IHI vs. SPD

Last updated Aug 2, 2026

IHI (iShares U.S. Medical Devices ETF) and SPD (Simplify US Equity PLUS Downside Convexity ETF) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while SPD is a Large Cap Blend Equities fund actively managed by Simplify. IHI is passively managed, while SPD is actively managed. Over the past 5 years, IHI returned -3.35%/yr vs 7.32%/yr for SPD. Their 0.59 correlation means they have sometimes moved together and sometimes differently. IHI charges 0.38%/yr vs 0.53%/yr for SPD.

Performance

IHI vs. SPD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Medical Devices ETF (IHI) and Simplify US Equity PLUS Downside Convexity ETF (SPD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHI achieves a -15.32% return, which is significantly lower than SPD's 5.43% return.

IHI

• 1D: -0.44%
• 1M: 1.21%
• 6M: -12.40%
• YTD: -15.32%
• 1Y: -11.60%
• 3Y*: -1.46%
• 5Y*: -3.35%
• 10Y*: 8.58%
• ALL TIME*: 10.02%

SPD

• 1D: 0.57%
• 1M: -0.43%
• 6M: 4.99%
• YTD: 5.43%
• 1Y: 11.83%
• 3Y*: 15.00%
• 5Y*: 7.32%
• 10Y*: —
• ALL TIME*: 10.24%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IHI iShares U.S. Medical Devices ETF	$145.90M	$167.07M	$148.77M
SPD Simplify US Equity PLUS Downside Convexity ETF	$323.51K	$320.82K	$380.59K

IHI vs. SPD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IHI iShares U.S. Medical Devices ETF	-15.32%	6.88%	8.62%	3.24%	-19.80%	21.03%	9.91%
SPD Simplify US Equity PLUS Downside Convexity ETF	5.43%	18.86%	17.49%	20.94%	-25.96%	24.81%	8.06%

Correlation

The correlation between IHI and SPD is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (All Time) Calculated using the full available price history since Sep 4, 2020	0.59

Over the past year, the correlation between IHI and SPD has dropped to 0.29 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

IHI vs. SPD - Sectors Allocation Comparison

Sectors	IHI	SPD
Healthcare	100.0%	8.9%
Technology	0.3%	38.5%
Industrials	0.2%	8.4%
Basic Materials	-	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Financial Services	-	11.6%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

IHI vs. SPD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IHI

IHI Risk / Return Rank: 5
IHI Sharpe Ratio Rank: 4
IHI Sortino Ratio Rank: 4
IHI Omega Ratio Rank: 4
IHI Calmar Ratio Rank: 6
IHI Martin Ratio Rank: 5

SPD

SPD Risk / Return Rank: 31
SPD Sharpe Ratio Rank: 33
SPD Sortino Ratio Rank: 32
SPD Omega Ratio Rank: 30
SPD Calmar Ratio Rank: 27
SPD Martin Ratio Rank: 31

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IHI vs. SPD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) and Simplify US Equity PLUS Downside Convexity ETF (SPD). 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.

	IHI	SPD	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	0.80	-1.39
Sortino ratio: Return per unit of downside risk	-0.74	1.21	-1.96
Omega ratio: Gain probability vs. loss probability	0.92	1.14	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.45	0.89	-1.34
Martin ratio: Return relative to average drawdown	-0.88	2.80	-3.68

IHI vs. SPD - Sharpe Ratio Comparison

The current IHI Sharpe Ratio is -0.59, which is lower than the SPD Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of IHI and SPD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IHI vs. SPD - Drawdown Comparison

The maximum IHI drawdown since its inception was -49.65%, which is greater than SPD's maximum drawdown of -27.38%. Use the drawdown chart below to compare losses from any high point for IHI and SPD.

Drawdown Indicators

	IHI	SPD	Difference
Max Drawdown Largest peak-to-trough decline	-49.65%	-27.38%	-22.27%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-11.90%	-14.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-15.18%	-11.46%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-27.38%	-5.74%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	—	—
Current Drawdown Current decline from peak	-20.04%	-1.88%	-18.16%
Average Drawdown Average peak-to-trough decline	-8.43%	-7.56%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.27%	3.77%	+9.50%

Volatility

IHI vs. SPD - Volatility Comparison

iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 9.58% compared to Simplify US Equity PLUS Downside Convexity ETF (SPD) at 3.71%. This indicates that IHI's price experiences larger fluctuations and is considered to be riskier than SPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHI	SPD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	3.71%	+5.87%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	9.39%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	19.90%	13.22%	+6.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	16.16%	+3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	15.94%	+4.07%

IHI vs. SPD - Expense Ratio Comparison

IHI has a 0.38% expense ratio, which is lower than SPD's 0.53% expense ratio.

Dividends

IHI vs. SPD - Dividend Comparison

IHI's dividend yield for the trailing twelve months is around 0.46%, less than SPD's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPD Simplify US Equity PLUS Downside Convexity ETF	0.97%	0.97%	1.14%	1.91%	1.64%	0.88%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IHI and SPD in my portfolio?

IHI and SPD have a correlation of 0.29, 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 SPD?

IHI has higher volatility (9.58%) compared to SPD (3.71%). In terms of maximum drawdown, IHI dropped -49.65% vs SPD's -27.38%.

Which ETF is better, IHI or SPD?

On 5-year performance, SPD leads with 7.32% vs -3.35% for IHI. On fees, IHI is cheaper at 0.38% per year. On volatility, SPD has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHI or SPD?

Over the 5-year period, SPD has performed better with a 7.32% return vs -3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHI or SPD?

IHI is cheaper with a 0.38% expense ratio, compared with 0.53% for SPD.

Which ETF pays a higher dividend yield, IHI or SPD?

SPD has the higher dividend yield at 0.97%, compared with 0.46% for IHI.

What is the main difference between IHI and SPD?

IHI is categorized as Health & Biotech Equities, while SPD is Large Cap Blend Equities. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.38% for IHI and 0.53% for SPD.

Which has better risk-adjusted returns?

SPD currently has the higher Sharpe Ratio (0.80 vs -0.59), 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.