FBT vs. XHS

Last updated Jul 17, 2026

FBT (First Trust Amex Biotechnology Index) and XHS (SPDR S&P Health Care Services ETF) are both Health & Biotech Equities funds - FBT tracks the NYSE Arca Biotechnology Index while XHS tracks the S&P Health Care Services Select Industry Index. Both are passively managed. Over the past 10 years, FBT returned 10.48%/yr vs 9.10%/yr for XHS. A 0.61 correlation means they provide meaningful diversification when combined. FBT charges 0.57%/yr vs 0.35%/yr for XHS.

Performance

FBT vs. XHS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and SPDR S&P Health Care Services ETF (XHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 20.71% return, which is significantly lower than XHS's 26.76% return. Over the past 10 years, FBT has outperformed XHS with an annualized return of 10.48%, while XHS has yielded a comparatively lower 9.10% annualized return.

FBT

• 1D: 0.67%
• 1M: 10.10%
• 6M: 17.03%
• YTD: 20.71%
• 1Y: 50.91%
• 3Y*: 17.07%
• 5Y*: 8.97%
• 10Y*: 10.48%

XHS

• 1D: 0.45%
• 1M: 10.64%
• 6M: 21.53%
• YTD: 26.76%
• 1Y: 45.58%
• 3Y*: 13.33%
• 5Y*: 4.53%
• 10Y*: 9.10%

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

FBT vs. XHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	20.71%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
XHS SPDR S&P Health Care Services ETF	26.76%	18.83%	1.76%	5.15%	-19.87%	9.76%	33.66%	18.81%	1.96%	17.65%

Correlation

The correlation between FBT and XHS is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.61

The correlation between FBT and XHS shifts across timeframes, from 0.49 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

FBT vs. XHS - Sectors Allocation Comparison

Sectors	FBT	XHS
Healthcare	100.0%	95.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	3.7%
Industrials	-	0.5%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBT vs. XHS — Risk / Return Rank

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

FBT

FBT Risk / Return Rank: 84
FBT Sharpe Ratio Rank: 90
FBT Sortino Ratio Rank: 90
FBT Omega Ratio Rank: 86
FBT Calmar Ratio Rank: 84
FBT Martin Ratio Rank: 73

XHS

XHS Risk / Return Rank: 88
XHS Sharpe Ratio Rank: 92
XHS Sortino Ratio Rank: 90
XHS Omega Ratio Rank: 89
XHS Calmar Ratio Rank: 86
XHS Martin Ratio Rank: 84

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. XHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and SPDR S&P Health Care Services ETF (XHS). 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.

	FBT	XHS	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.56	-0.15
Sortino ratio: Return per unit of downside risk	3.38	3.42	-0.04
Omega ratio: Gain probability vs. loss probability	1.41	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	3.59	3.82	-0.23
Martin ratio: Return relative to average drawdown	10.69	13.16	-2.47

FBT vs. XHS - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 2.41, which is comparable to the XHS Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of FBT and XHS, 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

FBT vs. XHS - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, roughly equal to the maximum XHS drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for FBT and XHS.

Drawdown Indicators

	FBT	XHS	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-39.32%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-11.99%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-17.81%	-2.24%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-31.34%	+2.36%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-39.32%	+6.95%
Current Drawdown Current decline from peak	-2.70%	-1.72%	-0.98%
Average Drawdown Average peak-to-trough decline	-11.11%	-10.12%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	3.48%	+1.30%

Volatility

FBT vs. XHS - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) and SPDR S&P Health Care Services ETF (XHS) have volatilities of 5.62% and 5.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	XHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	5.41%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	12.81%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	21.30%	17.91%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	21.22%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	22.40%	+1.37%

FBT vs. XHS - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is higher than XHS's 0.35% expense ratio.

Dividends

FBT vs. XHS - Dividend Comparison

FBT has not paid dividends to shareholders, while XHS's dividend yield for the trailing twelve months is around 0.20%.

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%
XHS SPDR S&P Health Care Services ETF	0.20%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%

Frequently Asked Questions

Can I hold both FBT and XHS in my portfolio?

FBT and XHS have a correlation of 0.49, 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 XHS?

FBT has higher volatility (5.62%) compared to XHS (5.41%). In terms of maximum drawdown, FBT dropped -40.51% vs XHS's -39.32%.

Which ETF is better, FBT or XHS?

On 10-year performance, FBT leads with 10.48% vs 9.10% for XHS. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or XHS?

Over the 10-year period, FBT has performed better with a 10.48% return vs 9.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or XHS?

XHS is cheaper with a 0.35% expense ratio, compared with 0.57% for FBT.

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

XHS has the higher dividend yield at 0.20%, compared with 0.00% for FBT.

What is the main difference between FBT and XHS?

FBT tracks NYSE Arca Biotechnology Index, while XHS tracks S&P Health Care Services Select Industry Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.57% for FBT and 0.35% for XHS.

Which has better risk-adjusted returns?

XHS currently has the higher Sharpe Ratio (2.56 vs 2.41), 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.