^NBI vs. ^SPXHC

Last updated Apr 2, 2026

Compare and contrast key facts about NASDAQ Biotechnology Index (^NBI) and S&P 500 Health Care Index (^SPXHC).

Performance

^NBI vs. ^SPXHC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NASDAQ Biotechnology Index (^NBI) and S&P 500 Health Care Index (^SPXHC). The values are adjusted to include any dividend payments, if applicable.

^NBI vs. ^SPXHC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^NBI NASDAQ Biotechnology Index	2.93%	32.40%	-1.37%	3.74%	-10.91%	-0.63%	25.69%	24.41%	-9.32%	21.06%
^SPXHC S&P 500 Health Care Index	-4.53%	12.53%	0.90%	0.30%	-3.55%	24.16%	11.43%	18.68%	4.69%	20.00%

Returns By Period

In the year-to-date period, ^NBI achieves a 2.93% return, which is significantly higher than ^SPXHC's -4.53% return. Over the past 10 years, ^NBI has underperformed ^SPXHC with an annualized return of 7.67%, while ^SPXHC has yielded a comparatively higher 8.06% annualized return.

^NBI

• 1D: 0.60%
• 1M: -2.29%
• YTD: 2.93%
• 6M: 17.31%
• 1Y: 42.14%
• 3Y*: 12.50%
• 5Y*: 4.28%
• 10Y*: 7.67%

^SPXHC

• 1D: 0.80%
• 1M: -6.58%
• YTD: -4.53%
• 6M: 3.06%
• 1Y: 3.08%
• 3Y*: 4.50%
• 5Y*: 4.90%
• 10Y*: 8.06%

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

Return for Risk

^NBI vs. ^SPXHC — Risk / Return Rank

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

^NBI

^NBI Risk / Return Rank: 92
^NBI Sharpe Ratio Rank: 91
^NBI Sortino Ratio Rank: 92
^NBI Omega Ratio Rank: 90
^NBI Calmar Ratio Rank: 94
^NBI Martin Ratio Rank: 92

^SPXHC

^SPXHC Risk / Return Rank: 19
^SPXHC Sharpe Ratio Rank: 21
^SPXHC Sortino Ratio Rank: 20
^SPXHC Omega Ratio Rank: 19
^SPXHC Calmar Ratio Rank: 18
^SPXHC Martin Ratio Rank: 19

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.

^NBI vs. ^SPXHC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NASDAQ Biotechnology Index (^NBI) and S&P 500 Health Care Index (^SPXHC). 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.

	^NBI	^SPXHC	Difference
Sharpe ratio Return per unit of total volatility	1.80	0.18	+1.62
Sortino ratio Return per unit of downside risk	2.43	0.36	+2.07
Omega ratio Gain probability vs. loss probability	1.31	1.05	+0.26
Calmar ratio Return relative to maximum drawdown	3.39	0.12	+3.27
Martin ratio Return relative to average drawdown	12.88	0.24	+12.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^NBI vs. ^SPXHC - Sharpe Ratio Comparison

The current ^NBI Sharpe Ratio is 1.80, which is higher than the ^SPXHC Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of ^NBI and ^SPXHC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^NBI	^SPXHC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	0.18	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.34	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.49	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.36	+0.03

Correlation

The correlation between ^NBI and ^SPXHC is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^NBI vs. ^SPXHC - Drawdown Comparison

The maximum ^NBI drawdown since its inception was -74.70%, which is greater than ^SPXHC's maximum drawdown of -40.78%. Use the drawdown chart below to compare losses from any high point for ^NBI and ^SPXHC.

Drawdown Indicators

	^NBI	^SPXHC	Difference
Max Drawdown Largest peak-to-trough decline	-74.70%	-40.78%	-33.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-10.86%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-18.01%	-20.49%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-28.59%	-9.91%
Current Drawdown Current decline from peak	-3.09%	-7.52%	+4.43%
Average Drawdown Average peak-to-trough decline	-26.73%	-8.32%	-18.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	5.38%	-2.40%

Volatility

^NBI vs. ^SPXHC - Volatility Comparison

NASDAQ Biotechnology Index (^NBI) has a higher volatility of 8.35% compared to S&P 500 Health Care Index (^SPXHC) at 4.73%. This indicates that ^NBI's price experiences larger fluctuations and is considered to be riskier than ^SPXHC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^NBI	^SPXHC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	4.73%	+3.62%
Volatility (6M) Calculated over the trailing 6-month period	14.42%	10.21%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	23.69%	17.67%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	14.56%	+7.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.57%	16.58%	+6.99%