EKG vs. MDEV

Last updated Jun 24, 2026

EKG (First Trust Nasdaq Lux Digital Health Solutions ETF) and MDEV (First Trust Indxx Medical Devices ETF) are both Health & Biotech Equities funds from First Trust - EKG tracks the NASDAQ Lux Health Tech Index while MDEV tracks the Indxx Global Medical Equipment Index. Both are passively managed. Over the past 3 years, EKG returned -0.25%/yr vs -3.34%/yr for MDEV. Their correlation of 0.81 suggests significant overlap in exposure. EKG charges 0.65%/yr vs 0.70%/yr for MDEV.

Performance

EKG vs. MDEV - Performance Comparison

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

Returns By Period

In the year-to-date period, EKG achieves a -7.35% return, which is significantly higher than MDEV's -11.56% return.

EKG

• 1D: 1.44%
• 1M: 5.58%
• YTD: -7.35%
• 6M: -8.68%
• 1Y: 2.67%
• 3Y*: -0.25%
• 5Y*: —
• 10Y*: —

MDEV

• 1D: 0.35%
• 1M: -1.40%
• YTD: -11.56%
• 6M: -12.11%
• 1Y: -7.87%
• 3Y*: -3.34%
• 5Y*: -6.04%
• 10Y*: —

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

EKG vs. MDEV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EKG First Trust Nasdaq Lux Digital Health Solutions ETF	-7.35%	11.89%	6.53%	-0.11%	-20.15%
MDEV First Trust Indxx Medical Devices ETF	-11.56%	2.00%	1.79%	7.55%	-15.86%

Correlation

The correlation between EKG and MDEV is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 23, 2022	0.81

The correlation between EKG and MDEV has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

EKG vs. MDEV - Sectors Allocation Comparison

Sectors	EKG	MDEV
Healthcare	94.9%	100.0%
Technology	2.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

EKG vs. MDEV — Risk / Return Rank

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

EKG

EKG Risk / Return Rank: 10
EKG Sharpe Ratio Rank: 10
EKG Sortino Ratio Rank: 10
EKG Omega Ratio Rank: 10
EKG Calmar Ratio Rank: 10
EKG Martin Ratio Rank: 10

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

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.

EKG vs. MDEV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq Lux Digital Health Solutions ETF (EKG) 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.

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.

	EKG	MDEV	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.49	+0.61
Sortino ratio: Return per unit of downside risk	0.33	-0.60	+0.93
Omega ratio: Gain probability vs. loss probability	1.04	0.93	+0.11
Calmar ratio: Return relative to maximum drawdown	0.12	-0.44	+0.56
Martin ratio: Return relative to average drawdown	0.26	-1.00	+1.27

EKG vs. MDEV - Sharpe Ratio Comparison

The current EKG Sharpe Ratio is 0.12, which is higher than the MDEV Sharpe Ratio of -0.49. The chart below compares the historical Sharpe Ratios of EKG and MDEV, 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

EKG vs. MDEV - Drawdown Comparison

The maximum EKG drawdown since its inception was -43.82%, roughly equal to the maximum MDEV drawdown of -42.34%. Use the drawdown chart below to compare losses from any high point for EKG and MDEV.

Drawdown Indicators

	EKG	MDEV	Difference
Max Drawdown Largest peak-to-trough decline	-43.82%	-42.34%	-1.48%
Max Drawdown (1Y) Largest decline over 1 year	-22.09%	-18.13%	-3.96%
Max Drawdown (3Y) Largest decline over 3 years	-34.49%	-22.50%	-11.99%
Max Drawdown (5Y) Largest decline over 5 years	—	-42.34%	—
Current Drawdown Current decline from peak	-18.36%	-33.81%	+15.45%
Average Drawdown Average peak-to-trough decline	-22.59%	-25.71%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.17%	7.87%	+2.30%

Volatility

EKG vs. MDEV - Volatility Comparison

First Trust Nasdaq Lux Digital Health Solutions ETF (EKG) has a higher volatility of 8.01% compared to First Trust Indxx Medical Devices ETF (MDEV) at 4.27%. This indicates that EKG'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

	EKG	MDEV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	4.27%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	17.55%	11.81%	+5.74%
Volatility (1Y) Calculated over the trailing 1-year period	22.29%	16.17%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.08%	18.96%	+8.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.08%	18.95%	+8.13%

EKG vs. MDEV - Expense Ratio Comparison

EKG has a 0.65% expense ratio, which is lower than MDEV's 0.70% expense ratio.

Dividends

EKG vs. MDEV - Dividend Comparison

Neither EKG nor MDEV has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both EKG and MDEV in my portfolio?

EKG and MDEV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EKG or MDEV?

EKG has higher volatility (8.01%) compared to MDEV (4.27%). In terms of maximum drawdown, EKG dropped -43.82% vs MDEV's -42.34%.

Which ETF is better, EKG or MDEV?

On 3-year performance, EKG leads with -0.25% vs -3.34% for MDEV. On fees, EKG is cheaper at 0.65% per year. On volatility, MDEV has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EKG or MDEV?

Over the 3-year period, EKG has performed better with a -0.25% return vs -3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EKG or MDEV?

EKG is cheaper with a 0.65% expense ratio, compared with 0.70% for MDEV.

Which ETF pays a higher dividend yield, EKG or MDEV?

EKG and MDEV have nearly identical dividend yields, around 0.00%.

What is the main difference between EKG and MDEV?

EKG tracks NASDAQ Lux Health Tech Index, while MDEV tracks Indxx Global Medical Equipment Index. Their fees differ too: 0.65% for EKG and 0.70% for MDEV.

Which has better risk-adjusted returns?

EKG currently has the higher Sharpe Ratio (0.12 vs -0.49), 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.