IH2O.L vs. SGOV
IH2O.L (iShares Global Water UCITS ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - IH2O.L is a Water Equities fund tracking the S&P Global Water TR, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, IH2O.L returned 5.22%/yr vs 4.63%/yr for SGOV. At a 0.03 correlation, their price movements are largely independent. IH2O.L charges 0.65%/yr vs 0.09%/yr for SGOV.
Performance
IH2O.L vs. SGOV - Performance Comparison
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Different Trading Currencies
IH2O.L is traded in GBp, while SGOV is traded in USD. To make them comparable, the SGOV 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 SGOV's 2.13% 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%
SGOV
- 1D
- 0.11%
- 1M
- -0.35%
- YTD
- 2.13%
- 6M
- 1.53%
- 1Y
- 5.20%
- 3Y*
- 2.60%
- 5Y*
- 4.63%
- 10Y*
- —
IH2O.L vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
IH2O.L iShares Global Water UCITS ETF | -1.27% | 9.75% | 6.03% | 7.33% | -11.32% | 32.25% | 17.32% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.13% | -3.18% | 7.11% | -0.13% | 13.66% | 0.99% | -9.80% |
Correlation
The correlation between IH2O.L and SGOV is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.03 |
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Return for Risk
IH2O.L vs. SGOV — Risk / Return Rank
IH2O.L
SGOV
IH2O.L vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF (IH2O.L) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.15 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.09 | -0.70 |
| Martin ratioReturn relative to average drawdown | 0.97 | 2.95 | -1.97 |
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Drawdowns
IH2O.L vs. SGOV - Drawdown Comparison
The maximum IH2O.L drawdown since its inception was -67.32%, which is greater than SGOV's maximum drawdown of -15.77%. Use the drawdown chart below to compare losses from any high point for IH2O.L and SGOV.
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Drawdown Indicators
| IH2O.L | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.32% | -15.77% | -51.55% |
Max Drawdown (1Y)Largest decline over 1 year | -10.50% | -5.17% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.96% | -9.80% | -4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -23.19% | -15.77% | -7.42% |
Max Drawdown (10Y)Largest decline over 10 years | -27.16% | — | — |
Current DrawdownCurrent decline from peak | -8.77% | -5.71% | -3.06% |
Average DrawdownAverage peak-to-trough decline | -20.55% | -8.17% | -12.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.15% | 1.90% | +2.25% |
Volatility
IH2O.L vs. SGOV - Volatility Comparison
iShares Global Water UCITS ETF (IH2O.L) has a higher volatility of 3.90% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 1.68%. This indicates that IH2O.L's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IH2O.L | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.90% | 1.68% | +2.22% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 4.89% | +5.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.36% | 6.60% | +5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.99% | 8.56% | +5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 8.49% | +6.44% |
IH2O.L vs. SGOV - Expense Ratio Comparison
IH2O.L has a 0.65% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
IH2O.L vs. SGOV - Dividend Comparison
IH2O.L's dividend yield for the trailing twelve months is around 1.43%, less than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IH2O.L and SGOV have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.65% for IH2O.L.
IH2O.L is categorized as Water Equities, while SGOV is Ultrashort Bond. IH2O.L tracks S&P Global Water TR, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.65% for IH2O.L and 0.09% for SGOV.
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