IEUR vs. HEAE.L
IEUR (iShares Core MSCI Europe ETF) and HEAE.L (SPDR MSCI Europe Health Care UCITS ETF) are both exchange-traded funds - IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market 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, IEUR returned 10.11%/yr vs 4.85%/yr for HEAE.L. A 0.56 correlation means they provide meaningful diversification when combined. IEUR charges 0.09%/yr vs 0.18%/yr for HEAE.L.
Performance
IEUR vs. HEAE.L - Performance Comparison
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Different Trading Currencies
IEUR 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, IEUR achieves a 7.65% return, which is significantly higher than HEAE.L's -1.78% return. Over the past 10 years, IEUR has outperformed HEAE.L with an annualized return of 10.11%, while HEAE.L has yielded a comparatively lower 4.85% annualized return.
IEUR
- 1D
- 0.14%
- 1M
- 2.40%
- YTD
- 7.65%
- 6M
- 9.78%
- 1Y
- 19.09%
- 3Y*
- 16.42%
- 5Y*
- 8.26%
- 10Y*
- 10.11%
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%
IEUR vs. HEAE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEUR iShares Core MSCI Europe ETF | 7.65% | 35.67% | 1.40% | 19.71% | -15.90% | 16.71% | 5.31% | 24.95% | -14.86% | 26.70% |
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 IEUR and HEAE.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014 | 0.56 |
The correlation between IEUR and HEAE.L has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.
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Return for Risk
IEUR vs. HEAE.L — Risk / Return Rank
IEUR
HEAE.L
IEUR vs. HEAE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Europe ETF (IEUR) 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.
| IEUR | HEAE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.06 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 0.33 | +1.11 |
| Martin ratioReturn relative to average drawdown | 5.40 | 0.75 | +4.65 |
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Drawdowns
IEUR vs. HEAE.L - Drawdown Comparison
The maximum IEUR drawdown since its inception was -36.96%, smaller than the maximum HEAE.L drawdown of -39.87%. Use the drawdown chart below to compare losses from any high point for IEUR and HEAE.L.
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Drawdown Indicators
| IEUR | HEAE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.96% | -39.87% | +2.91% |
Max Drawdown (1Y)Largest decline over 1 year | -12.04% | -14.74% | +2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -14.25% | -26.29% | +12.04% |
Max Drawdown (5Y)Largest decline over 5 years | -32.75% | -38.55% | +5.80% |
Max Drawdown (10Y)Largest decline over 10 years | -36.96% | -38.55% | +1.59% |
Current DrawdownCurrent decline from peak | -0.44% | -11.01% | +10.57% |
Average DrawdownAverage peak-to-trough decline | -8.21% | -13.11% | +4.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.22% | 6.65% | -3.43% |
Volatility
IEUR vs. HEAE.L - Volatility Comparison
iShares Core MSCI Europe ETF (IEUR) has a higher volatility of 5.70% compared to SPDR MSCI Europe Health Care UCITS ETF (HEAE.L) at 5.18%. This indicates that IEUR'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
| IEUR | HEAE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 5.18% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 13.19% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 18.28% | -2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 18.60% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.68% | 18.77% | -0.09% |
IEUR vs. HEAE.L - Expense Ratio Comparison
IEUR has a 0.09% expense ratio, which is lower than HEAE.L's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IEUR vs. HEAE.L - Dividend Comparison
IEUR's dividend yield for the trailing twelve months is around 2.76%, 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% |
IEUR iShares Core MSCI Europe ETF | 2.76% | 2.97% | 3.54% | 3.17% | 3.05% | 2.88% | 2.13% | 3.26% | 3.76% | 2.64% | 3.19% | 2.79% |
Frequently Asked Questions
IEUR and HEAE.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IEUR is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IEUR is cheaper with a 0.09% expense ratio, compared with 0.18% for HEAE.L.
IEUR is categorized as Europe Equities, while HEAE.L is Health & Biotech Equities. IEUR tracks MSCI Europe Investable Market 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: 0.09% for IEUR and 0.18% for HEAE.L.
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