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IYH vs. XHS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYH vs. XHS

Last updated Jul 18, 2026
Documentation

IYH (iShares U.S. Healthcare ETF) and XHS (SPDR S&P Health Care Services ETF) are both Health & Biotech Equities funds - IYH tracks the Dow Jones U.S. Health Care Index while XHS tracks the S&P Health Care Services Select Industry Index. Both are passively managed. Over the past 10 years, IYH returned 9.68%/yr vs 9.20%/yr for XHS. A 0.69 correlation means they provide meaningful diversification when combined. IYH charges 0.43%/yr vs 0.35%/yr for XHS.

Performance

IYH vs. XHS - Performance Comparison

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

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Returns By Period

In the year-to-date period, IYH achieves a 4.74% return, which is significantly lower than XHS's 27.15% return. Both investments have delivered pretty close results over the past 10 years, with IYH having a 9.68% annualized return and XHS not far behind at 9.20%.

IYH

1D
-0.47%
1M
7.40%
6M
4.14%
YTD
4.74%
1Y
23.25%
3Y*
8.10%
5Y*
5.27%
10Y*
9.68%

XHS

1D
0.31%
1M
12.38%
6M
23.43%
YTD
27.15%
1Y
46.39%
3Y*
13.11%
5Y*
4.60%
10Y*
9.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYH vs. XHS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYH
iShares U.S. Healthcare ETF		4.74%13.16%2.99%2.14%-4.46%23.41%15.56%20.80%5.80%22.27%
XHS
SPDR S&P Health Care Services ETF		27.15%18.83%1.76%5.15%-19.87%9.76%33.66%18.81%1.96%17.65%

Correlation

The correlation between IYH and XHS 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

0.60

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

0.66

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

0.68

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2011

0.69

The correlation between IYH and XHS shifts across timeframes, from 0.53 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

IYH vs. XHS - Sectors Allocation Comparison

Sectors
IYH
XHS

Healthcare

100.0%
95.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

3.7%

Industrials

-

0.5%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

IYH
100.0%
XHS
95.7%

Basic Materials

IYH

-

XHS

-

Communication Services

IYH

-

XHS

-

Consumer Cyclical

IYH

-

XHS

-

Consumer Defensive

IYH

-

XHS

-

Energy

IYH

-

XHS

-

Financial Services

IYH

-

XHS
3.7%

Industrials

IYH

-

XHS
0.5%

Real Estate

IYH

-

XHS

-

Technology

IYH

-

XHS

-

Utilities

IYH

-

XHS

-

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. Healthcare ETF

SPDR S&P Health Care Services ETF

Often compared with IYH:
IYH vs. VHTIYH vs. XLVIYH vs. SPYIYH vs. IYEIYH vs. IFRAIYH vs. BMEDIYH vs. IBB
Often compared with XHS:
XHS vs. XLVXHS vs. IHFXHS vs. RXLXHS vs. SPYXHS vs. SPYGXHS vs. FHLCXHS vs. FXAIX

Return for Risk

IYH vs. XHS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYH
IYH Risk / Return Rank: 5353
Overall Rank
IYH Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
IYH Sortino Ratio Rank: 6363
Sortino Ratio Rank
IYH Omega Ratio Rank: 5151
Omega Ratio Rank
IYH Calmar Ratio Rank: 5555
Calmar Ratio Rank
IYH Martin Ratio Rank: 4040
Martin Ratio Rank
XHS
XHS Risk / Return Rank: 8989
Overall Rank
XHS Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
XHS Sortino Ratio Rank: 9191
Sortino Ratio Rank
XHS Omega Ratio Rank: 9090
Omega Ratio Rank
XHS Calmar Ratio Rank: 8787
Calmar Ratio Rank
XHS Martin Ratio Rank: 8585
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.

IYH vs. XHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Healthcare ETF (IYH) and SPDR S&P Health Care Services ETF (XHS). 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.

IYHXHSDifference
Sharpe ratioReturn per unit of total volatility
1.48
2.60

-1.12

Sortino ratioReturn per unit of downside risk
2.33
3.47

-1.14

Omega ratioGain probability vs. loss probability

1.26

1.45

-0.19

Calmar ratioReturn relative to maximum drawdown

2.19

3.89

-1.69

Martin ratioReturn relative to average drawdown

5.15

13.41

-8.26

IYH vs. XHS - Sharpe Ratio Comparison

The current IYH Sharpe Ratio is 1.48, which is lower than the XHS Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of IYH and XHS, 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

IYH vs. XHS - Drawdown Comparison

The maximum IYH drawdown since its inception was -43.12%, which is greater than XHS's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for IYH and XHS.

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Drawdown Indicators

IYHXHSDifference

Max Drawdown

Largest peak-to-trough decline

-43.12%

-39.32%

-3.80%

Max Drawdown (1Y)

Largest decline over 1 year

-10.64%

-11.99%

+1.35%

Max Drawdown (3Y)

Largest decline over 3 years

-17.91%

-17.81%

-0.10%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-31.34%

+13.43%

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

-39.32%

+10.92%

Current Drawdown

Current decline from peak

-2.54%

-1.42%

-1.12%

Average Drawdown

Average peak-to-trough decline

-8.94%

-10.12%

+1.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.52%

3.48%

+1.04%

Volatility

IYH vs. XHS - Volatility Comparison

iShares U.S. Healthcare ETF (IYH) has a higher volatility of 6.33% compared to SPDR S&P Health Care Services ETF (XHS) at 5.40%. This indicates that IYH's price experiences larger fluctuations and is considered to be riskier than XHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IYHXHSDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.33%

5.40%

+0.93%

Volatility (6M)

Calculated over the trailing 6-month period

11.83%

12.80%

-0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

15.84%

17.91%

-2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.19%

21.21%

-6.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.79%

22.40%

-5.61%

IYH vs. XHS - Expense Ratio Comparison

IYH has a 0.43% expense ratio, which is higher than XHS's 0.35% expense ratio.

Dividends

IYH vs. XHS - Dividend Comparison

IYH's dividend yield for the trailing twelve months is around 1.18%, more than XHS's 0.20% yield.

PositionTTM20252024202320222021202020192018201720162015
IYH
iShares U.S. Healthcare ETF		1.18%1.19%1.25%1.18%1.10%0.94%1.16%1.14%1.95%1.10%1.29%2.02%
XHS
SPDR S&P Health Care Services ETF		0.20%0.27%0.38%0.23%0.19%0.20%0.23%2.37%0.34%0.22%0.28%0.93%

Frequently Asked Questions

IYH and XHS 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.

IYH has higher volatility (6.33%) compared to XHS (5.40%). In terms of maximum drawdown, IYH dropped -43.12% vs XHS's -39.32%.

On 10-year performance, IYH leads with 9.68% vs 9.20% for XHS. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYH has performed better with a 9.68% return vs 9.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XHS is cheaper with a 0.35% expense ratio, compared with 0.43% for IYH.

IYH has the higher dividend yield at 1.18%, compared with 0.20% for XHS.

IYH tracks Dow Jones U.S. Health Care Index, while XHS tracks S&P Health Care Services Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.43% for IYH and 0.35% for XHS.

XHS currently has the higher Sharpe Ratio (2.60 vs 1.48), 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.

Portfolio Optimizer

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