IMID.L vs. HDGB.L

Last updated Jul 18, 2026

IMID.L (SPDR MSCI ACWI IMI UCITS ETF) and HDGB.L (VanEck Hydrogen Economy UCITS ETF USD (Acc)) are both exchange-traded funds - IMID.L is a Global Equities fund tracking the MSCI ACWI Investable Market Index, while HDGB.L is a Hydrogen Economy fund tracking the MVIS Global Hydrogen Economy ESG Index. Both are passively managed. Over the past 5 years, IMID.L returned -41.92%/yr vs -13.34%/yr for HDGB.L. A 0.65 correlation means they provide meaningful diversification when combined. IMID.L charges 0.17%/yr vs 0.55%/yr for HDGB.L.

Performance

IMID.L vs. HDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI IMI UCITS ETF (IMID.L) and VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IMID.L is traded in USD, while HDGB.L is traded in GBP. To make them comparable, the HDGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, IMID.L achieves a -95.58% return, which is significantly lower than HDGB.L's 32.65% return.

IMID.L

• 1D: -1.22%
• 1M: -1.90%
• 6M: -95.68%
• YTD: -95.58%
• 1Y: -95.10%
• 3Y*: -59.65%
• 5Y*: -41.92%
• 10Y*: -18.81%

HDGB.L

• 1D: -1.72%
• 1M: -12.70%
• 6M: 15.38%
• YTD: 32.65%
• 1Y: 55.87%
• 3Y*: -7.42%
• 5Y*: -13.34%
• 10Y*: —

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

IMID.L vs. HDGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IMID.L SPDR MSCI ACWI IMI UCITS ETF	-95.58%	22.16%	16.31%	21.65%	-17.64%	10.92%
HDGB.L VanEck Hydrogen Economy UCITS ETF USD (Acc)	32.65%	18.37%	-30.12%	-23.89%	-39.06%	-21.68%

Correlation

The correlation between IMID.L and HDGB.L is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.65

The correlation between IMID.L and HDGB.L has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.

Return for Risk

IMID.L vs. HDGB.L — Risk / Return Rank

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

IMID.L

IMID.L Risk / Return Rank: 2
IMID.L Sharpe Ratio Rank: 2
IMID.L Sortino Ratio Rank: 4
IMID.L Omega Ratio Rank: 0
IMID.L Calmar Ratio Rank: 0
IMID.L Martin Ratio Rank: 1

HDGB.L

HDGB.L Risk / Return Rank: 49
HDGB.L Sharpe Ratio Rank: 55
HDGB.L Sortino Ratio Rank: 57
HDGB.L Omega Ratio Rank: 50
HDGB.L Calmar Ratio Rank: 47
HDGB.L Martin Ratio Rank: 36

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.

IMID.L vs. HDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI IMI UCITS ETF (IMID.L) and VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.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.

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.

	IMID.L	HDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.40	-2.38
Sortino ratio: Return per unit of downside risk	-0.78	2.06	-2.84
Omega ratio: Gain probability vs. loss probability	0.55	1.24	-0.69
Calmar ratio: Return relative to maximum drawdown	-0.99	1.82	-2.81
Martin ratio: Return relative to average drawdown	-1.43	4.12	-5.56

IMID.L vs. HDGB.L - Sharpe Ratio Comparison

The current IMID.L Sharpe Ratio is -0.98, which is lower than the HDGB.L Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of IMID.L and HDGB.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.

Drawdowns

IMID.L vs. HDGB.L - Drawdown Comparison

The maximum IMID.L drawdown since its inception was -96.27%, which is greater than HDGB.L's maximum drawdown of -81.15%. Use the drawdown chart below to compare losses from any high point for IMID.L and HDGB.L.

Drawdown Indicators

	IMID.L	HDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-96.27%	-81.15%	-15.12%
Max Drawdown (1Y) Largest decline over 1 year	-96.27%	-30.51%	-65.76%
Max Drawdown (3Y) Largest decline over 3 years	-96.27%	-63.24%	-33.03%
Max Drawdown (5Y) Largest decline over 5 years	-96.27%	-80.90%	-15.37%
Max Drawdown (10Y) Largest decline over 10 years	-96.27%	—	—
Current Drawdown Current decline from peak	-95.70%	-60.14%	-35.56%
Average Drawdown Average peak-to-trough decline	-7.92%	-54.02%	+46.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.43%	13.51%	+52.92%

Volatility

IMID.L vs. HDGB.L - Volatility Comparison

The current volatility for SPDR MSCI ACWI IMI UCITS ETF (IMID.L) is 3.46%, while VanEck Hydrogen Economy UCITS ETF USD (Acc) (HDGB.L) has a volatility of 10.58%. This indicates that IMID.L experiences smaller price fluctuations and is considered to be less risky than HDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMID.L	HDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	10.58%	-7.12%
Volatility (6M) Calculated over the trailing 6-month period	321.58%	28.19%	+293.39%
Volatility (1Y) Calculated over the trailing 1-year period	96.79%	39.83%	+56.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.76%	36.62%	+9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.12%	36.56%	-0.44%

IMID.L vs. HDGB.L - Expense Ratio Comparison

IMID.L has a 0.17% expense ratio, which is lower than HDGB.L's 0.55% expense ratio.

Dividends

IMID.L vs. HDGB.L - Dividend Comparison

Neither IMID.L nor HDGB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IMID.L and HDGB.L in my portfolio?

IMID.L and HDGB.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMID.L or HDGB.L?

On fees, IMID.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMID.L or HDGB.L?

IMID.L is cheaper with a 0.17% expense ratio, compared with 0.55% for HDGB.L.

What is the main difference between IMID.L and HDGB.L?

IMID.L is categorized as Global Equities, while HDGB.L is Hydrogen Economy. IMID.L tracks MSCI ACWI Investable Market Index, while HDGB.L tracks MVIS Global Hydrogen Economy ESG Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.17% for IMID.L and 0.55% for HDGB.L.