^SPXHC vs. ^NBI

Last updated Apr 2, 2026

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

Performance

^SPXHC vs. ^NBI - Performance Comparison

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

^SPXHC vs. ^NBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^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%
^NBI NASDAQ Biotechnology Index	2.93%	32.40%	-1.37%	3.74%	-10.91%	-0.63%	25.69%	24.41%	-9.32%	21.06%

Returns By Period

In the year-to-date period, ^SPXHC achieves a -4.53% return, which is significantly lower than ^NBI's 2.93% return. Both investments have delivered pretty close results over the past 10 years, with ^SPXHC having a 8.06% annualized return and ^NBI not far behind at 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%

^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%

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

Return for Risk

^SPXHC vs. ^NBI — Risk / Return Rank

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

^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

^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

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.

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

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

	^SPXHC	^NBI	Difference
Sharpe ratio Return per unit of total volatility	0.18	1.80	-1.62
Sortino ratio Return per unit of downside risk	0.36	2.43	-2.07
Omega ratio Gain probability vs. loss probability	1.05	1.31	-0.26
Calmar ratio Return relative to maximum drawdown	0.12	3.39	-3.27
Martin ratio Return relative to average drawdown	0.24	12.88	-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.

^SPXHC vs. ^NBI - Sharpe Ratio Comparison

The current ^SPXHC Sharpe Ratio is 0.18, which is lower than the ^NBI Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of ^SPXHC and ^NBI, 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

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

Correlation

The correlation between ^SPXHC and ^NBI 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

^SPXHC vs. ^NBI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

^SPXHC vs. ^NBI - Volatility Comparison

The current volatility for S&P 500 Health Care Index (^SPXHC) is 4.73%, while NASDAQ Biotechnology Index (^NBI) has a volatility of 8.35%. This indicates that ^SPXHC experiences smaller price fluctuations and is considered to be less risky than ^NBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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