HOLD vs. MHIG

Last updated Jul 17, 2026

HOLD (Harbor Alpha Layering ETF) and MHIG (Milliman Healthcare Inflation Guard ETF) are both Multistrategy funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. HOLD charges 0.70%/yr vs 0.55%/yr for MHIG.

Performance

HOLD vs. MHIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Alpha Layering ETF (HOLD) and Milliman Healthcare Inflation Guard ETF (MHIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HOLD

• 1D: -0.07%
• 1M: -2.78%
• 6M: 3.40%
• YTD: 4.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MHIG

• 1D: -0.01%
• 1M: -0.86%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOLD vs. MHIG - Yearly Performance Comparison

	2026 (YTD)
HOLD Harbor Alpha Layering ETF	-1.17%
MHIG Milliman Healthcare Inflation Guard ETF	-2.53%

Correlation

The correlation between HOLD and MHIG is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.08

Return for Risk

HOLD vs. MHIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Alpha Layering ETF (HOLD) and Milliman Healthcare Inflation Guard ETF (MHIG). 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.

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

Drawdowns

HOLD vs. MHIG - Drawdown Comparison

The maximum HOLD drawdown since its inception was -9.47%, which is greater than MHIG's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for HOLD and MHIG.

Drawdown Indicators

	HOLD	MHIG	Difference
Max Drawdown Largest peak-to-trough decline	-9.47%	-3.06%	-6.41%
Current Drawdown Current decline from peak	-8.04%	-2.53%	-5.51%
Average Drawdown Average peak-to-trough decline	-2.45%	-1.86%	-0.59%

Volatility

Volatility by Period

	HOLD	MHIG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	15.45%	7.82%	+7.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.45%	7.82%	+7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	7.82%	+7.63%

HOLD vs. MHIG - Expense Ratio Comparison

HOLD has a 0.70% expense ratio, which is higher than MHIG's 0.55% expense ratio.

Dividends

HOLD vs. MHIG - Dividend Comparison

HOLD's dividend yield for the trailing twelve months is around 6.98%, while MHIG has not paid dividends to shareholders.

Position	TTM	2025
HOLD Harbor Alpha Layering ETF	6.98%	7.32%
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOLD and MHIG in my portfolio?

HOLD and MHIG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HOLD or MHIG?

On fees, MHIG 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, HOLD or MHIG?

MHIG is cheaper with a 0.55% expense ratio, compared with 0.70% for HOLD.

Which ETF pays a higher dividend yield, HOLD or MHIG?

HOLD has the higher dividend yield at 6.98%, compared with 0.00% for MHIG.

What is the main difference between HOLD and MHIG?

They also come from different issuers: Harbor and Milliman. Their fees differ too: 0.70% for HOLD and 0.55% for MHIG.