FXH vs. MHIP
FXH (First Trust Health Care AlphaDEX Fund) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. FXH is passively managed, while MHIP is actively managed. Their 0.74 correlation means they have sometimes moved together and sometimes differently. FXH charges 0.61%/yr vs 0.55%/yr for MHIP.
Performance
FXH vs. MHIP - Performance Comparison
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Returns By Period
FXH
- 1D
- 0.72%
- 1M
- 1.42%
- 6M
- 11.87%
- YTD
- 12.75%
- 1Y
- 30.98%
- 3Y*
- 7.54%
- 5Y*
- 1.03%
- 10Y*
- 7.76%
- ALL TIME*
- 10.27%
MHIP
- 1D
- 0.39%
- 1M
- -0.68%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.23M | $7.53M | $5.49M | |
| $1.34K | $877.52 | $4.14K |
FXH vs. MHIP - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
FXH First Trust Health Care AlphaDEX Fund | 12.18% |
MHIP Milliman Healthcare Inflation Plus ETF | 0.60% |
Correlation
The correlation between FXH and MHIP is 0.74, 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 | 0.74 |
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Return for Risk
FXH vs. MHIP — Risk / Return Rank
FXH
MHIP
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FXH vs. MHIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Health Care AlphaDEX Fund (FXH) 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.
| FXH | MHIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.33 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | — | — |
| Martin ratioReturn relative to average drawdown | 7.98 | — | — |
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Drawdowns
FXH vs. MHIP - Drawdown Comparison
The maximum FXH drawdown since its inception was -43.70%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for FXH and MHIP.
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Drawdown Indicators
| FXH | MHIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.70% | -3.09% | -40.61% |
Max Drawdown (1Y)Largest decline over 1 year | -12.20% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -17.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.61% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -1.02% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -9.41% | -1.30% | -8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | — | — |
Volatility
FXH vs. MHIP - Volatility Comparison
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Volatility by Period
| FXH | MHIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.08% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.25% | 10.92% | +5.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 10.92% | +5.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.51% | 10.92% | +7.59% |
FXH vs. MHIP - Expense Ratio Comparison
FXH has a 0.61% expense ratio, which is higher than MHIP's 0.55% expense ratio.
Dividends
FXH vs. MHIP - Dividend Comparison
FXH's dividend yield for the trailing twelve months is around 0.80%, while MHIP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FXH First Trust Health Care AlphaDEX Fund | 0.80% | 0.75% | 0.41% | 0.24% | 0.20% |
MHIP Milliman Healthcare Inflation Plus ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXH and MHIP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
MHIP is cheaper with a 0.55% expense ratio, compared with 0.61% for FXH.
FXH has the higher dividend yield at 0.80%, compared with 0.00% for MHIP.
They also come from different issuers: First Trust and Milliman. Their fees differ too: 0.61% for FXH and 0.55% for MHIP.
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