WHEA.L vs. USSC.L

Last updated Jul 16, 2026

WHEA.L (State Street SPDR MSCI World Health Care UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - WHEA.L is a Health & Biotech Equities fund tracking the State Street SPDR MSCI World Health Care UCITS ETF, while USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 10 years, WHEA.L returned 8.14%/yr vs 12.11%/yr for USSC.L. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.

Performance

WHEA.L vs. USSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WHEA.L achieves a 1.40% return, which is significantly lower than USSC.L's 18.33% return. Over the past 10 years, WHEA.L has underperformed USSC.L with an annualized return of 8.14%, while USSC.L has yielded a comparatively higher 12.11% annualized return.

WHEA.L

• 1D: 0.44%
• 1M: 3.82%
• 6M: -0.33%
• YTD: 1.40%
• 1Y: 17.80%
• 3Y*: 7.00%
• 5Y*: 4.42%
• 10Y*: 8.14%

USSC.L

• 1D: 1.04%
• 1M: 1.32%
• 6M: 12.64%
• YTD: 18.33%
• 1Y: 32.41%
• 3Y*: 18.08%
• 5Y*: 11.78%
• 10Y*: 12.11%

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

WHEA.L vs. USSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WHEA.L State Street SPDR MSCI World Health Care UCITS ETF	1.40%	15.24%	1.05%	3.54%	-5.55%	20.41%	12.93%	23.18%	1.48%	20.27%
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF	18.33%	14.72%	8.33%	23.18%	-10.14%	35.22%	8.76%	23.17%	-15.30%	9.80%

Correlation

The correlation between WHEA.L and USSC.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015	0.51

The correlation between WHEA.L and USSC.L shifts across timeframes, from 0.40 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

WHEA.L vs. USSC.L — Risk / Return Rank

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

WHEA.L

WHEA.L Risk / Return Rank: 37
WHEA.L Sharpe Ratio Rank: 38
WHEA.L Sortino Ratio Rank: 41
WHEA.L Omega Ratio Rank: 36
WHEA.L Calmar Ratio Rank: 38
WHEA.L Martin Ratio Rank: 33

USSC.L

USSC.L Risk / Return Rank: 82
USSC.L Sharpe Ratio Rank: 81
USSC.L Sortino Ratio Rank: 84
USSC.L Omega Ratio Rank: 77
USSC.L Calmar Ratio Rank: 87
USSC.L Martin Ratio Rank: 83

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.

WHEA.L vs. USSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.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.

	WHEA.L	USSC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.05	-0.93
Sortino ratio: Return per unit of downside risk	1.79	3.01	-1.23
Omega ratio: Gain probability vs. loss probability	1.20	1.36	-0.16
Calmar ratio: Return relative to maximum drawdown	1.63	3.97	-2.34
Martin ratio: Return relative to average drawdown	3.96	12.94	-8.97

WHEA.L vs. USSC.L - Sharpe Ratio Comparison

The current WHEA.L Sharpe Ratio is 1.12, which is lower than the USSC.L Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of WHEA.L and USSC.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

WHEA.L vs. USSC.L - Drawdown Comparison

The maximum WHEA.L drawdown since its inception was -26.20%, smaller than the maximum USSC.L drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for WHEA.L and USSC.L.

Drawdown Indicators

	WHEA.L	USSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.20%	-48.99%	+22.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.35%	-8.12%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.16%	-27.47%	+8.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.16%	-27.47%	+8.31%
Max Drawdown (10Y) Largest decline over 10 years	-26.20%	-48.99%	+22.79%
Current Drawdown Current decline from peak	-3.30%	-0.24%	-3.06%
Average Drawdown Average peak-to-trough decline	-4.76%	-7.62%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	2.50%	+1.77%

Volatility

WHEA.L vs. USSC.L - Volatility Comparison

State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L) has a higher volatility of 5.90% compared to SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) at 4.00%. This indicates that WHEA.L's price experiences larger fluctuations and is considered to be riskier than USSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WHEA.L	USSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	4.00%	+1.90%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	10.52%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	15.73%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.27%	21.54%	-7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.73%	22.65%	-7.92%

WHEA.L vs. USSC.L - Expense Ratio Comparison

Both WHEA.L and USSC.L have an expense ratio of 0.30%.

Dividends

WHEA.L vs. USSC.L - Dividend Comparison

Neither WHEA.L nor USSC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both WHEA.L and USSC.L in my portfolio?

WHEA.L and USSC.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WHEA.L or USSC.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WHEA.L or USSC.L?

WHEA.L and USSC.L have the same expense ratio: 0.30% per year.

What is the main difference between WHEA.L and USSC.L?

WHEA.L is categorized as Health & Biotech Equities, while USSC.L is Small Cap Value Equities. WHEA.L tracks State Street SPDR MSCI World Health Care UCITS ETF, while USSC.L tracks MSCI USA Small Cap Value Weighted Index.