 83
BIOT.L Martin Ratio Rank: 70

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.

HTWO.L vs. BIOT.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Hydrogen Economy UCITS ETF (HTWO.L) and L&G Pharma Breakthrough UCITS ETF - USD Accumulating ETF (BIOT.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HTWO.L	BIOT.L	Difference
Sharpe ratio: Return per unit of total volatility	1.87	1.67	+0.20
Sortino ratio: Return per unit of downside risk	2.51	2.39	+0.12
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	2.88	3.52	-0.64
Martin ratio: Return relative to average drawdown	7.98	10.12	-2.15

HTWO.L vs. BIOT.L - Sharpe Ratio Comparison

The current HTWO.L Sharpe Ratio is 1.87, which is comparable to the BIOT.L Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of HTWO.L and BIOT.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.

Drawdowns

HTWO.L vs. BIOT.L - Drawdown Comparison

The maximum HTWO.L drawdown since its inception was -68.35%, which is greater than BIOT.L's maximum drawdown of -34.44%. Use the drawdown chart below to compare losses from any high point for HTWO.L and BIOT.L.

Drawdown Indicators

	HTWO.L	BIOT.L	Difference
Max Drawdown Largest peak-to-trough decline	-68.35%	-34.44%	-33.91%
Max Drawdown (1Y) Largest decline over 1 year	-20.94%	-9.55%	-11.39%
Max Drawdown (3Y) Largest decline over 3 years	-32.36%	-19.91%	-12.45%
Max Drawdown (5Y) Largest decline over 5 years	-59.35%	-33.80%	-25.55%
Current Drawdown Current decline from peak	-32.10%	-5.72%	-26.38%
Average Drawdown Average peak-to-trough decline	-48.84%	-13.31%	-35.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	3.33%	+4.25%

Volatility

HTWO.L vs. BIOT.L - Volatility Comparison

L&G Hydrogen Economy UCITS ETF (HTWO.L) has a higher volatility of 10.34% compared to L&G Pharma Breakthrough UCITS ETF - USD Accumulating ETF (BIOT.L) at 6.08%. This indicates that HTWO.L's price experiences larger fluctuations and is considered to be riskier than BIOT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTWO.L	BIOT.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	6.08%	+4.26%
Volatility (6M) Calculated over the trailing 6-month period	23.43%	15.54%	+7.89%
Volatility (1Y) Calculated over the trailing 1-year period	32.34%	20.18%	+12.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.25%	18.62%	+10.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.35%	19.50%	+9.85%

HTWO.L vs. BIOT.L - Expense Ratio Comparison

Both HTWO.L and BIOT.L have an expense ratio of 0.49%.

Dividends

HTWO.L vs. BIOT.L - Dividend Comparison

Neither HTWO.L nor BIOT.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HTWO.L and BIOT.L in my portfolio?

HTWO.L and BIOT.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTWO.L or BIOT.L?

Both ETFs have the same 0.49% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTWO.L or BIOT.L?

HTWO.L and BIOT.L have the same expense ratio: 0.49% per year.

What is the main difference between HTWO.L and BIOT.L?

HTWO.L is categorized as Global Equities, while BIOT.L is Health & Biotech Equities. HTWO.L tracks L&G Hydrogen Economy UCITS ETF, while BIOT.L tracks Solactive Pharma Breakthrough Value Index Net Total Return.