IYH vs. IYW
IYH (iShares U.S. Healthcare ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - IYH is a Health & Biotech Equities fund tracking the Dow Jones U.S. Health Care Index, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, IYH returned 9.52%/yr vs 25.63%/yr for IYW. A 0.54 correlation means they provide meaningful diversification when combined. IYH charges 0.43%/yr vs 0.38%/yr for IYW.
Performance
IYH vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, IYH achieves a -0.65% return, which is significantly lower than IYW's 22.66% return. Over the past 10 years, IYH has underperformed IYW with an annualized return of 9.52%, while IYW has yielded a comparatively higher 25.63% annualized return.
IYH
- 1D
- -0.20%
- 1M
- 4.56%
- YTD
- -0.65%
- 6M
- 0.07%
- 1Y
- 14.83%
- 3Y*
- 6.45%
- 5Y*
- 4.89%
- 10Y*
- 9.52%
IYW
- 1D
- 0.61%
- 1M
- 0.73%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 50.17%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
IYH vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IYH iShares U.S. Healthcare ETF | -0.65% | 13.16% | 2.99% | 2.14% | -4.46% | 23.41% | 15.56% | 20.80% | 5.80% | 22.27% |
IYW iShares U.S. Technology ETF | 22.66% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between IYH and IYW is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2000 | 0.54 |
Over the past year, the correlation between IYH and IYW has dropped to 0.09 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
IYH vs. IYW — Risk / Return Rank
IYH
IYW
IYH vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Healthcare ETF (IYH) and iShares U.S. Technology ETF (IYW). 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.
| IYH | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.38 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.70 | -1.37 |
| Martin ratioReturn relative to average drawdown | 3.18 | 8.68 | -5.50 |
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Drawdowns
IYH vs. IYW - Drawdown Comparison
The maximum IYH drawdown since its inception was -43.12%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for IYH and IYW.
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Drawdown Indicators
| IYH | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.12% | -81.90% | +38.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.64% | -17.81% | +7.17% |
Max Drawdown (3Y)Largest decline over 3 years | -17.91% | -26.47% | +8.56% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -39.44% | +21.53% |
Max Drawdown (10Y)Largest decline over 10 years | -28.40% | -39.44% | +11.04% |
Current DrawdownCurrent decline from peak | -3.94% | -5.81% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -8.96% | -34.62% | +25.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 5.54% | -1.08% |
Volatility
IYH vs. IYW - Volatility Comparison
The current volatility for iShares U.S. Healthcare ETF (IYH) is 4.94%, while iShares U.S. Technology ETF (IYW) has a volatility of 9.41%. This indicates that IYH experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYH | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.94% | 9.41% | -4.47% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 17.67% | -7.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.10% | 21.47% | -6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.96% | 26.07% | -11.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.74% | 25.20% | -8.46% |
IYH vs. IYW - Expense Ratio Comparison
IYH has a 0.43% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
IYH vs. IYW - Dividend Comparison
IYH's dividend yield for the trailing twelve months is around 1.25%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYH iShares U.S. Healthcare ETF | 1.25% | 1.19% | 1.25% | 1.18% | 1.10% | 0.94% | 1.16% | 1.14% | 1.95% | 1.10% | 1.29% | 2.02% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
IYH and IYW have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (9.41%) compared to IYH (4.94%). In terms of maximum drawdown, IYH dropped -43.12% vs IYW's -81.90%.
On 10-year performance, IYW leads with 25.63% vs 9.52% for IYH. On fees, IYW is cheaper at 0.38% per year. On volatility, IYH has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 25.63% return vs 9.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.43% for IYH.
IYH has the higher dividend yield at 1.25%, compared with 0.11% for IYW.
IYH is categorized as Health & Biotech Equities, while IYW is Technology Equities. IYH tracks Dow Jones U.S. Health Care Index, while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. Their fees differ too: 0.43% for IYH and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (2.24 vs 0.94), 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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