CANC vs. MDEV

Last updated Apr 2, 2026

Compare and contrast key facts about Tema Oncology ETF (CANC) and First Trust Indxx Medical Devices ETF (MDEV).

CANC and MDEV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CANC is an actively managed fund by Tema. It was launched on Aug 14, 2023. MDEV is a passively managed fund by First Trust that tracks the performance of the Indxx Global Medical Equipment Index. It was launched on Jun 22, 2021.

Performance

CANC vs. MDEV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Oncology ETF (CANC) and First Trust Indxx Medical Devices ETF (MDEV). The values are adjusted to include any dividend payments, if applicable.

CANC vs. MDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CANC Tema Oncology ETF	6.91%	42.92%	-5.37%	510.51%	-85.34%	-51.82%
MDEV First Trust Indxx Medical Devices ETF	-8.91%	2.00%	1.79%	7.55%	-28.59%	1.36%

Returns By Period

In the year-to-date period, CANC achieves a 6.91% return, which is significantly higher than MDEV's -8.91% return.

CANC

• 1D: 1.16%
• 1M: -0.89%
• YTD: 6.91%
• 6M: 27.17%
• 1Y: 58.38%
• 3Y*: 140.92%
• 5Y*: —
• 10Y*: —

MDEV

• 1D: 0.55%
• 1M: -7.19%
• YTD: -8.91%
• 6M: -5.62%
• 1Y: -4.32%
• 3Y*: -2.10%
• 5Y*: —
• 10Y*: —

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

CANC vs. MDEV - Expense Ratio Comparison

CANC has a 0.75% expense ratio, which is higher than MDEV's 0.70% expense ratio.

CANC

Tema Oncology ETF

MDEV

First Trust Indxx Medical Devices ETF

Return for Risk

CANC vs. MDEV — Risk / Return Rank

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

CANC

CANC Risk / Return Rank: 92
CANC Sharpe Ratio Rank: 92
CANC Sortino Ratio Rank: 92
CANC Omega Ratio Rank: 86
CANC Calmar Ratio Rank: 95
CANC Martin Ratio Rank: 94

MDEV

MDEV Risk / Return Rank: 6
MDEV Sharpe Ratio Rank: 8
MDEV Sortino Ratio Rank: 7
MDEV Omega Ratio Rank: 7
MDEV Calmar Ratio Rank: 6
MDEV Martin Ratio Rank: 3

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.

CANC vs. MDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) and First Trust Indxx Medical Devices ETF (MDEV). 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.

	CANC	MDEV	Difference
Sharpe ratio Return per unit of total volatility	2.17	-0.23	+2.40
Sortino ratio Return per unit of downside risk	2.84	-0.20	+3.04
Omega ratio Gain probability vs. loss probability	1.36	0.98	+0.38
Calmar ratio Return relative to maximum drawdown	4.37	-0.35	+4.72
Martin ratio Return relative to average drawdown	15.21	-1.10	+16.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CANC vs. MDEV - Sharpe Ratio Comparison

The current CANC Sharpe Ratio is 2.17, which is higher than the MDEV Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of CANC and MDEV, 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

	CANC	MDEV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	-0.23	+2.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.30	+0.27

Correlation

The correlation between CANC and MDEV is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CANC vs. MDEV - Dividend Comparison

CANC's dividend yield for the trailing twelve months is around 0.05%, while MDEV has not paid dividends to shareholders.

	TTM	2025	2024	2023
CANC Tema Oncology ETF	0.05%	0.06%	3.00%	0.56%
MDEV First Trust Indxx Medical Devices ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

CANC vs. MDEV - Drawdown Comparison

The maximum CANC drawdown since its inception was -97.53%, which is greater than MDEV's maximum drawdown of -42.34%. Use the drawdown chart below to compare losses from any high point for CANC and MDEV.

Drawdown Indicators

	CANC	MDEV	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-42.34%	-55.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.40%	-14.88%	+2.48%
Current Drawdown Current decline from peak	-55.68%	-31.83%	-23.85%
Average Drawdown Average peak-to-trough decline	-73.89%	-25.40%	-48.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	4.70%	-1.13%

Volatility

CANC vs. MDEV - Volatility Comparison

Tema Oncology ETF (CANC) has a higher volatility of 8.20% compared to First Trust Indxx Medical Devices ETF (MDEV) at 5.62%. This indicates that CANC's price experiences larger fluctuations and is considered to be riskier than MDEV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CANC	MDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	5.62%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	16.22%	10.78%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	27.19%	18.99%	+8.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	285.53%	18.99%	+266.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	285.53%	18.99%	+266.54%