VRPS.L vs. DH2O.L
VRPS.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist)) and DH2O.L (iShares Global Water UCITS ETF USD (Dist)) are both exchange-traded funds - VRPS.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities 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 5 years, VRPS.L returned 3.51%/yr vs 5.15%/yr for DH2O.L. At a 0.48 correlation, their price movements are largely independent. VRPS.L charges 0.50%/yr vs 0.65%/yr for DH2O.L.
Performance
VRPS.L vs. DH2O.L - Performance Comparison
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Returns By Period
In the year-to-date period, VRPS.L achieves a 2.17% return, which is significantly lower than DH2O.L's 4.37% return.
VRPS.L
- 1D
- -0.08%
- 1M
- 0.15%
- 6M
- 1.54%
- YTD
- 2.17%
- 1Y
- 5.34%
- 3Y*
- 8.46%
- 5Y*
- 3.51%
- 10Y*
- —
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%
VRPS.L vs. DH2O.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 2.17% | 6.33% | 10.82% | 9.27% | -9.73% | 3.63% | 4.19% | 17.74% | -6.03% |
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% | -8.63% |
Correlation
The correlation between VRPS.L and DH2O.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2018 | 0.48 |
Over the past year, the correlation between VRPS.L and DH2O.L has dropped to 0.28 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
VRPS.L vs. DH2O.L — Risk / Return Rank
VRPS.L
DH2O.L
VRPS.L vs. DH2O.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.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.
| VRPS.L | DH2O.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.10 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 0.72 | +1.79 |
| Martin ratioReturn relative to average drawdown | 9.28 | 1.66 | +7.62 |
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Drawdowns
VRPS.L vs. DH2O.L - Drawdown Comparison
The maximum VRPS.L drawdown since its inception was -34.22%, smaller than the maximum DH2O.L drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for VRPS.L and DH2O.L.
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Drawdown Indicators
| VRPS.L | DH2O.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.22% | -56.90% | +22.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.11% | -10.53% | +8.42% |
Max Drawdown (3Y)Largest decline over 3 years | -3.45% | -16.08% | +12.63% |
Max Drawdown (5Y)Largest decline over 5 years | -13.90% | -32.43% | +18.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.56% | — |
Current DrawdownCurrent decline from peak | -0.31% | -3.63% | +3.32% |
Average DrawdownAverage peak-to-trough decline | -3.22% | -10.39% | +7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 4.58% | -4.01% |
Volatility
VRPS.L vs. DH2O.L - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) (VRPS.L) is 0.66%, while iShares Global Water UCITS ETF USD (Dist) (DH2O.L) has a volatility of 4.28%. This indicates that VRPS.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
| VRPS.L | DH2O.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 4.28% | -3.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 10.90% | -8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 13.64% | -9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 16.75% | -11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.84% | 16.48% | -5.64% |
VRPS.L vs. DH2O.L - Expense Ratio Comparison
VRPS.L has a 0.50% expense ratio, which is lower than DH2O.L's 0.65% expense ratio.
Dividends
VRPS.L vs. DH2O.L - Dividend Comparison
VRPS.L's dividend yield for the trailing twelve months is around 5.14%, more than DH2O.L's 1.34% yield.
| 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% |
VRPS.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Dist) | 5.14% | 4.99% | 4.98% | 4.97% | 4.60% | 3.72% | 3.97% | 4.33% | 0.70% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VRPS.L and DH2O.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VRPS.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VRPS.L is cheaper with a 0.50% expense ratio, compared with 0.65% for DH2O.L.
VRPS.L is categorized as Preferred Stock/Convertible Bonds, while DH2O.L is Global Equities. VRPS.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while DH2O.L tracks S&P Global Water Index (NET) (USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for VRPS.L and 0.65% for DH2O.L.
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