IBBQ vs. FHLC

Last updated Jun 4, 2026

IBBQ (Invesco Nasdaq Biotechnology ETF) and FHLC (Fidelity MSCI Health Care Index ETF) are both Health & Biotech Equities funds - IBBQ tracks the NASDAQ / Biotechnology while FHLC tracks the MSCI USA IMI Health Care Index. Both are passively managed. Over the past 3 years, IBBQ returned 12.60%/yr vs 6.14%/yr for FHLC. A 0.76 correlation means they provide meaningful diversification when combined. IBBQ charges 0.00%/yr vs 0.08%/yr for FHLC.

Performance

IBBQ vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Nasdaq Biotechnology ETF (IBBQ) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBBQ achieves a 1.91% return, which is significantly higher than FHLC's -3.90% return.

IBBQ

• 1D: 1.77%
• 1M: -1.63%
• YTD: 1.91%
• 6M: 0.94%
• 1Y: 39.72%
• 3Y*: 12.60%
• 5Y*: —
• 10Y*: —

FHLC

• 1D: 0.82%
• 1M: 1.50%
• YTD: -3.90%
• 6M: -4.11%
• 1Y: 14.43%
• 3Y*: 6.14%
• 5Y*: 4.50%
• 10Y*: 9.14%

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

IBBQ vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBBQ Invesco Nasdaq Biotechnology ETF	1.91%	33.32%	-0.63%	4.73%	-10.41%	-6.72%
FHLC Fidelity MSCI Health Care Index ETF	-3.90%	15.42%	2.48%	2.58%	-5.55%	10.08%

Correlation

The correlation between IBBQ and FHLC is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 14, 2021	0.76

The correlation between IBBQ and FHLC has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

IBBQ vs. FHLC - Sectors Allocation Comparison

Sectors	IBBQ	FHLC
Healthcare	98.3%	99.6%
Financial Services	0.0%	0.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	0.0%
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

IBBQ vs. FHLC — Risk / Return Rank

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

IBBQ

IBBQ Risk / Return Rank: 67
IBBQ Sharpe Ratio Rank: 59
IBBQ Sortino Ratio Rank: 60
IBBQ Omega Ratio Rank: 54
IBBQ Calmar Ratio Rank: 85
IBBQ Martin Ratio Rank: 79

FHLC

FHLC Risk / Return Rank: 27
FHLC Sharpe Ratio Rank: 27
FHLC Sortino Ratio Rank: 29
FHLC Omega Ratio Rank: 26
FHLC Calmar Ratio Rank: 28
FHLC Martin Ratio Rank: 26

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.

IBBQ vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Biotechnology ETF (IBBQ) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	IBBQ	FHLC	Difference
Sharpe ratio Return per unit of total volatility	2.03	1.01	+1.02
Sortino ratio Return per unit of downside risk	2.86	1.58	+1.28
Omega ratio Gain probability vs. loss probability	1.34	1.18	+0.16
Calmar ratio Return relative to maximum drawdown	4.79	1.40	+3.39
Martin ratio Return relative to average drawdown	15.68	3.52	+12.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBBQ vs. FHLC - Sharpe Ratio Comparison

The current IBBQ Sharpe Ratio is 2.03, which is higher than the FHLC Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of IBBQ and FHLC, 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

	IBBQ	FHLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.01	+1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.30	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.61	-0.45

Drawdowns

IBBQ vs. FHLC - Drawdown Comparison

The maximum IBBQ drawdown since its inception was -37.94%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for IBBQ and FHLC.

Drawdown Indicators

	IBBQ	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-37.94%	-28.76%	-9.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-10.38%	+2.04%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	-16.87%	-6.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.73%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.76%	—
Current Drawdown Current decline from peak	-5.17%	-6.96%	+1.79%
Average Drawdown Average peak-to-trough decline	-16.82%	-5.19%	-11.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	4.11%	-1.57%

Volatility

IBBQ vs. FHLC - Volatility Comparison

Invesco Nasdaq Biotechnology ETF (IBBQ) has a higher volatility of 6.84% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.05%. This indicates that IBBQ's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBBQ	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.84%	4.05%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	15.14%	10.11%	+5.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.63%	14.33%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	14.97%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	16.81%	+5.05%

IBBQ vs. FHLC - Expense Ratio Comparison

IBBQ has a 0.00% expense ratio, which is lower than FHLC's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IBBQ vs. FHLC - Dividend Comparison

IBBQ's dividend yield for the trailing twelve months is around 0.87%, less than FHLC's 1.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.43%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
IBBQ Invesco Nasdaq Biotechnology ETF	0.87%	0.90%	1.14%	0.81%	0.76%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBBQ and FHLC in my portfolio?

IBBQ and FHLC have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBBQ or FHLC?

IBBQ has higher volatility (6.84%) compared to FHLC (4.05%). In terms of maximum drawdown, IBBQ dropped -37.94% vs FHLC's -28.76%.

Which ETF is better, IBBQ or FHLC?

On 3-year performance, IBBQ leads with 12.60% vs 6.14% for FHLC. On fees, IBBQ is cheaper at 0.00% per year. On volatility, FHLC has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBBQ or FHLC?

Over the 3-year period, IBBQ has performed better with a 12.60% return vs 6.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBBQ or FHLC?

IBBQ is cheaper with a 0.00% expense ratio, compared with 0.08% for FHLC.

Which ETF pays a higher dividend yield, IBBQ or FHLC?

FHLC has the higher dividend yield at 1.43%, compared with 0.87% for IBBQ.

What is the main difference between IBBQ and FHLC?

IBBQ tracks NASDAQ / Biotechnology, while FHLC tracks MSCI USA IMI Health Care Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.00% for IBBQ and 0.08% for FHLC.

Which has better risk-adjusted returns?

IBBQ currently has the higher Sharpe Ratio (2.03 vs 1.01), 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.