WH2E.DE vs. SPYH.DE

Last updated Jun 5, 2026

WH2E.DE (Invesco S&P World Health Care ESG UCITS ETF Acc) and SPYH.DE (SPDR MSCI Europe Health Care UCITS ETF) are both Health & Biotech Equities funds - WH2E.DE tracks the S&P Developed Ex-Korea LargeMidCap ESG Enhanced Health Care while SPYH.DE tracks the MSCI Europe Health Care 20/35 Capped. Both are passively managed. Over the past 3 years, WH2E.DE returned 3.13%/yr vs 2.85%/yr for SPYH.DE. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.

Performance

WH2E.DE vs. SPYH.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco S&P World Health Care ESG UCITS ETF Acc (WH2E.DE) and SPDR MSCI Europe Health Care UCITS ETF (SPYH.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WH2E.DE achieves a -3.24% return, which is significantly lower than SPYH.DE's -1.97% return.

WH2E.DE

• 1D: 2.76%
• 1M: 4.70%
• YTD: -3.24%
• 6M: -2.41%
• 1Y: 10.18%
• 3Y*: 3.13%
• 5Y*: —
• 10Y*: —

SPYH.DE

• 1D: 3.34%
• 1M: 1.68%
• YTD: -1.97%
• 6M: -0.27%
• 1Y: 6.32%
• 3Y*: 2.85%
• 5Y*: 5.81%
• 10Y*: 6.16%

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

WH2E.DE vs. SPYH.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WH2E.DE Invesco S&P World Health Care ESG UCITS ETF Acc	-3.24%	2.78%	7.94%	1.68%
SPYH.DE SPDR MSCI Europe Health Care UCITS ETF	-1.97%	7.82%	3.98%	-1.37%

Correlation

The correlation between WH2E.DE and SPYH.DE is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 18, 2023	0.72

The correlation between WH2E.DE and SPYH.DE has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

WH2E.DE vs. SPYH.DE — Risk / Return Rank

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

WH2E.DE

WH2E.DE Risk / Return Rank: 21
WH2E.DE Sharpe Ratio Rank: 21
WH2E.DE Sortino Ratio Rank: 22
WH2E.DE Omega Ratio Rank: 20
WH2E.DE Calmar Ratio Rank: 20
WH2E.DE Martin Ratio Rank: 20

SPYH.DE

SPYH.DE Risk / Return Rank: 15
SPYH.DE Sharpe Ratio Rank: 15
SPYH.DE Sortino Ratio Rank: 15
SPYH.DE Omega Ratio Rank: 15
SPYH.DE Calmar Ratio Rank: 15
SPYH.DE Martin Ratio Rank: 15

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.

WH2E.DE vs. SPYH.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P World Health Care ESG UCITS ETF Acc (WH2E.DE) and SPDR MSCI Europe Health Care UCITS ETF (SPYH.DE). 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.

	WH2E.DE	SPYH.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.37	+0.31
Sortino ratio: Return per unit of downside risk	1.14	0.67	+0.47
Omega ratio: Gain probability vs. loss probability	1.13	1.08	+0.05
Calmar ratio: Return relative to maximum drawdown	0.83	0.50	+0.33
Martin ratio: Return relative to average drawdown	2.15	1.10	+1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WH2E.DE vs. SPYH.DE - Sharpe Ratio Comparison

The current WH2E.DE Sharpe Ratio is 0.68, which is higher than the SPYH.DE Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of WH2E.DE and SPYH.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WH2E.DE	SPYH.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	0.37	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.43	-0.22

Drawdowns

WH2E.DE vs. SPYH.DE - Drawdown Comparison

The maximum WH2E.DE drawdown since its inception was -22.19%, smaller than the maximum SPYH.DE drawdown of -26.62%. Use the drawdown chart below to compare losses from any high point for WH2E.DE and SPYH.DE.

Drawdown Indicators

	WH2E.DE	SPYH.DE	Difference
Max Drawdown Largest peak-to-trough decline	-22.19%	-26.62%	+4.43%
Max Drawdown (1Y) Largest decline over 1 year	-12.23%	-12.58%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-22.19%	-26.62%	+4.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.62%	—
Current Drawdown Current decline from peak	-10.45%	-10.72%	+0.27%
Average Drawdown Average peak-to-trough decline	-6.94%	-8.61%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.73%	5.73%	-1.00%

Volatility

WH2E.DE vs. SPYH.DE - Volatility Comparison

The current volatility for Invesco S&P World Health Care ESG UCITS ETF Acc (WH2E.DE) is 5.21%, while SPDR MSCI Europe Health Care UCITS ETF (SPYH.DE) has a volatility of 6.01%. This indicates that WH2E.DE experiences smaller price fluctuations and is considered to be less risky than SPYH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WH2E.DE	SPYH.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	6.01%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	12.04%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	17.05%	-2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.91%	15.76%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	15.82%	-1.91%

WH2E.DE vs. SPYH.DE - Expense Ratio Comparison

Both WH2E.DE and SPYH.DE have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

WH2E.DE vs. SPYH.DE - Dividend Comparison

Neither WH2E.DE nor SPYH.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WH2E.DE and SPYH.DE in my portfolio?

WH2E.DE and SPYH.DE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WH2E.DE or SPYH.DE?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WH2E.DE or SPYH.DE?

WH2E.DE and SPYH.DE have the same expense ratio: 0.18% per year.

What is the main difference between WH2E.DE and SPYH.DE?

WH2E.DE tracks S&P Developed Ex-Korea LargeMidCap ESG Enhanced Health Care, while SPYH.DE tracks MSCI Europe Health Care 20/35 Capped. They also come from different issuers: Invesco and State Street.