IH2O.L vs. GLD

Last updated Jun 5, 2026

IH2O.L (iShares Global Water UCITS ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - IH2O.L is a Water Equities fund tracking the S&P Global Water TR, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IH2O.L returned 10.41%/yr vs 14.13%/yr for GLD. At a 0.06 correlation, their price movements are largely independent. IH2O.L charges 0.65%/yr vs 0.40%/yr for GLD.

Performance

IH2O.L vs. GLD - Performance Comparison

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

Different Trading Currencies

IH2O.L is traded in GBp, while GLD is traded in USD. To make them comparable, the GLD 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 GLD's 4.20% return. Over the past 10 years, IH2O.L has underperformed GLD with an annualized return of 10.41%, while GLD has yielded a comparatively higher 14.13% annualized return.

IH2O.L

• 1D: -0.06%
• 1M: -3.51%
• YTD: -1.56%
• 6M: -2.67%
• 1Y: 4.90%
• 3Y*: 6.36%
• 5Y*: 5.71%
• 10Y*: 10.41%

GLD

• 1D: 0.00%
• 1M: -3.34%
• YTD: 4.20%
• 6M: 5.72%
• 1Y: 34.48%
• 3Y*: 27.81%
• 5Y*: 19.62%
• 10Y*: 14.13%

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

IH2O.L vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IH2O.L iShares Global Water UCITS ETF	-1.56%	10.23%	6.31%	7.67%	-11.13%	33.06%	11.63%	29.99%	-4.91%	16.22%
GLD SPDR Gold Shares	0.99%	52.02%	28.87%	7.06%	11.03%	-3.24%	21.15%	13.37%	3.87%	3.05%

Correlation

The correlation between IH2O.L and GLD is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.06

IH2O.L vs. GLD - Sectors Allocation Comparison

Sectors	IH2O.L	GLD
Utilities	46.1%	-
Industrials	44.2%	-
Basic Materials	5.8%	100.0%
Energy	1.9%	-
Technology	1.2%	-
Consumer Cyclical	0.5%	-
Real Estate	0.2%	-
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-

Return for Risk

IH2O.L vs. GLD — 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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 30
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 33
GLD Calmar Ratio Rank: 29
GLD Martin Ratio Rank: 26

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF (IH2O.L) and SPDR Gold Shares (GLD). 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	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.37	-0.99
Sortino ratio: Return per unit of downside risk	0.59	1.78	-1.19
Omega ratio: Gain probability vs. loss probability	1.08	1.28	-0.20
Calmar ratio: Return relative to maximum drawdown	0.46	1.95	-1.49
Martin ratio: Return relative to average drawdown	1.23	4.77	-3.55
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. GLD - Sharpe Ratio Comparison

The current IH2O.L Sharpe Ratio is 0.39, which is lower than the GLD Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of IH2O.L and GLD, 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	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	1.37	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	1.18	-0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.87	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.70	-0.09

Drawdowns

IH2O.L vs. GLD - Drawdown Comparison

The maximum IH2O.L drawdown since its inception was -35.40%, smaller than the maximum GLD drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for IH2O.L and GLD.

Drawdown Indicators

	IH2O.L	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-35.40%	-41.89%	+6.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-17.78%	+7.49%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-17.78%	+3.82%
Max Drawdown (5Y) Largest decline over 5 years	-23.14%	-17.78%	-5.36%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-22.78%	-4.38%
Current Drawdown Current decline from peak	-9.03%	-16.16%	+7.13%
Average Drawdown Average peak-to-trough decline	-5.79%	-13.21%	+7.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	7.24%	-3.38%

Volatility

IH2O.L vs. GLD - Volatility Comparison

iShares Global Water UCITS ETF (IH2O.L) and SPDR Gold Shares (GLD) have volatilities of 3.95% and 3.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IH2O.L	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	3.81%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	21.73%	-11.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	25.28%	-13.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	16.70%	-2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	16.22%	-1.30%

IH2O.L vs. GLD - Expense Ratio Comparison

IH2O.L has a 0.65% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

IH2O.L vs. GLD - Dividend Comparison

IH2O.L's dividend yield for the trailing twelve months is around 1.91%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 GLD in my portfolio?

IH2O.L and GLD have a correlation of 0.06, 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 GLD?

On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IH2O.L or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.65% for IH2O.L.

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

IH2O.L is categorized as Water Equities, while GLD is Gold. IH2O.L tracks S&P Global Water TR, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.65% for IH2O.L and 0.40% for GLD.