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IYH vs. XLV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYH vs. XLV

Last updated Jun 24, 2026

IYH (iShares U.S. Healthcare ETF) and XLV (State Street Health Care Select Sector SPDR ETF) are both Health & Biotech Equities funds - IYH tracks the Dow Jones U.S. Health Care Index while XLV tracks the Health Care Select Sector Index. Both are passively managed. Over the past 10 years, IYH returned 9.74%/yr vs 10.01%/yr for XLV. Their correlation of 0.90 suggests significant overlap in exposure. IYH charges 0.43%/yr vs 0.08%/yr for XLV.

Performance

IYH vs. XLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Healthcare ETF (IYH) and State Street Health Care Select Sector SPDR ETF (XLV). 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 -1.09% return, which is significantly lower than XLV's -0.85% return. Both investments have delivered pretty close results over the past 10 years, with IYH having a 9.74% annualized return and XLV not far ahead at 10.01%.

IYH

1D
1.35%
1M
1.93%
YTD
-1.09%
6M
-1.41%
1Y
17.06%
3Y*
6.07%
5Y*
4.59%
10Y*
9.74%

XLV

1D
1.41%
1M
1.98%
YTD
-0.85%
6M
-0.97%
1Y
17.16%
3Y*
6.63%
5Y*
5.69%
10Y*
10.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYH vs. XLV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYH
iShares U.S. Healthcare ETF		-1.09%13.16%2.99%2.14%-4.46%23.41%15.56%20.80%5.80%22.27%
XLV
State Street Health Care Select Sector SPDR ETF		-0.85%14.50%2.47%2.07%-2.08%26.04%13.30%20.45%6.28%21.77%

Correlation

The correlation between IYH and XLV is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2000

0.90

The correlation between IYH and XLV has been stable across timeframes, ranging from 0.90 to 0.99 - a consistent structural relationship.

IYH vs. XLV - Sectors Allocation Comparison

Sectors
IYH
XLV

Healthcare

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

IYH
100.0%
XLV
100.0%

Basic Materials

IYH

-

XLV

-

Communication Services

IYH

-

XLV

-

Consumer Cyclical

IYH

-

XLV

-

Consumer Defensive

IYH

-

XLV

-

Energy

IYH

-

XLV

-

Financial Services

IYH

-

XLV

-

Industrials

IYH

-

XLV

-

Real Estate

IYH

-

XLV

-

Technology

IYH

-

XLV

-

Utilities

IYH

-

XLV

-

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

State Street Health Care Select Sector SPDR ETF

Often compared with IYH:
IYH vs. VHTIYH vs. SPYIYH vs. IYEIYH vs. IFRAIYH vs. BMEDIYH vs. IBBIYH vs. MLPX
Often compared with XLV:
XLV vs. VHTXLV vs. SPYXLV vs. XLFXLV vs. IXJXLV vs. VOOXLV vs. FHLCXLV vs. IHI

Return for Risk

IYH vs. XLV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYH
IYH Risk / Return Rank: 3232
Overall Rank
IYH Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
IYH Sortino Ratio Rank: 3535
Sortino Ratio Rank
IYH Omega Ratio Rank: 3131
Omega Ratio Rank
IYH Calmar Ratio Rank: 3333
Calmar Ratio Rank
IYH Martin Ratio Rank: 2828
Martin Ratio Rank
XLV
XLV Risk / Return Rank: 3232
Overall Rank
XLV Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
XLV Sortino Ratio Rank: 3636
Sortino Ratio Rank
XLV Omega Ratio Rank: 3131
Omega Ratio Rank
XLV Calmar Ratio Rank: 3434
Calmar Ratio Rank
XLV Martin Ratio Rank: 2929
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. XLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Healthcare ETF (IYH) and State Street Health Care Select Sector SPDR ETF (XLV). 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.

IYHXLVDifference
Sharpe ratioReturn per unit of total volatility
1.13
1.14

-0.01

Sortino ratioReturn per unit of downside risk
1.80
1.81

-0.01

Omega ratioGain probability vs. loss probability

1.20

1.20

0.00

Calmar ratioReturn relative to maximum drawdown

1.61

1.65

-0.04

Martin ratioReturn relative to average drawdown

3.79

3.89

-0.10

IYH vs. XLV - Sharpe Ratio Comparison

The current IYH Sharpe Ratio is 1.13, which is comparable to the XLV Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of IYH and XLV, 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. XLV - Drawdown Comparison

The maximum IYH drawdown since its inception was -43.12%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for IYH and XLV.

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Drawdown Indicators

IYHXLVDifference

Max Drawdown

Largest peak-to-trough decline

-43.12%

-39.17%

-3.95%

Max Drawdown (1Y)

Largest decline over 1 year

-10.64%

-10.47%

-0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-17.91%

-17.11%

-0.80%

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

-17.11%

-0.80%

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

-28.40%

0.00%

Current Drawdown

Current decline from peak

-4.36%

-4.20%

-0.16%

Average Drawdown

Average peak-to-trough decline

-8.95%

-7.12%

-1.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.51%

4.42%

+0.09%

Volatility

IYH vs. XLV - Volatility Comparison

iShares U.S. Healthcare ETF (IYH) and State Street Health Care Select Sector SPDR ETF (XLV) have volatilities of 5.14% and 5.27%, 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

IYHXLVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.14%

5.27%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.68%

10.68%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

15.12%

15.09%

+0.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.98%

14.77%

+0.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.73%

16.57%

+0.16%

IYH vs. XLV - Expense Ratio Comparison

IYH has a 0.43% expense ratio, which is higher than XLV's 0.08% expense ratio.

Dividends

IYH vs. XLV - Dividend Comparison

IYH's dividend yield for the trailing twelve months is around 1.25%, less than XLV's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLV
State Street Health Care Select Sector SPDR ETF		1.66%1.60%1.67%1.59%1.47%1.33%1.49%2.17%1.57%1.47%1.60%1.43%

Frequently Asked Questions

With a correlation of 0.99, IYH and XLV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

XLV has higher volatility (5.27%) compared to IYH (5.14%). In terms of maximum drawdown, IYH dropped -43.12% vs XLV's -39.17%.

On 10-year performance, XLV leads with 10.01% vs 9.74% for IYH. On fees, XLV is cheaper at 0.08% per year. On volatility, IYH has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLV has performed better with a 10.01% return vs 9.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLV is cheaper with a 0.08% expense ratio, compared with 0.43% for IYH.

XLV has the higher dividend yield at 1.66%, compared with 1.25% for IYH.

IYH tracks Dow Jones U.S. Health Care Index, while XLV tracks Health Care Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.43% for IYH and 0.08% for XLV.

XLV currently has the higher Sharpe Ratio (1.14 vs 1.13), 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

Find the right allocation for IYH and XLV

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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