ICLN vs. HEAE.L
ICLN (iShares Global Clean Energy ETF) and HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) are both exchange-traded funds - ICLN is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while HEAE.L is a Health & Biotech Equities fund tracking the MSCI World/Health Care NR USD. Both are passively managed. Over the past 10 years, ICLN returned 11.67%/yr vs 4.85%/yr for HEAE.L. At a 0.32 correlation, their price movements are largely independent. ICLN charges 0.39%/yr vs 0.18%/yr for HEAE.L.
Performance
ICLN vs. HEAE.L - Performance Comparison
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Different Trading Currencies
ICLN is traded in USD, while HEAE.L is traded in GBP. To make them comparable, the HEAE.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ICLN achieves a 27.33% return, which is significantly higher than HEAE.L's -1.78% return. Over the past 10 years, ICLN has outperformed HEAE.L with an annualized return of 11.67%, while HEAE.L has yielded a comparatively lower 4.85% annualized return.
ICLN
- 1D
- 0.87%
- 1M
- -5.47%
- YTD
- 27.33%
- 6M
- 27.01%
- 1Y
- 60.20%
- 3Y*
- 5.25%
- 5Y*
- -0.21%
- 10Y*
- 11.67%
HEAE.L
- 1D
- 0.00%
- 1M
- 1.22%
- YTD
- -1.78%
- 6M
- -0.11%
- 1Y
- 6.29%
- 3Y*
- 5.98%
- 5Y*
- 1.03%
- 10Y*
- 4.85%
ICLN vs. HEAE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICLN iShares Global Clean Energy ETF | 27.33% | 47.05% | -25.72% | -20.41% | -5.43% | -24.18% | 141.82% | 44.36% | -9.03% | 21.47% |
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | -1.78% | 21.17% | -2.23% | 11.10% | -23.81% | 24.18% | 0.95% | 36.90% | -6.32% | 12.52% |
Correlation
The correlation between ICLN and HEAE.L is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.32 |
The correlation between ICLN and HEAE.L shifts across timeframes, from 0.21 (1 year) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ICLN vs. HEAE.L — Risk / Return Rank
ICLN
HEAE.L
ICLN vs. HEAE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Clean Energy ETF (ICLN) and SPDR MSCI Europe Health Care UCITS ETF (HEAE.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.
| ICLN | HEAE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.90 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.06 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 0.33 | +3.40 |
| Martin ratioReturn relative to average drawdown | 13.84 | 0.75 | +13.09 |
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Drawdowns
ICLN vs. HEAE.L - Drawdown Comparison
The maximum ICLN drawdown since its inception was -87.15%, which is greater than HEAE.L's maximum drawdown of -39.87%. Use the drawdown chart below to compare losses from any high point for ICLN and HEAE.L.
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Drawdown Indicators
| ICLN | HEAE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.15% | -39.87% | -47.28% |
Max Drawdown (1Y)Largest decline over 1 year | -16.38% | -14.74% | -1.64% |
Max Drawdown (3Y)Largest decline over 3 years | -43.18% | -26.29% | -16.89% |
Max Drawdown (5Y)Largest decline over 5 years | -57.16% | -38.55% | -18.61% |
Max Drawdown (10Y)Largest decline over 10 years | -66.75% | -38.55% | -28.20% |
Current DrawdownCurrent decline from peak | -43.03% | -11.01% | -32.02% |
Average DrawdownAverage peak-to-trough decline | -66.56% | -13.11% | -53.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 6.65% | -2.24% |
Volatility
ICLN vs. HEAE.L - Volatility Comparison
iShares Global Clean Energy ETF (ICLN) has a higher volatility of 12.97% compared to SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) at 5.18%. This indicates that ICLN's price experiences larger fluctuations and is considered to be riskier than HEAE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLN | HEAE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.97% | 5.18% | +7.79% |
Volatility (6M)Calculated over the trailing 6-month period | 22.62% | 13.19% | +9.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 18.28% | +9.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 18.60% | +8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.32% | 18.77% | +8.55% |
ICLN vs. HEAE.L - Expense Ratio Comparison
ICLN has a 0.39% expense ratio, which is higher than HEAE.L's 0.18% expense ratio.
Dividends
ICLN vs. HEAE.L - Dividend Comparison
ICLN's dividend yield for the trailing twelve months is around 1.28%, while HEAE.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEAE.L SPDR MSCI Europe Health Care UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ICLN iShares Global Clean Energy ETF | 1.28% | 1.63% | 1.85% | 1.59% | 0.89% | 1.18% | 0.34% | 1.36% | 2.77% | 2.49% | 3.88% | 2.36% |
Frequently Asked Questions
ICLN and HEAE.L have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEAE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAE.L is cheaper with a 0.18% expense ratio, compared with 0.39% for ICLN.
ICLN is categorized as Alternative Energy Equities, while HEAE.L is Health & Biotech Equities. ICLN tracks S&P Global Clean Energy Index, while HEAE.L tracks MSCI World/Health Care NR USD. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for ICLN and 0.18% for HEAE.L.
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