KURE.L vs. HEAW.L
KURE.L (KraneShares MSCI All China Health Care Index UCITS ETF USD) and HEAW.L (SPDR MSCI World Health Care UCITS ETF) are both Health & Biotech Equities funds tracking the MSCI World/Health Care NR USD, from MLC Management and State Street respectively. Both are passively managed. Over the past year, KURE.L returned -10.89% vs 11.61% for HEAW.L. At a 0.27 correlation, their price movements are largely independent. KURE.L charges 0.65%/yr vs 0.30%/yr for HEAW.L.
Performance
KURE.L vs. HEAW.L - Performance Comparison
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Different Trading Currencies
KURE.L is traded in USD, while HEAW.L is traded in GBP. To make them comparable, the HEAW.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, KURE.L achieves a -10.68% return, which is significantly lower than HEAW.L's -2.97% return.
KURE.L
- 1D
- -2.87%
- 1M
- -12.38%
- YTD
- -10.68%
- 6M
- -19.51%
- 1Y
- -10.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEAW.L
- 1D
- 3.06%
- 1M
- 3.45%
- YTD
- -2.97%
- 6M
- -1.52%
- 1Y
- 11.61%
- 3Y*
- 5.36%
- 5Y*
- —
- 10Y*
- —
KURE.L vs. HEAW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
KURE.L KraneShares MSCI All China Health Care Index UCITS ETF USD | -10.68% | 11.52% |
HEAW.L SPDR MSCI World Health Care UCITS ETF | -2.97% | 13.40% |
Correlation
The correlation between KURE.L and HEAW.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025 | 0.27 |
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Return for Risk
KURE.L vs. HEAW.L — Risk / Return Rank
KURE.L
HEAW.L
KURE.L vs. HEAW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for KraneShares MSCI All China Health Care Index UCITS ETF USD (KURE.L) and SPDR MSCI World Health Care UCITS ETF (HEAW.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.
| KURE.L | HEAW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.15 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 1.10 | -1.39 |
| Martin ratioReturn relative to average drawdown | -0.58 | 2.73 | -3.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KURE.L | HEAW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.33 | 0.81 | -1.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.22 | -0.23 |
Drawdowns
KURE.L vs. HEAW.L - Drawdown Comparison
The maximum KURE.L drawdown since its inception was -30.31%, which is greater than HEAW.L's maximum drawdown of -19.14%. Use the drawdown chart below to compare losses from any high point for KURE.L and HEAW.L.
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Drawdown Indicators
| KURE.L | HEAW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.31% | -19.14% | -11.17% |
Max Drawdown (1Y)Largest decline over 1 year | -30.31% | -10.51% | -19.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.14% | — |
Current DrawdownCurrent decline from peak | -30.31% | -6.05% | -24.26% |
Average DrawdownAverage peak-to-trough decline | -11.49% | -7.03% | -4.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.98% | 4.24% | +10.74% |
Volatility
KURE.L vs. HEAW.L - Volatility Comparison
KraneShares MSCI All China Health Care Index UCITS ETF USD (KURE.L) has a higher volatility of 7.23% compared to SPDR MSCI World Health Care UCITS ETF (HEAW.L) at 4.79%. This indicates that KURE.L's price experiences larger fluctuations and is considered to be riskier than HEAW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KURE.L | HEAW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.23% | 4.79% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 18.31% | 10.45% | +7.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.92% | 14.34% | +12.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.64% | 14.21% | +12.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.64% | 14.21% | +12.43% |
KURE.L vs. HEAW.L - Expense Ratio Comparison
KURE.L has a 0.65% expense ratio, which is higher than HEAW.L's 0.30% expense ratio.
Dividends
KURE.L vs. HEAW.L - Dividend Comparison
Neither KURE.L nor HEAW.L has paid dividends to shareholders.
Frequently Asked Questions
KURE.L and HEAW.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEAW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEAW.L is cheaper with a 0.30% expense ratio, compared with 0.65% for KURE.L.
Both ETFs track MSCI World/Health Care NR USD. They also come from different issuers: MLC Management and State Street. Their fees differ too: 0.65% for KURE.L and 0.30% for HEAW.L.
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