IWSZ.L vs. DH2O.L
IWSZ.L (iShares MSCI World Mid-Cap Equal Weight UCITS ETF) and DH2O.L (iShares Global Water UCITS ETF USD (Dist)) are both exchange-traded funds - IWSZ.L is a Mid Cap Blend Equities fund tracking the MSCI World Mid-Cap Equal Weighted Index, while DH2O.L is a Global Equities fund tracking the S&P Global Water Index (NET) (USD). Both are passively managed. Over the past 10 years, IWSZ.L returned 8.35%/yr vs 9.79%/yr for DH2O.L. Their correlation of 0.82 suggests significant overlap in exposure. IWSZ.L charges 0.30%/yr vs 0.65%/yr for DH2O.L.
Performance
IWSZ.L vs. DH2O.L - Performance Comparison
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Returns By Period
In the year-to-date period, IWSZ.L achieves a 7.23% return, which is significantly higher than DH2O.L's 4.37% return. Over the past 10 years, IWSZ.L has underperformed DH2O.L with an annualized return of 8.35%, while DH2O.L has yielded a comparatively higher 9.79% annualized return.
IWSZ.L
- 1D
- -0.45%
- 1M
- -0.02%
- 6M
- 4.58%
- YTD
- 7.23%
- 1Y
- 15.40%
- 3Y*
- 12.64%
- 5Y*
- 6.01%
- 10Y*
- 8.35%
DH2O.L
- 1D
- 0.08%
- 1M
- 4.00%
- 6M
- 1.18%
- YTD
- 4.37%
- 1Y
- 7.63%
- 3Y*
- 9.31%
- 5Y*
- 5.15%
- 10Y*
- 9.79%
IWSZ.L vs. DH2O.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF | 7.23% | 21.40% | 5.94% | 16.03% | -17.96% | 12.56% | 10.79% | 23.39% | -14.41% | 24.35% |
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 4.37% | 17.60% | 4.29% | 13.57% | -20.83% | 30.67% | 15.22% | 33.60% | -10.59% | 27.00% |
Correlation
The correlation between IWSZ.L and DH2O.L is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2014 | 0.82 |
The correlation between IWSZ.L and DH2O.L shifts across timeframes, from 0.65 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IWSZ.L vs. DH2O.L — Risk / Return Rank
IWSZ.L
DH2O.L
IWSZ.L vs. DH2O.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.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.
| IWSZ.L | DH2O.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.10 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 0.72 | +0.89 |
| Martin ratioReturn relative to average drawdown | 6.01 | 1.66 | +4.35 |
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Drawdowns
IWSZ.L vs. DH2O.L - Drawdown Comparison
The maximum IWSZ.L drawdown since its inception was -38.11%, smaller than the maximum DH2O.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for IWSZ.L and DH2O.L.
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Drawdown Indicators
| IWSZ.L | DH2O.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -56.90% | +18.79% |
Max Drawdown (1Y)Largest decline over 1 year | -9.49% | -10.53% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -14.12% | -16.08% | +1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -30.13% | -32.43% | +2.30% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | -35.56% | -2.55% |
Current DrawdownCurrent decline from peak | -0.92% | -3.63% | +2.71% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -10.39% | +3.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 4.58% | -2.02% |
Volatility
IWSZ.L vs. DH2O.L - Volatility Comparison
The current volatility for iShares MSCI World Mid-Cap Equal Weight UCITS ETF (IWSZ.L) is 3.25%, while iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a volatility of 4.28%. This indicates that IWSZ.L experiences smaller price fluctuations and is considered to be less risky than DH2O.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWSZ.L | DH2O.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 4.28% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 10.54% | 10.90% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 13.64% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.15% | 16.75% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.37% | 16.48% | -0.11% |
IWSZ.L vs. DH2O.L - Expense Ratio Comparison
IWSZ.L has a 0.30% expense ratio, which is lower than DH2O.L's 0.65% expense ratio.
Dividends
IWSZ.L vs. DH2O.L - Dividend Comparison
IWSZ.L has not paid dividends to shareholders, while DH2O.L's dividend yield for the trailing twelve months is around 1.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DH2O.L iShares Global Water UCITS ETF USD (Dist) | 1.34% | 1.33% | 1.06% | 1.18% | 1.09% | 1.66% | 0.94% | 1.39% | 1.80% | 1.46% | 1.76% | 1.65% |
IWSZ.L iShares MSCI World Mid-Cap Equal Weight UCITS ETF | 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
IWSZ.L and DH2O.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWSZ.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWSZ.L is cheaper with a 0.30% expense ratio, compared with 0.65% for DH2O.L.
IWSZ.L is categorized as Mid Cap Blend Equities, while DH2O.L is Global Equities. IWSZ.L tracks MSCI World Mid-Cap Equal Weighted Index, while DH2O.L tracks S&P Global Water Index (NET) (USD). Their fees differ too: 0.30% for IWSZ.L and 0.65% for DH2O.L.
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