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IHE vs. XPH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IHE vs. XPH

Last updated Jun 24, 2026

IHE (iShares U.S. Pharmaceuticals ETF) and XPH (SPDR S&P Pharmaceuticals ETF) are both Health & Biotech Equities funds - IHE tracks the Dow Jones U.S. Select Pharmaceuticals Index while XPH tracks the S&P Pharmaceuticals Select Industry Index. Both are passively managed. Over the past 10 years, IHE returned 8.99%/yr vs 5.45%/yr for XPH. Their correlation of 0.88 suggests significant overlap in exposure. IHE charges 0.42%/yr vs 0.35%/yr for XPH.

Performance

IHE vs. XPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Pharmaceuticals ETF (IHE) and SPDR S&P Pharmaceuticals ETF (XPH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IHE achieves a 11.65% return, which is significantly lower than XPH's 13.09% return. Over the past 10 years, IHE has outperformed XPH with an annualized return of 8.99%, while XPH has yielded a comparatively lower 5.45% annualized return.

IHE

1D
1.60%
1M
3.16%
YTD
11.65%
6M
10.97%
1Y
46.87%
3Y*
18.43%
5Y*
10.55%
10Y*
8.99%

XPH

1D
1.77%
1M
9.48%
YTD
13.09%
6M
12.03%
1Y
55.30%
3Y*
16.62%
5Y*
5.15%
10Y*
5.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IHE vs. XPH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IHE
iShares U.S. Pharmaceuticals ETF		11.65%31.69%8.13%1.06%-4.87%13.07%13.66%15.47%-7.76%10.64%
XPH
SPDR S&P Pharmaceuticals ETF		13.09%31.60%4.94%2.97%-9.83%-10.54%14.68%25.61%-15.32%12.05%

Correlation

The correlation between IHE and XPH is 0.75, 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

0.75

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2006

0.88

The correlation between IHE and XPH shifts across timeframes, from 0.75 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

IHE vs. XPH - Sectors Allocation Comparison

Sectors
IHE
XPH

Healthcare

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

IHE
100.0%
XPH
100.0%

Basic Materials

IHE

-

XPH

-

Communication Services

IHE

-

XPH

-

Consumer Cyclical

IHE

-

XPH

-

Consumer Defensive

IHE

-

XPH

-

Energy

IHE

-

XPH

-

Financial Services

IHE

-

XPH

-

Industrials

IHE

-

XPH

-

Real Estate

IHE

-

XPH

-

Technology

IHE

-

XPH

-

Utilities

IHE

-

XPH

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Pharmaceuticals ETF

SPDR S&P Pharmaceuticals ETF

Often compared with IHE:
IHE vs. PPHIHE vs. XLVIHE vs. VYMIHE vs. PJPIHE vs. IAKIHE vs. BBPIHE vs. TEVA
Often compared with XPH:
XPH vs. PPHXPH vs. XLVXPH vs. PJPXPH vs. VHTXPH vs. ALCXPH vs. FXAIXXPH vs. IBB

Return for Risk

IHE vs. XPH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IHE
IHE Risk / Return Rank: 8787
Overall Rank
IHE Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
IHE Sortino Ratio Rank: 9090
Sortino Ratio Rank
IHE Omega Ratio Rank: 8282
Omega Ratio Rank
IHE Calmar Ratio Rank: 9191
Calmar Ratio Rank
IHE Martin Ratio Rank: 8585
Martin Ratio Rank
XPH
XPH Risk / Return Rank: 8282
Overall Rank
XPH Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
XPH Sortino Ratio Rank: 8282
Sortino Ratio Rank
XPH Omega Ratio Rank: 7575
Omega Ratio Rank
XPH Calmar Ratio Rank: 8787
Calmar Ratio Rank
XPH Martin Ratio Rank: 8484
Martin Ratio Rank
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.

IHE vs. XPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Pharmaceuticals ETF (IHE) and SPDR S&P Pharmaceuticals ETF (XPH). 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.

IHEXPHDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.55

+0.18

Sortino ratioReturn per unit of downside risk
3.95
3.43

+0.51

Omega ratioGain probability vs. loss probability

1.46

1.41

+0.05

Calmar ratioReturn relative to maximum drawdown

5.56

4.64

+0.92

Martin ratioReturn relative to average drawdown

17.09

16.63

+0.46

IHE vs. XPH - Sharpe Ratio Comparison

The current IHE Sharpe Ratio is 2.74, which is comparable to the XPH Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of IHE and XPH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

IHE vs. XPH - Drawdown Comparison

The maximum IHE drawdown since its inception was -38.20%, smaller than the maximum XPH drawdown of -48.03%. Use the drawdown chart below to compare losses from any high point for IHE and XPH.

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Drawdown Indicators

IHEXPHDifference

Max Drawdown

Largest peak-to-trough decline

-38.20%

-48.03%

+9.83%

Max Drawdown (1Y)

Largest decline over 1 year

-8.47%

-11.97%

+3.50%

Max Drawdown (3Y)

Largest decline over 3 years

-15.92%

-23.57%

+7.65%

Max Drawdown (5Y)

Largest decline over 5 years

-16.03%

-31.63%

+15.60%

Max Drawdown (10Y)

Largest decline over 10 years

-29.59%

-35.97%

+6.38%

Current Drawdown

Current decline from peak

-0.70%

0.00%

-0.70%

Average Drawdown

Average peak-to-trough decline

-7.90%

-17.21%

+9.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.75%

3.33%

-0.58%

Volatility

IHE vs. XPH - Volatility Comparison

The current volatility for iShares U.S. Pharmaceuticals ETF (IHE) is 5.27%, while SPDR S&P Pharmaceuticals ETF (XPH) has a volatility of 6.27%. This indicates that IHE experiences smaller price fluctuations and is considered to be less risky than XPH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IHEXPHDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.27%

6.27%

-1.00%

Volatility (6M)

Calculated over the trailing 6-month period

12.68%

16.67%

-3.99%

Volatility (1Y)

Calculated over the trailing 1-year period

17.22%

21.77%

-4.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.28%

20.92%

-4.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.05%

22.09%

-4.04%

IHE vs. XPH - Expense Ratio Comparison

IHE has a 0.42% expense ratio, which is higher than XPH's 0.35% expense ratio.

Dividends

IHE vs. XPH - Dividend Comparison

IHE's dividend yield for the trailing twelve months is around 1.56%, more than XPH's 0.53% yield.

PositionTTM20252024202320222021202020192018201720162015
IHE
iShares U.S. Pharmaceuticals ETF		1.56%1.76%1.73%1.39%2.01%1.49%1.19%1.40%1.25%1.36%0.92%1.93%
XPH
SPDR S&P Pharmaceuticals ETF		0.53%0.83%1.58%1.28%1.64%0.95%0.47%0.64%0.65%0.67%0.63%7.15%

Frequently Asked Questions

IHE and XPH have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XPH has higher volatility (6.27%) compared to IHE (5.27%). In terms of maximum drawdown, IHE dropped -38.20% vs XPH's -48.03%.

On 10-year performance, IHE leads with 8.99% vs 5.45% for XPH. On fees, XPH is cheaper at 0.35% per year. On volatility, IHE has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IHE has performed better with a 8.99% return vs 5.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XPH is cheaper with a 0.35% expense ratio, compared with 0.42% for IHE.

IHE has the higher dividend yield at 1.56%, compared with 0.53% for XPH.

IHE tracks Dow Jones U.S. Select Pharmaceuticals Index, while XPH tracks S&P Pharmaceuticals Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.42% for IHE and 0.35% for XPH.

IHE currently has the higher Sharpe Ratio (2.74 vs 2.55), 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.

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