XLVP.L vs. WHEA.L

Last updated Jul 16, 2026

XLVP.L (Invesco US Health Care Sector UCITS ETF) and WHEA.L (State Street SPDR MSCI World Health Care UCITS ETF) are both Health & Biotech Equities funds - XLVP.L tracks the MSCI World/Health Care NR USD while WHEA.L tracks the State Street SPDR MSCI World Health Care UCITS ETF. Both are passively managed. Over the past 10 years, XLVP.L returned 9.21%/yr vs 7.87%/yr for WHEA.L. Their correlation of 0.85 suggests significant overlap in exposure. XLVP.L charges 0.14%/yr vs 0.30%/yr for WHEA.L.

Performance

XLVP.L vs. WHEA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Health Care Sector UCITS ETF (XLVP.L) and State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLVP.L is traded in GBp, while WHEA.L is traded in USD. To make them comparable, the WHEA.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLVP.L achieves a 2.65% return, which is significantly higher than WHEA.L's 0.55% return. Over the past 10 years, XLVP.L has outperformed WHEA.L with an annualized return of 9.21%, while WHEA.L has yielded a comparatively lower 7.87% annualized return.

XLVP.L

• 1D: -0.15%
• 1M: 3.82%
• 6M: 1.46%
• YTD: 2.65%
• 1Y: 20.58%
• 3Y*: 7.03%
• 5Y*: 6.17%
• 10Y*: 9.21%

WHEA.L

• 1D: 0.00%
• 1M: 2.46%
• 6M: -1.37%
• YTD: 0.55%
• 1Y: 16.04%
• 3Y*: 5.64%
• 5Y*: 4.69%
• 10Y*: 7.87%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLVP.L Invesco US Health Care Sector UCITS ETF	2.65%	6.91%	3.77%	-3.87%	8.97%	29.14%	8.22%	16.79%	10.28%	11.01%
WHEA.L State Street SPDR MSCI World Health Care UCITS ETF	0.55%	7.03%	2.81%	-1.63%	5.68%	21.55%	9.62%	18.49%	7.50%	9.87%

Correlation

The correlation between XLVP.L and WHEA.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.85

The correlation between XLVP.L and WHEA.L has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

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

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

XLVP.L

XLVP.L Risk / Return Rank: 43
XLVP.L Sharpe Ratio Rank: 46
XLVP.L Sortino Ratio Rank: 50
XLVP.L Omega Ratio Rank: 43
XLVP.L Calmar Ratio Rank: 42
XLVP.L Martin Ratio Rank: 35

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

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco US Health Care Sector UCITS ETF (XLVP.L) and State Street SPDR MSCI World Health Care UCITS ETF (WHEA.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.

	XLVP.L	WHEA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.01	+0.33
Sortino ratio: Return per unit of downside risk	2.05	1.57	+0.48
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.77	1.46	+0.31
Martin ratio: Return relative to average drawdown	4.42	3.75	+0.67

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

The current XLVP.L Sharpe Ratio is 1.34, which is higher than the WHEA.L Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of XLVP.L and WHEA.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

XLVP.L vs. WHEA.L - Drawdown Comparison

The maximum XLVP.L drawdown since its inception was -19.67%, roughly equal to the maximum WHEA.L drawdown of -19.01%. Use the drawdown chart below to compare losses from any high point for XLVP.L and WHEA.L.

Drawdown Indicators

	XLVP.L	WHEA.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.67%	-19.01%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-10.53%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.67%	-19.01%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.67%	-19.01%	-0.66%
Max Drawdown (10Y) Largest decline over 10 years	-19.67%	-19.01%	-0.66%
Current Drawdown Current decline from peak	-4.32%	-4.94%	+0.62%
Average Drawdown Average peak-to-trough decline	-4.61%	-4.30%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	4.12%	+0.53%

Volatility

XLVP.L vs. WHEA.L - Volatility Comparison

Invesco US Health Care Sector UCITS ETF (XLVP.L) and State Street SPDR MSCI World Health Care UCITS ETF (WHEA.L) have volatilities of 5.57% and 5.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLVP.L	WHEA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	5.81%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	11.66%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	15.27%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	14.10%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.67%	15.16%	+0.51%

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

XLVP.L has a 0.14% expense ratio, which is lower than WHEA.L's 0.30% expense ratio.

Dividends

XLVP.L vs. WHEA.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.91, XLVP.L and WHEA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

On fees, XLVP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XLVP.L is cheaper with a 0.14% expense ratio, compared with 0.30% for WHEA.L.

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

XLVP.L tracks MSCI World/Health Care NR USD, while WHEA.L tracks State Street SPDR MSCI World Health Care UCITS ETF. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.14% for XLVP.L and 0.30% for WHEA.L.