FBT vs. IHI

Last updated Jun 4, 2026

FBT (First Trust Amex Biotechnology Index) and IHI (iShares U.S. Medical Devices ETF) are both Health & Biotech Equities funds - FBT tracks the NYSE Arca Biotechnology Index while IHI tracks the Dow Jones U.S. Select Medical Equipment Index. Both are passively managed. Over the past 10 years, FBT returned 8.86%/yr vs 8.60%/yr for IHI. A 0.68 correlation means they provide meaningful diversification when combined. FBT charges 0.57%/yr vs 0.43%/yr for IHI.

Performance

FBT vs. IHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and iShares U.S. Medical Devices ETF (IHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 7.08% return, which is significantly higher than IHI's -21.85% return. Both investments have delivered pretty close results over the past 10 years, with FBT having a 8.86% annualized return and IHI not far behind at 8.60%.

FBT

• 1D: 2.92%
• 1M: 6.19%
• YTD: 7.08%
• 6M: 3.95%
• 1Y: 35.94%
• 3Y*: 12.40%
• 5Y*: 6.79%
• 10Y*: 8.86%

IHI

• 1D: 0.71%
• 1M: -2.80%
• YTD: -21.85%
• 6M: -23.10%
• 1Y: -21.27%
• 3Y*: -3.06%
• 5Y*: -2.49%
• 10Y*: 8.60%

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

FBT vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	7.08%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
IHI iShares U.S. Medical Devices ETF	-21.85%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%

Correlation

The correlation between FBT and IHI is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 26, 2006	0.68

The correlation between FBT and IHI shifts across timeframes, from 0.50 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

FBT vs. IHI - Sectors Allocation Comparison

Sectors	FBT	IHI
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBT vs. IHI — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 49
FBT Sharpe Ratio Rank: 50
FBT Sortino Ratio Rank: 52
FBT Omega Ratio Rank: 48
FBT Calmar Ratio Rank: 52
FBT Martin Ratio Rank: 45

IHI

IHI Risk / Return Rank: 1
IHI Sharpe Ratio Rank: 0
IHI Sortino Ratio Rank: 1
IHI Omega Ratio Rank: 1
IHI Calmar Ratio Rank: 2
IHI Martin Ratio Rank: 0

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.

FBT vs. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and iShares U.S. Medical Devices ETF (IHI). 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.

	FBT	IHI	Difference
Sharpe ratio: Return per unit of total volatility	1.74	-1.28	+3.01
Sortino ratio: Return per unit of downside risk	2.56	-1.79	+4.35
Omega ratio: Gain probability vs. loss probability	1.31	0.80	+0.50
Calmar ratio: Return relative to maximum drawdown	2.53	-0.82	+3.35
Martin ratio: Return relative to average drawdown	7.43	-2.09	+9.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBT vs. IHI - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 1.74, which is higher than the IHI Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of FBT and IHI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FBT	IHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	-1.28	+3.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	-0.13	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.44	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.46	+0.05

Drawdowns

FBT vs. IHI - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, smaller than the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for FBT and IHI.

Drawdown Indicators

	FBT	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-49.65%	+9.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-26.11%	+11.85%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-26.64%	+6.59%
Max Drawdown (5Y) Largest decline over 5 years	-29.05%	-33.12%	+4.07%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-33.25%	+0.88%
Current Drawdown Current decline from peak	-0.72%	-26.21%	+25.49%
Average Drawdown Average peak-to-trough decline	-11.17%	-8.32%	-2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	10.19%	-5.34%

Volatility

FBT vs. IHI - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) has a higher volatility of 6.94% compared to iShares U.S. Medical Devices ETF (IHI) at 6.40%. This indicates that FBT's price experiences larger fluctuations and is considered to be riskier than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.94%	6.40%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	15.87%	12.73%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.79%	16.73%	+4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.89%	18.95%	+2.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.91%	19.78%	+4.13%

FBT vs. IHI - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is higher than IHI's 0.43% expense ratio.

Dividends

FBT vs. IHI - Dividend Comparison

FBT has not paid dividends to shareholders, while IHI's dividend yield for the trailing twelve months is around 0.46%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%
IHI iShares U.S. Medical Devices ETF	0.46%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%

Frequently Asked Questions

Can I hold both FBT and IHI in my portfolio?

FBT and IHI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBT or IHI?

FBT has higher volatility (6.94%) compared to IHI (6.40%). In terms of maximum drawdown, FBT dropped -40.51% vs IHI's -49.65%.

Which ETF is better, FBT or IHI?

On 10-year performance, FBT leads with 8.86% vs 8.60% for IHI. On fees, IHI is cheaper at 0.43% per year. On volatility, IHI has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or IHI?

Over the 10-year period, FBT has performed better with a 8.86% return vs 8.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or IHI?

IHI is cheaper with a 0.43% expense ratio, compared with 0.57% for FBT.

Which ETF pays a higher dividend yield, FBT or IHI?

IHI has the higher dividend yield at 0.46%, compared with 0.00% for FBT.

What is the main difference between FBT and IHI?

FBT tracks NYSE Arca Biotechnology Index, while IHI tracks Dow Jones U.S. Select Medical Equipment Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.57% for FBT and 0.43% for IHI.

Which has better risk-adjusted returns?

FBT currently has the higher Sharpe Ratio (1.74 vs -1.28), 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.