IHI vs. EW

Last updated Jun 4, 2026

IHI (iShares U.S. Medical Devices ETF) is Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while EW (Edwards Lifesciences Corporation) is a stock. Over the past 10 years, IHI returned 8.60%/yr vs 9.77%/yr for EW. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

IHI vs. EW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Medical Devices ETF (IHI) and Edwards Lifesciences Corporation (EW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHI achieves a -21.85% return, which is significantly lower than EW's 0.88% return. Over the past 10 years, IHI has underperformed EW with an annualized return of 8.60%, while EW has yielded a comparatively higher 9.77% annualized return.

IHI

• 1D: 0.71%
• 1M: -2.80%
• YTD: -21.85%
• 6M: -23.10%
• 1Y: -21.27%
• 3Y*: -3.06%
• 5Y*: -2.49%
• 10Y*: 8.60%

EW

• 1D: -1.89%
• 1M: 3.20%
• YTD: 0.88%
• 6M: 2.41%
• 1Y: 10.65%
• 3Y*: 0.26%
• 5Y*: -2.15%
• 10Y*: 9.77%

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

IHI vs. EW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHI iShares U.S. Medical Devices ETF	-21.85%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%
EW Edwards Lifesciences Corporation	0.88%	15.16%	-2.91%	2.20%	-42.41%	42.00%	17.32%	52.31%	35.90%	20.29%

Correlation

The correlation between IHI and EW is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 8, 2006	0.63

The correlation between IHI and EW shifts across timeframes, from 0.53 (1 year) to 0.70 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IHI vs. EW — Risk / Return Rank

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

IHI

IHI Risk / Return Rank: 1
IHI Sharpe Ratio Rank: 0
IHI Sortino Ratio Rank: 1
IHI Omega Ratio Rank: 1
IHI Calmar Ratio Rank: 2
IHI Martin Ratio Rank: 0

EW

EW Risk / Return Rank: 54
EW Sharpe Ratio Rank: 56
EW Sortino Ratio Rank: 50
EW Omega Ratio Rank: 47
EW Calmar Ratio Rank: 58
EW Martin Ratio Rank: 60

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.

IHI vs. EW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) and Edwards Lifesciences Corporation (EW). 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.

	IHI	EW	Difference
Sharpe ratio: Return per unit of total volatility	-1.28	0.45	-1.72
Sortino ratio: Return per unit of downside risk	-1.79	0.85	-2.64
Omega ratio: Gain probability vs. loss probability	0.80	1.10	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.82	0.84	-1.66
Martin ratio: Return relative to average drawdown	-2.09	2.06	-4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHI vs. EW - Sharpe Ratio Comparison

The current IHI Sharpe Ratio is -1.28, which is lower than the EW Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of IHI and EW, 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

	IHI	EW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.28	0.45	-1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.07	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.30	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.52	-0.05

Drawdowns

IHI vs. EW - Drawdown Comparison

The maximum IHI drawdown since its inception was -49.65%, smaller than the maximum EW drawdown of -54.32%. Use the drawdown chart below to compare losses from any high point for IHI and EW.

Drawdown Indicators

	IHI	EW	Difference
Max Drawdown Largest peak-to-trough decline	-49.65%	-54.32%	+4.67%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-12.73%	-13.38%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-37.53%	+10.89%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-54.32%	+21.20%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-54.32%	+21.07%
Current Drawdown Current decline from peak	-26.21%	-34.19%	+7.98%
Average Drawdown Average peak-to-trough decline	-8.32%	-14.46%	+6.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.19%	5.18%	+5.01%

Volatility

IHI vs. EW - Volatility Comparison

The current volatility for iShares U.S. Medical Devices ETF (IHI) is 6.40%, while Edwards Lifesciences Corporation (EW) has a volatility of 8.29%. This indicates that IHI experiences smaller price fluctuations and is considered to be less risky than EW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHI	EW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	8.29%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	18.71%	-5.98%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	23.92%	-7.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	32.61%	-13.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	32.24%	-12.46%

Dividends

IHI vs. EW - Dividend Comparison

IHI's dividend yield for the trailing twelve months is around 0.46%, while EW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EW Edwards Lifesciences Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IHI iShares U.S. Medical Devices ETF	0.46%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%

Frequently Asked Questions

Can I hold both IHI and EW in my portfolio?

IHI and EW have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHI or EW?

EW has higher volatility (8.29%) compared to IHI (6.40%). In terms of maximum drawdown, IHI dropped -49.65% vs EW's -54.32%.

Which has better risk-adjusted returns?

EW currently has the higher Sharpe Ratio (0.45 vs -1.28), 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.