FXH vs. MHIP

Last updated Jul 15, 2026

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. A 0.74 correlation means they provide meaningful diversification when combined. FXH charges 0.61%/yr vs 0.55%/yr for MHIP.

Performance

FXH vs. MHIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Health Care AlphaDEX Fund (FXH) and Milliman Healthcare Inflation Plus ETF (MHIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FXH

• 1D: -1.44%
• 1M: 3.81%
• 6M: 5.60%
• YTD: 7.37%
• 1Y: 20.23%
• 3Y*: 4.53%
• 5Y*: 1.19%
• 10Y*: 7.47%

MHIP

• 1D: -0.52%
• 1M: 1.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXH vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
FXH First Trust Health Care AlphaDEX Fund	6.83%
MHIP Milliman Healthcare Inflation Plus ETF	-0.39%

Correlation

The correlation between FXH and MHIP is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.74

Return for Risk

FXH vs. MHIP — Risk / Return Rank

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

FXH

FXH Risk / Return Rank: 42
FXH Sharpe Ratio Rank: 43
FXH Sortino Ratio Rank: 47
FXH Omega Ratio Rank: 40
FXH Calmar Ratio Rank: 41
FXH Martin Ratio Rank: 41

MHIP

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

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.

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 ratio: Return per unit of total volatility	1.24	—	—
Sortino ratio: Return per unit of downside risk	1.92	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.67	—	—
Martin ratio: Return relative to average drawdown	5.21	—	—

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.

Drawdown Indicators

	FXH	MHIP	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-3.83%	-1.99%	-1.84%
Average Drawdown Average peak-to-trough decline	-9.43%	-1.27%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	—	—

Volatility

Volatility by Period

	FXH	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	11.68%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	11.68%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	11.68%	+6.80%

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 0.84%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXH First Trust Health Care AlphaDEX Fund	0.84%	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

Can I hold both FXH and MHIP in my portfolio?

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.

Which ETF is better, FXH 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, FXH or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.61% for FXH.

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

FXH has the higher dividend yield at 0.84%, compared with 0.00% for MHIP.

What is the main difference between FXH and MHIP?

They also come from different issuers: First Trust and Milliman. Their fees differ too: 0.61% for FXH and 0.55% for MHIP.