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WNRG.L vs. DH2O.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WNRG.L vs. DH2O.L

Last updated Jul 26, 2026
Documentation

WNRG.L (State Street SPDR MSCI World Energy UCITS ETF USD (Acc)) and DH2O.L (iShares Global Water UCITS ETF USD (Dist)) are both Global Equities funds - WNRG.L tracks the MSCI World Energy 35/20 Capped Index while DH2O.L tracks the S&P Global Water Index (NET) (USD). Both are passively managed. Over the past 10 years, WNRG.L returned 9.57%/yr vs 9.58%/yr for DH2O.L. Their 0.50 correlation means their historical movements had little consistent relationship. WNRG.L charges 0.30%/yr vs 0.65%/yr for DH2O.L.

Performance

WNRG.L vs. DH2O.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L) and iShares Global Water UCITS ETF USD (Dist) (DH2O.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, WNRG.L achieves a 33.08% return, which is significantly higher than DH2O.L's 2.61% return. Both investments have delivered pretty close results over the past 10 years, with WNRG.L having a 9.57% annualized return and DH2O.L not far ahead at 9.58%.

WNRG.L

1D
-0.73%
1M
12.04%
6M
23.49%
YTD
33.08%
1Y
41.93%
3Y*
16.62%
5Y*
22.07%
10Y*
9.57%
ALL TIME*
7.16%

DH2O.L

1D
1.15%
1M
-0.75%
6M
-0.86%
YTD
2.61%
1Y
5.86%
3Y*
8.27%
5Y*
4.47%
10Y*
9.58%
ALL TIME*
6.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DH2O.L

iShares Global Water UCITS ETF USD (Dist)
$1.09M$621.54K$404.44K

WNRG.L

State Street SPDR MSCI World Energy UCITS ETF USD (Acc)
$818.45K$970.99K$1.09M

WNRG.L vs. DH2O.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
WNRG.L
State Street SPDR MSCI World Energy UCITS ETF USD (Acc)		33.08%14.83%2.07%3.52%46.61%38.74%-30.35%9.89%-14.99%4.80%
DH2O.L
iShares Global Water UCITS ETF USD (Dist)		2.61%17.60%4.29%13.57%-20.83%30.67%15.22%33.60%-10.59%27.00%

Correlation

The correlation between WNRG.L and DH2O.L is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.14

Correlation (3Y)
Balances recent behavior with more history.

0.16

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.28

Correlation (10Y)
Provides a long-term view across more market conditions.

0.40

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2009

0.50

The correlation between WNRG.L and DH2O.L shifts across timeframes, from -0.14 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

WNRG.L vs. DH2O.L - Sectors Allocation Comparison

Sectors
WNRG.L
DH2O.L

Energy

99.9%
1.9%

Communication Services

0.1%

-

Basic Materials

-

6.0%

Consumer Cyclical

-

0.5%

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

45.5%

Real Estate

-

0.2%

Technology

-

1.4%

Utilities

-

44.6%

Energy

WNRG.L
99.9%
DH2O.L
1.9%

Communication Services

WNRG.L
0.1%
DH2O.L

-

Basic Materials

WNRG.L

-

DH2O.L
6.0%

Consumer Cyclical

WNRG.L

-

DH2O.L
0.5%

Consumer Defensive

WNRG.L

-

DH2O.L

-

Financial Services

WNRG.L

-

DH2O.L

-

Healthcare

WNRG.L

-

DH2O.L

-

Industrials

WNRG.L

-

DH2O.L
45.5%

Real Estate

WNRG.L

-

DH2O.L
0.2%

Technology

WNRG.L

-

DH2O.L
1.4%

Utilities

WNRG.L

-

DH2O.L
44.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR MSCI World Energy UCITS ETF USD (Acc)

iShares Global Water UCITS ETF USD (Dist)

Often compared with WNRG.L:
WNRG.L vs. JGEP.LWNRG.L vs. HKOD.LWNRG.L vs. FSWD.LWNRG.L vs. HDGB.LWNRG.L vs. G500.LWNRG.L vs. SPXS.LWNRG.L vs. LGUS.L
Often compared with DH2O.L:
DH2O.L vs. GLUG.LDH2O.L vs. SASU.LDH2O.L vs. HYGN.LDH2O.L vs. AQWA.LDH2O.L vs. CSP1.LDH2O.L vs. FLES.LDH2O.L vs. VRPS.L

Return for Risk

WNRG.L vs. DH2O.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WNRG.L
WNRG.L Risk / Return Rank: 7575
Overall Rank
WNRG.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
WNRG.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
WNRG.L Omega Ratio Rank: 8080
Omega Ratio Rank
WNRG.L Calmar Ratio Rank: 7272
Calmar Ratio Rank
WNRG.L Martin Ratio Rank: 6161
Martin Ratio Rank
DH2O.L
DH2O.L Risk / Return Rank: 1919
Overall Rank
DH2O.L Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
DH2O.L Sortino Ratio Rank: 1919
Sortino Ratio Rank
DH2O.L Omega Ratio Rank: 1818
Omega Ratio Rank
DH2O.L Calmar Ratio Rank: 2020
Calmar Ratio Rank
DH2O.L Martin Ratio Rank: 1919
Martin Ratio Rank
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.

WNRG.L vs. DH2O.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.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.

WNRG.LDH2O.LDifference
Sharpe ratioReturn per unit of total volatility
1.99
0.39

+1.60

Sortino ratioReturn per unit of downside risk
2.51
0.63

+1.89

Omega ratioGain probability vs. loss probability

1.34

1.07

+0.27

Calmar ratioReturn relative to maximum drawdown

2.58

0.51

+2.07

Martin ratioReturn relative to average drawdown

7.33

1.15

+6.18

WNRG.L vs. DH2O.L - Sharpe Ratio Comparison

The current WNRG.L Sharpe Ratio is 1.99, which is higher than the DH2O.L Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of WNRG.L and DH2O.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.

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Drawdowns

WNRG.L vs. DH2O.L - Drawdown Comparison

The maximum WNRG.L drawdown since its inception was -68.72%, which is greater than DH2O.L's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for WNRG.L and DH2O.L.

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Drawdown Indicators

WNRG.LDH2O.LDifference

Max Drawdown

Largest peak-to-trough decline

-68.72%

-56.90%

-11.82%

Max Drawdown (1Y)

Largest decline over 1 year

-15.98%

-10.53%

-5.45%

Max Drawdown (3Y)

Largest decline over 3 years

-18.94%

-15.81%

-3.13%

Max Drawdown (5Y)

Largest decline over 5 years

-26.55%

-32.43%

+5.88%

Max Drawdown (10Y)

Largest decline over 10 years

-63.92%

-35.56%

-28.36%

Current Drawdown

Current decline from peak

-4.35%

-5.25%

+0.90%

Average Drawdown

Average peak-to-trough decline

-17.53%

-10.39%

-7.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.63%

4.65%

+0.98%

Volatility

WNRG.L vs. DH2O.L - Volatility Comparison

State Street SPDR MSCI World Energy UCITS ETF USD (Acc) (WNRG.L) has a higher volatility of 5.70% compared to iShares Global Water UCITS ETF USD (Dist) (DH2O.L) at 4.50%. This indicates that WNRG.L's price experiences larger fluctuations and is considered to be riskier 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

WNRG.LDH2O.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.70%

4.50%

+1.20%

Volatility (6M)

Calculated over the trailing 6-month period

17.90%

11.08%

+6.82%

Volatility (1Y)

Calculated over the trailing 1-year period

20.72%

13.81%

+6.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.19%

16.76%

+7.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.36%

16.50%

+16.86%

WNRG.L vs. DH2O.L - Expense Ratio Comparison

WNRG.L has a 0.30% expense ratio, which is lower than DH2O.L's 0.65% expense ratio.

Dividends

WNRG.L vs. DH2O.L - Dividend Comparison

WNRG.L has not paid dividends to shareholders, while DH2O.L's dividend yield for the trailing twelve months is around 1.36%.

PositionTTM20252024202320222021202020192018201720162015
DH2O.L
iShares Global Water UCITS ETF USD (Dist)		1.36%1.33%1.06%1.18%1.09%1.66%0.94%1.39%1.80%1.46%1.76%1.65%
WNRG.L
State Street SPDR MSCI World Energy UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

WNRG.L and DH2O.L have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, WNRG.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

WNRG.L is cheaper with a 0.30% expense ratio, compared with 0.65% for DH2O.L.

WNRG.L tracks MSCI World Energy 35/20 Capped Index, while DH2O.L tracks S&P Global Water Index (NET) (USD). They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for WNRG.L and 0.65% for DH2O.L.

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