IH2O.L vs. AQWA

Last updated Jun 5, 2026

IH2O.L (iShares Global Water UCITS ETF) and AQWA (Global X Clean Water ETF) are both Water Equities funds - IH2O.L tracks the S&P Global Water TR while AQWA tracks the Solactive Global Clean Water Industry Index. Both are passively managed. Over the past 5 years, IH2O.L returned 5.71%/yr vs 5.79%/yr for AQWA. A 0.61 correlation means they provide meaningful diversification when combined. IH2O.L charges 0.65%/yr vs 0.50%/yr for AQWA.

Performance

IH2O.L vs. AQWA - Performance Comparison

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

Different Trading Currencies

IH2O.L is traded in GBp, while AQWA is traded in USD. To make them comparable, the AQWA 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 -1.56% return, which is significantly lower than AQWA's -0.10% return.

IH2O.L

• 1D: -0.06%
• 1M: -2.43%
• YTD: -1.56%
• 6M: -2.69%
• 1Y: 4.75%
• 3Y*: 6.36%
• 5Y*: 5.71%
• 10Y*: 10.41%

AQWA

• 1D: 0.18%
• 1M: -1.25%
• YTD: -0.10%
• 6M: -3.02%
• 1Y: 2.33%
• 3Y*: 6.38%
• 5Y*: 5.79%
• 10Y*: —

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

IH2O.L vs. AQWA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IH2O.L iShares Global Water UCITS ETF	-1.56%	10.23%	6.31%	7.67%	-11.13%	22.53%
AQWA Global X Clean Water ETF	-0.10%	5.09%	6.16%	14.13%	-10.36%	17.64%

Correlation

The correlation between IH2O.L and AQWA is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 13, 2021	0.61

The correlation between IH2O.L and AQWA has been stable across timeframes, ranging from 0.61 to 0.66 - a consistent structural relationship.

IH2O.L vs. AQWA - Sectors Allocation Comparison

Sectors	IH2O.L	AQWA
Utilities	46.1%	34.8%
Industrials	44.2%	56.9%
Basic Materials	5.8%	1.7%
Energy	1.9%	-
Technology	1.2%	2.0%
Consumer Cyclical	0.5%	1.7%
Real Estate	0.2%	-
Communication Services	-	-
Consumer Defensive	-	2.9%
Financial Services	-	-
Healthcare	-	-

Return for Risk

IH2O.L vs. AQWA — 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: 15
IH2O.L Sharpe Ratio Rank: 15
IH2O.L Sortino Ratio Rank: 14
IH2O.L Omega Ratio Rank: 15
IH2O.L Calmar Ratio Rank: 15
IH2O.L Martin Ratio Rank: 15

AQWA

AQWA Risk / Return Rank: 10
AQWA Sharpe Ratio Rank: 11
AQWA Sortino Ratio Rank: 10
AQWA Omega Ratio Rank: 10
AQWA Calmar Ratio Rank: 10
AQWA Martin Ratio Rank: 10

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. AQWA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF (IH2O.L) and Global X Clean Water ETF (AQWA). 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.

	IH2O.L	AQWA	Difference
Sharpe ratio: Return per unit of total volatility	0.39	0.17	+0.21
Sortino ratio: Return per unit of downside risk	0.59	0.33	+0.26
Omega ratio: Gain probability vs. loss probability	1.08	1.04	+0.03
Calmar ratio: Return relative to maximum drawdown	0.46	0.20	+0.26
Martin ratio: Return relative to average drawdown	1.23	0.48	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IH2O.L vs. AQWA - Sharpe Ratio Comparison

The current IH2O.L Sharpe Ratio is 0.39, which is higher than the AQWA Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of IH2O.L and AQWA, 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

	IH2O.L	AQWA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	0.17	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.39	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.39	+0.22

Drawdowns

IH2O.L vs. AQWA - Drawdown Comparison

The maximum IH2O.L drawdown since its inception was -35.40%, which is greater than AQWA's maximum drawdown of -22.07%. Use the drawdown chart below to compare losses from any high point for IH2O.L and AQWA.

Drawdown Indicators

	IH2O.L	AQWA	Difference
Max Drawdown Largest peak-to-trough decline	-35.40%	-22.07%	-13.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-11.80%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-15.00%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-23.14%	-22.07%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	—	—
Current Drawdown Current decline from peak	-9.03%	-10.19%	+1.16%
Average Drawdown Average peak-to-trough decline	-5.79%	-5.79%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	4.85%	-0.99%

Volatility

IH2O.L vs. AQWA - Volatility Comparison

iShares Global Water UCITS ETF (IH2O.L) has a higher volatility of 3.95% compared to Global X Clean Water ETF (AQWA) at 3.55%. This indicates that IH2O.L's price experiences larger fluctuations and is considered to be riskier than AQWA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IH2O.L	AQWA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.55%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	10.40%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	13.40%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	15.05%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	14.98%	-0.06%

IH2O.L vs. AQWA - Expense Ratio Comparison

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

Dividends

IH2O.L vs. AQWA - Dividend Comparison

IH2O.L's dividend yield for the trailing twelve months is around 1.91%, more than AQWA's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQWA Global X Clean Water ETF	1.48%	1.47%	1.40%	1.53%	1.56%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IH2O.L iShares Global Water UCITS ETF	1.91%	1.78%	1.34%	1.51%	1.32%	2.25%	1.29%	1.84%	2.30%	1.98%	2.17%	2.45%

Frequently Asked Questions

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

IH2O.L and AQWA have a correlation of 0.66, 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 AQWA?

On fees, AQWA 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 AQWA?

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

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

IH2O.L tracks S&P Global Water TR, while AQWA tracks Solactive Global Clean Water Industry Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.65% for IH2O.L and 0.50% for AQWA.