CANC vs. MHIP

Last updated Aug 2, 2026

CANC (Tema Oncology ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. Both are actively managed. Their 0.53 correlation means they have sometimes moved together and sometimes differently. CANC charges 0.75%/yr vs 0.55%/yr for MHIP.

Performance

CANC vs. MHIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Oncology ETF (CANC) and Milliman Healthcare Inflation Plus ETF (MHIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CANC

• 1D: -1.72%
• 1M: -2.95%
• 6M: 13.52%
• YTD: 16.92%
• 1Y: 56.68%
• 3Y*: 102.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -9.07%

MHIP

• 1D: -0.57%
• 1M: -1.07%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
CANC Tema Oncology ETF	$1.11M	$1.31M	$1.24M
MHIP Milliman Healthcare Inflation Plus ETF	$1.35K	$877.58	$4.08K

CANC vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
CANC Tema Oncology ETF	2.20%
MHIP Milliman Healthcare Inflation Plus ETF	0.20%

Correlation

The correlation between CANC and MHIP is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.53

Return for Risk

CANC vs. MHIP — Risk / Return Rank

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

CANC

CANC Risk / Return Rank: 93
CANC Sharpe Ratio Rank: 93
CANC Sortino Ratio Rank: 93
CANC Omega Ratio Rank: 88
CANC Calmar Ratio Rank: 96
CANC Martin Ratio Rank: 93

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CANC vs. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Oncology ETF (CANC) and Milliman Healthcare Inflation Plus ETF (MHIP). 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.

	CANC	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	2.51	—	—
Sortino ratio: Return per unit of downside risk	3.52	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	6.14	—	—
Martin ratio: Return relative to average drawdown	16.53	—	—

Drawdowns

CANC vs. MHIP - Drawdown Comparison

The maximum CANC drawdown since its inception was -97.53%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for CANC and MHIP.

Drawdown Indicators

	CANC	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-97.53%	-3.09%	-94.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-28.04%	—	—
Current Drawdown Current decline from peak	-51.53%	-1.41%	-50.12%
Average Drawdown Average peak-to-trough decline	-72.46%	-1.30%	-71.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	—	—

Volatility

Volatility by Period

	CANC	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	10.97%	+11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	275.54%	10.97%	+264.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	275.54%	10.97%	+264.57%

CANC vs. MHIP - Expense Ratio Comparison

CANC has a 0.75% expense ratio, which is higher than MHIP's 0.55% expense ratio.

Dividends

CANC vs. MHIP - Dividend Comparison

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

Position	TTM	2025	2024	2023
CANC Tema Oncology ETF	0.05%	0.06%	3.00%	0.56%
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CANC and MHIP in my portfolio?

CANC and MHIP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CANC or MHIP?

On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CANC or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.75% for CANC.

Which ETF pays a higher dividend yield, CANC or MHIP?

CANC has the higher dividend yield at 0.05%, compared with 0.00% for MHIP.

What is the main difference between CANC and MHIP?

They also come from different issuers: Tema and Milliman. Their fees differ too: 0.75% for CANC and 0.55% for MHIP.