IHI vs. SPY
Compare and contrast key facts about iShares U.S. Medical Devices ETF (IHI) and State Street SPDR S&P 500 ETF (SPY).
IHI and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IHI is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Medical Equipment Index. It was launched on May 5, 2006. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both IHI and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
IHI vs. SPY - Performance Comparison
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IHI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | -13.96% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Returns By Period
In the year-to-date period, IHI achieves a -13.96% return, which is significantly lower than SPY's -3.65% return. Over the past 10 years, IHI has underperformed SPY with an annualized return of 10.42%, while SPY has yielded a comparatively higher 14.06% annualized return.
IHI
- 1D
- 0.15%
- 1M
- -10.33%
- YTD
- -13.96%
- 6M
- -10.09%
- 1Y
- -10.56%
- 3Y*
- 0.13%
- 5Y*
- -0.17%
- 10Y*
- 10.42%
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
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IHI vs. SPY - Expense Ratio Comparison
IHI has a 0.43% expense ratio, which is higher than SPY's 0.09% expense ratio.
Return for Risk
IHI vs. SPY — Risk / Return Rank
IHI
SPY
IHI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.56 | 0.96 | -1.52 |
Sortino ratioReturn per unit of downside risk | -0.69 | 1.49 | -2.19 |
Omega ratioGain probability vs. loss probability | 0.92 | 1.23 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | -0.60 | 1.53 | -2.13 |
Martin ratioReturn relative to average drawdown | -1.88 | 7.27 | -9.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IHI | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 0.96 | -1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.70 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.79 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.56 | -0.07 |
Correlation
The correlation between IHI and SPY is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
IHI vs. SPY - Dividend Comparison
IHI's dividend yield for the trailing twelve months is around 0.42%, less than SPY's 1.13% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | 0.42% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Drawdowns
IHI vs. SPY - Drawdown Comparison
The maximum IHI drawdown since its inception was -49.65%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IHI and SPY.
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Drawdown Indicators
| IHI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.65% | -55.19% | +5.54% |
Max Drawdown (1Y)Largest decline over 1 year | -18.27% | -12.05% | -6.22% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -24.50% | -8.62% |
Max Drawdown (10Y)Largest decline over 10 years | -33.25% | -33.72% | +0.47% |
Current DrawdownCurrent decline from peak | -18.76% | -5.53% | -13.23% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -9.09% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.79% | 2.54% | +3.25% |
Volatility
IHI vs. SPY - Volatility Comparison
iShares U.S. Medical Devices ETF (IHI) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 5.24% and 5.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IHI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 5.35% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 11.23% | 9.50% | +1.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.89% | 19.06% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.74% | 17.06% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.63% | 17.92% | +1.71% |