RIEU.L vs. HTWO.L

Last updated Jul 18, 2026

RIEU.L (L&G MSCI Europe Select UCITS ETF EUR (Acc)) and HTWO.L (L&G Hydrogen Economy UCITS ETF USD (Acc)) are both exchange-traded funds - RIEU.L is a Europe Equities fund tracking the MSCI Global Select 500 Index – Europe Subset, while HTWO.L is a Alternative Energy Equities fund tracking the Solactive Hydrogen Economy Index NTR. Both are passively managed. Over the past 5 years, RIEU.L returned 8.39%/yr vs -0.40%/yr for HTWO.L. A 0.61 correlation means they provide meaningful diversification when combined. RIEU.L charges 0.10%/yr vs 0.49%/yr for HTWO.L.

Performance

RIEU.L vs. HTWO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G MSCI Europe Select UCITS ETF EUR (Acc) (RIEU.L) and L&G Hydrogen Economy UCITS ETF USD (Acc) (HTWO.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RIEU.L is traded in EUR, while HTWO.L is traded in USD. To make them comparable, the HTWO.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, RIEU.L achieves a 8.81% return, which is significantly lower than HTWO.L's 29.28% return.

RIEU.L

• 1D: -0.25%
• 1M: 0.72%
• 6M: 5.48%
• YTD: 8.81%
• 1Y: 15.95%
• 3Y*: 12.63%
• 5Y*: 8.39%
• 10Y*: —

HTWO.L

• 1D: 0.42%
• 1M: -13.73%
• 6M: 13.11%
• YTD: 29.28%
• 1Y: 55.78%
• 3Y*: 11.53%
• 5Y*: -0.40%
• 10Y*: —

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

RIEU.L vs. HTWO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RIEU.L L&G MSCI Europe Select UCITS ETF EUR (Acc)	8.81%	15.57%	9.47%	15.33%	-12.34%	21.13%
HTWO.L L&G Hydrogen Economy UCITS ETF USD (Acc)	29.28%	23.83%	-1.93%	-6.39%	-33.23%	-28.62%

Correlation

The correlation between RIEU.L and HTWO.L is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 10, 2021	0.61

The correlation between RIEU.L and HTWO.L shifts across timeframes, from 0.51 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

RIEU.L vs. HTWO.L — Risk / Return Rank

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

RIEU.L

RIEU.L Risk / Return Rank: 46
RIEU.L Sharpe Ratio Rank: 48
RIEU.L Sortino Ratio Rank: 48
RIEU.L Omega Ratio Rank: 48
RIEU.L Calmar Ratio Rank: 39
RIEU.L Martin Ratio Rank: 45

HTWO.L

HTWO.L Risk / Return Rank: 62
HTWO.L Sharpe Ratio Rank: 68
HTWO.L Sortino Ratio Rank: 65
HTWO.L Omega Ratio Rank: 60
HTWO.L Calmar Ratio Rank: 61
HTWO.L Martin Ratio Rank: 54

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.

RIEU.L vs. HTWO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G MSCI Europe Select UCITS ETF EUR (Acc) (RIEU.L) and L&G Hydrogen Economy UCITS ETF USD (Acc) (HTWO.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.

	RIEU.L	HTWO.L	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.73	-0.46
Sortino ratio: Return per unit of downside risk	1.83	2.40	-0.56
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.56	2.53	-0.97
Martin ratio: Return relative to average drawdown	5.44	7.59	-2.15

RIEU.L vs. HTWO.L - Sharpe Ratio Comparison

The current RIEU.L Sharpe Ratio is 1.27, which is comparable to the HTWO.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of RIEU.L and HTWO.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

RIEU.L vs. HTWO.L - Drawdown Comparison

The maximum RIEU.L drawdown since its inception was -34.22%, smaller than the maximum HTWO.L drawdown of -64.97%. Use the drawdown chart below to compare losses from any high point for RIEU.L and HTWO.L.

Drawdown Indicators

	RIEU.L	HTWO.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.22%	-64.97%	+30.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-21.97%	+11.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.18%	-31.31%	+15.13%
Max Drawdown (5Y) Largest decline over 5 years	-22.82%	-57.08%	+34.26%
Current Drawdown Current decline from peak	-1.90%	-29.95%	+28.05%
Average Drawdown Average peak-to-trough decline	-5.55%	-44.51%	+38.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	7.33%	-4.40%

Volatility

RIEU.L vs. HTWO.L - Volatility Comparison

The current volatility for L&G MSCI Europe Select UCITS ETF EUR (Acc) (RIEU.L) is 2.93%, while L&G Hydrogen Economy UCITS ETF USD (Acc) (HTWO.L) has a volatility of 10.49%. This indicates that RIEU.L experiences smaller price fluctuations and is considered to be less risky than HTWO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIEU.L	HTWO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	10.49%	-7.56%
Volatility (6M) Calculated over the trailing 6-month period	10.39%	23.10%	-12.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	32.21%	-19.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	27.77%	-13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.59%	27.92%	-11.33%

RIEU.L vs. HTWO.L - Expense Ratio Comparison

RIEU.L has a 0.10% expense ratio, which is lower than HTWO.L's 0.49% expense ratio.

Dividends

RIEU.L vs. HTWO.L - Dividend Comparison

Neither RIEU.L nor HTWO.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RIEU.L and HTWO.L in my portfolio?

RIEU.L and HTWO.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RIEU.L or HTWO.L?

On fees, RIEU.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RIEU.L or HTWO.L?

RIEU.L is cheaper with a 0.10% expense ratio, compared with 0.49% for HTWO.L.

What is the main difference between RIEU.L and HTWO.L?

RIEU.L is categorized as Europe Equities, while HTWO.L is Alternative Energy Equities. RIEU.L tracks MSCI Global Select 500 Index – Europe Subset, while HTWO.L tracks Solactive Hydrogen Economy Index NTR. Their fees differ too: 0.10% for RIEU.L and 0.49% for HTWO.L.