IH2O.L vs. AIA

Last updated Jun 14, 2026

IH2O.L (iShares Global Water UCITS ETF) and AIA (iShares Asia 50 ETF) are both exchange-traded funds - IH2O.L is a Water Equities fund tracking the S&P Global Water TR, while AIA is a Asia Pacific Equities fund tracking the S&P Asia 50. Both are passively managed. Over the past 10 years, IH2O.L returned 10.09%/yr vs 15.65%/yr for AIA. At a 0.42 correlation, their price movements are largely independent. IH2O.L charges 0.65%/yr vs 0.50%/yr for AIA.

Performance

IH2O.L vs. AIA - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global Water UCITS ETF (IH2O.L) and iShares Asia 50 ETF (AIA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IH2O.L is traded in GBp, while AIA is traded in USD. To make them comparable, the AIA values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IH2O.L achieves a -1.27% return, which is significantly lower than AIA's 45.30% return. Over the past 10 years, IH2O.L has underperformed AIA with an annualized return of 10.09%, while AIA has yielded a comparatively higher 15.65% annualized return.

IH2O.L

• 1D: 1.15%
• 1M: 0.53%
• YTD: -1.27%
• 6M: -1.32%
• 1Y: 4.55%
• 3Y*: 5.78%
• 5Y*: 5.22%
• 10Y*: 10.09%

AIA

• 1D: 0.63%
• 1M: 6.05%
• YTD: 45.30%
• 6M: 50.16%
• 1Y: 86.08%
• 3Y*: 31.86%
• 5Y*: 12.67%
• 10Y*: 15.65%

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

IH2O.L vs. AIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IH2O.L iShares Global Water UCITS ETF	-1.27%	9.75%	6.03%	7.33%	-11.32%	32.25%	11.29%	29.42%	-5.41%	15.67%
AIA iShares Asia 50 ETF	45.30%	37.26%	22.36%	-0.89%	-15.06%	-10.07%	29.80%	17.56%	-9.14%	32.46%

Correlation

The correlation between IH2O.L and AIA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Nov 20, 2007	0.42

Over the past year, the correlation between IH2O.L and AIA has dropped to 0.18 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

IH2O.L vs. AIA - Sectors Allocation Comparison

Sectors	IH2O.L	AIA
Utilities	45.5%	-
Industrials	44.7%	2.0%
Basic Materials	6.0%	-
Energy	1.8%	0.6%
Technology	1.3%	63.8%
Consumer Cyclical	0.5%	8.6%
Real Estate	0.2%	0.5%
Communication Services	-	7.4%
Consumer Defensive	-	-
Financial Services	-	16.4%
Healthcare	-	0.8%

Return for Risk

IH2O.L vs. AIA — Risk / Return Rank

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

IH2O.L

IH2O.L Risk / Return Rank: 14
IH2O.L Sharpe Ratio Rank: 15
IH2O.L Sortino Ratio Rank: 13
IH2O.L Omega Ratio Rank: 14
IH2O.L Calmar Ratio Rank: 14
IH2O.L Martin Ratio Rank: 15

AIA

AIA Risk / Return Rank: 91
AIA Sharpe Ratio Rank: 92
AIA Sortino Ratio Rank: 87
AIA Omega Ratio Rank: 89
AIA Calmar Ratio Rank: 93
AIA Martin Ratio Rank: 92

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.

IH2O.L vs. AIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF (IH2O.L) and iShares Asia 50 ETF (AIA). 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.

	IH2O.L	AIA	Difference
Sharpe ratio: Return per unit of total volatility	0.33	3.23	-2.90
Sortino ratio: Return per unit of downside risk	0.52	3.74	-3.23
Omega ratio: Gain probability vs. loss probability	1.06	1.56	-0.50
Calmar ratio: Return relative to maximum drawdown	0.38	7.13	-6.75
Martin ratio: Return relative to average drawdown	0.97	22.61	-21.64

IH2O.L vs. AIA - Sharpe Ratio Comparison

The current IH2O.L Sharpe Ratio is 0.33, which is lower than the AIA Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of IH2O.L and AIA, 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

IH2O.L vs. AIA - Drawdown Comparison

The maximum IH2O.L drawdown since its inception was -67.32%, which is greater than AIA's maximum drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for IH2O.L and AIA.

Drawdown Indicators

	IH2O.L	AIA	Difference
Max Drawdown Largest peak-to-trough decline	-67.32%	-46.86%	-20.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.50%	-11.70%	+1.20%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-21.92%	+7.96%
Max Drawdown (5Y) Largest decline over 5 years	-23.19%	-39.70%	+16.51%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-45.18%	+18.02%
Current Drawdown Current decline from peak	-8.77%	-6.01%	-2.76%
Average Drawdown Average peak-to-trough decline	-20.55%	-12.36%	-8.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.15%	3.69%	+0.46%

Volatility

IH2O.L vs. AIA - Volatility Comparison

The current volatility for iShares Global Water UCITS ETF (IH2O.L) is 3.90%, while iShares Asia 50 ETF (AIA) has a volatility of 13.62%. This indicates that IH2O.L experiences smaller price fluctuations and is considered to be less risky than AIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IH2O.L	AIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	13.62%	-9.72%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	22.49%	-12.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	25.87%	-13.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	23.75%	-9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	22.67%	-7.74%

IH2O.L vs. AIA - Expense Ratio Comparison

IH2O.L has a 0.65% expense ratio, which is higher than AIA's 0.50% expense ratio.

Dividends

IH2O.L vs. AIA - Dividend Comparison

IH2O.L's dividend yield for the trailing twelve months is around 1.43%, less than AIA's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIA iShares Asia 50 ETF	1.73%	2.50%	2.78%	2.07%	2.59%	1.54%	1.11%	2.24%	2.49%	1.45%	2.29%	2.88%
IH2O.L iShares Global Water UCITS ETF	1.43%	1.35%	1.05%	1.21%	1.11%	1.67%	1.00%	1.43%	1.77%	1.52%	1.62%	1.61%

Frequently Asked Questions

Can I hold both IH2O.L and AIA in my portfolio?

IH2O.L and AIA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IH2O.L or AIA?

On fees, AIA is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IH2O.L or AIA?

AIA is cheaper with a 0.50% expense ratio, compared with 0.65% for IH2O.L.

What is the main difference between IH2O.L and AIA?

IH2O.L is categorized as Water Equities, while AIA is Asia Pacific Equities. IH2O.L tracks S&P Global Water TR, while AIA tracks S&P Asia 50. Their fees differ too: 0.65% for IH2O.L and 0.50% for AIA.