BBH vs. XLVI

Last updated Aug 4, 2026

BBH (VanEck Biotech ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - BBH is a Health & Biotech Equities fund tracking the MVIS US Listed Biotech 25 Index, while XLVI is a Derivative Income fund actively managed by State Street. BBH is passively managed, while XLVI is actively managed. Over the past year, BBH returned 26.29% vs 22.96% for XLVI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

BBH vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Biotech ETF (BBH) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BBH achieves a 7.93% return, which is significantly higher than XLVI's 6.89% return.

BBH

• 1D: -0.62%
• 1M: -3.34%
• 6M: 3.63%
• YTD: 7.93%
• 1Y: 26.29%
• 3Y*: 9.25%
• 5Y*: -0.78%
• 10Y*: 6.13%
• ALL TIME*: 10.67%

XLVI

• 1D: -0.20%
• 1M: 0.97%
• 6M: 6.00%
• YTD: 6.89%
• 1Y: 22.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BBH VanEck Biotech ETF	$1.24M	$1.09M	$974.35K
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$940.40K	$699.80K	$484.44K

BBH vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
BBH VanEck Biotech ETF	7.93%	15.89%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	6.89%	12.41%

Correlation

The correlation between BBH and XLVI is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.76

The correlation between BBH and XLVI has been stable across timeframes, ranging from 0.76 to 0.76 - a consistent structural relationship.

BBH vs. XLVI - Sectors Allocation Comparison

Sectors	BBH	XLVI
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BBH vs. XLVI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BBH

BBH Risk / Return Rank: 56
BBH Sharpe Ratio Rank: 54
BBH Sortino Ratio Rank: 58
BBH Omega Ratio Rank: 51
BBH Calmar Ratio Rank: 70
BBH Martin Ratio Rank: 50

XLVI

XLVI Risk / Return Rank: 80
XLVI Sharpe Ratio Rank: 85
XLVI Sortino Ratio Rank: 89
XLVI Omega Ratio Rank: 87
XLVI Calmar Ratio Rank: 75
XLVI Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BBH vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Biotech ETF (BBH) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

	BBH	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.15	-0.79
Sortino ratio: Return per unit of downside risk	2.03	3.23	-1.20
Omega ratio: Gain probability vs. loss probability	1.24	1.41	-0.17
Calmar ratio: Return relative to maximum drawdown	2.50	2.83	-0.33
Martin ratio: Return relative to average drawdown	5.91	8.00	-2.09

BBH vs. XLVI - Sharpe Ratio Comparison

The current BBH Sharpe Ratio is 1.36, which is lower than the XLVI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of BBH and XLVI, 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

BBH vs. XLVI - Drawdown Comparison

The maximum BBH drawdown since its inception was -72.70%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for BBH and XLVI.

Drawdown Indicators

	BBH	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-72.70%	-8.14%	-64.56%
Max Drawdown (1Y) Largest decline over 1 year	-10.55%	-8.14%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	-22.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-39.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.86%	—	—
Current Drawdown Current decline from peak	-5.22%	-1.66%	-3.56%
Average Drawdown Average peak-to-trough decline	-20.67%	-1.78%	-18.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	2.88%	+1.58%

Volatility

BBH vs. XLVI - Volatility Comparison

VanEck Biotech ETF (BBH) has a higher volatility of 5.31% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.36%. This indicates that BBH's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBH	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	3.36%	+1.95%
Volatility (6M) Calculated over the trailing 6-month period	14.79%	8.73%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	10.75%	+8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	11.04%	+10.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	11.04%	+11.06%

BBH vs. XLVI - Expense Ratio Comparison

Both BBH and XLVI have an expense ratio of 0.35%.

Dividends

BBH vs. XLVI - Dividend Comparison

BBH's dividend yield for the trailing twelve months is around 0.47%, less than XLVI's 12.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBH VanEck Biotech ETF	0.47%	0.51%	0.80%	0.43%	0.47%	0.21%	0.36%	0.34%	0.50%	0.55%	0.30%	0.27%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	12.76%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBH and XLVI in my portfolio?

BBH and XLVI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBH or XLVI?

BBH has higher volatility (5.31%) compared to XLVI (3.36%). In terms of maximum drawdown, BBH dropped -72.70% vs XLVI's -8.14%.

Which ETF is better, BBH or XLVI?

On 1-year performance, BBH leads with 26.29% vs 22.96% for XLVI. Both ETFs have the same 0.35% expense ratio. On volatility, XLVI has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBH or XLVI?

Over the 1-year period, BBH has performed better with a 26.29% return vs 22.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBH or XLVI?

BBH and XLVI have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, BBH or XLVI?

XLVI has the higher dividend yield at 12.76%, compared with 0.47% for BBH.

What is the main difference between BBH and XLVI?

BBH is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: VanEck and State Street.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.15 vs 1.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.