IH2O.L vs. SWDA.L

Last updated Jun 5, 2026

IH2O.L (iShares Global Water UCITS ETF) and SWDA.L (iShares Core MSCI World UCITS ETF USD (Acc)) are both exchange-traded funds - IH2O.L is a Water Equities fund tracking the S&P Global Water TR, while SWDA.L is a Global Equities fund tracking the MSCI World Index. Both are passively managed. Over the past 10 years, IH2O.L returned 10.41%/yr vs 13.91%/yr for SWDA.L. A 0.74 correlation means they provide meaningful diversification when combined. IH2O.L charges 0.65%/yr vs 0.20%/yr for SWDA.L.

Performance

IH2O.L vs. SWDA.L - Performance Comparison

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

Returns By Period

In the year-to-date period, IH2O.L achieves a -1.56% return, which is significantly lower than SWDA.L's 10.08% return. Over the past 10 years, IH2O.L has underperformed SWDA.L with an annualized return of 10.41%, while SWDA.L has yielded a comparatively higher 13.91% annualized 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%

SWDA.L

• 1D: 0.15%
• 1M: 5.12%
• YTD: 10.08%
• 6M: 10.35%
• 1Y: 27.25%
• 3Y*: 17.68%
• 5Y*: 13.06%
• 10Y*: 13.91%

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

IH2O.L vs. SWDA.L - 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%
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc)	10.08%	12.64%	21.11%	17.59%	-8.33%	23.64%	12.25%	23.03%	-3.78%	11.78%

Correlation

The correlation between IH2O.L and SWDA.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 6, 2009	0.74

Over the past year, the correlation between IH2O.L and SWDA.L has dropped to 0.43 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

IH2O.L vs. SWDA.L - Sectors Allocation Comparison

Sectors	IH2O.L	SWDA.L
Utilities	46.1%	2.5%
Industrials	44.2%	10.9%
Basic Materials	5.8%	3.2%
Energy	1.9%	4.2%
Technology	1.2%	30.0%
Consumer Cyclical	0.5%	9.0%
Real Estate	0.2%	1.8%
Communication Services	-	9.2%
Consumer Defensive	-	5.2%
Financial Services	-	15.4%
Healthcare	-	8.7%

Return for Risk

IH2O.L vs. SWDA.L — 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

SWDA.L

SWDA.L Risk / Return Rank: 83
SWDA.L Sharpe Ratio Rank: 83
SWDA.L Sortino Ratio Rank: 83
SWDA.L Omega Ratio Rank: 84
SWDA.L Calmar Ratio Rank: 81
SWDA.L Martin Ratio Rank: 83

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. SWDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Water UCITS ETF (IH2O.L) and iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.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.

	IH2O.L	SWDA.L	Difference
Sharpe ratio: Return per unit of total volatility	0.39	2.66	-2.28
Sortino ratio: Return per unit of downside risk	0.59	3.69	-3.10
Omega ratio: Gain probability vs. loss probability	1.08	1.51	-0.43
Calmar ratio: Return relative to maximum drawdown	0.46	4.14	-3.68
Martin ratio: Return relative to average drawdown	1.23	16.55	-15.33
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. SWDA.L - Sharpe Ratio Comparison

The current IH2O.L Sharpe Ratio is 0.39, which is lower than the SWDA.L Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of IH2O.L and SWDA.L, 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	SWDA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	2.66	-2.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.98	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.96	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.88	-0.27

Drawdowns

IH2O.L vs. SWDA.L - Drawdown Comparison

The maximum IH2O.L drawdown since its inception was -35.40%, which is greater than SWDA.L's maximum drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for IH2O.L and SWDA.L.

Drawdown Indicators

	IH2O.L	SWDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.40%	-25.58%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-6.55%	-3.74%
Max Drawdown (3Y) Largest decline over 3 years	-13.96%	-18.50%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	-23.14%	-18.50%	-4.64%
Max Drawdown (10Y) Largest decline over 10 years	-27.16%	-25.58%	-1.58%
Current Drawdown Current decline from peak	-9.03%	-0.10%	-8.93%
Average Drawdown Average peak-to-trough decline	-5.79%	-3.49%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	1.64%	+2.22%

Volatility

IH2O.L vs. SWDA.L - Volatility Comparison

iShares Global Water UCITS ETF (IH2O.L) has a higher volatility of 3.95% compared to iShares Core MSCI World UCITS ETF USD (Acc) (SWDA.L) at 2.52%. This indicates that IH2O.L's price experiences larger fluctuations and is considered to be riskier than SWDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IH2O.L	SWDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	2.52%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	7.29%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	10.19%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	13.30%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	14.50%	+0.42%

IH2O.L vs. SWDA.L - Expense Ratio Comparison

IH2O.L has a 0.65% expense ratio, which is higher than SWDA.L's 0.20% expense ratio.

Dividends

IH2O.L vs. SWDA.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SWDA.L iShares Core MSCI World UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

IH2O.L and SWDA.L have a correlation of 0.43, 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 SWDA.L?

On fees, SWDA.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IH2O.L or SWDA.L?

SWDA.L is cheaper with a 0.20% expense ratio, compared with 0.65% for IH2O.L.

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

IH2O.L is categorized as Water Equities, while SWDA.L is Global Equities. IH2O.L tracks S&P Global Water TR, while SWDA.L tracks MSCI World Index. Their fees differ too: 0.65% for IH2O.L and 0.20% for SWDA.L.