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IYH vs. XLVI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYH vs. XLVI

Last updated Jun 5, 2026

IYH (iShares U.S. Healthcare ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - IYH is a Health & Biotech Equities fund tracking the Dow Jones U.S. Health Care Index, while XLVI is a Derivative Income fund actively managed by State Street. IYH is passively managed, while XLVI is actively managed. With a 0.95 correlation, they move nearly in lockstep. IYH charges 0.43%/yr vs 0.35%/yr for XLVI.

Performance

IYH vs. XLVI - 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 Premium Income ETF (XLVI). 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 -1.42% return, which is significantly lower than XLVI's 1.35% return.

IYH

1D
2.89%
1M
4.56%
YTD
-1.42%
6M
-1.04%
1Y
16.06%
3Y*
6.36%
5Y*
5.19%
10Y*
9.20%

XLVI

1D
2.03%
1M
4.01%
YTD
1.35%
6M
3.19%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IYH vs. XLVI - Yearly Performance Comparison

2026 (YTD)2025
IYH
iShares U.S. Healthcare ETF		-1.42%16.38%
XLVI
State Street Health Care Select Sector SPDR Premium Income ETF		1.35%12.79%

Correlation

The correlation between IYH and XLVI is 0.95 - 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 (All Time)
Calculated using the full available price history since Jul 31, 2025

0.95

IYH vs. XLVI - Sectors Allocation Comparison

Sectors
IYH
XLVI

Healthcare

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

100.6%

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

IYH
100.0%
XLVI

-

Basic Materials

IYH

-

XLVI

-

Communication Services

IYH

-

XLVI

-

Consumer Cyclical

IYH

-

XLVI

-

Consumer Defensive

IYH

-

XLVI

-

Energy

IYH

-

XLVI

-

Financial Services

IYH

-

XLVI
100.6%

Industrials

IYH

-

XLVI

-

Real Estate

IYH

-

XLVI

-

Technology

IYH

-

XLVI

-

Utilities

IYH

-

XLVI

-

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iShares U.S. Healthcare ETF

State Street Health Care Select Sector SPDR Premium Income ETF

Often compared with IYH:
IYH vs. VHTIYH vs. XLVIYH vs. SPYIYH vs. IYEIYH vs. IFRAIYH vs. BMEDIYH vs. IBB
Often compared with XLVI:
XLVI vs. TMEDXLVI vs. XLVXLVI vs. VHTXLVI vs. BCDXLVI vs. FXHXLVI vs. IPDPXLVI vs. BUCK

Return for Risk

IYH vs. XLVI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IYH
IYH Risk / Return Rank: 3030
Overall Rank
IYH Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
IYH Sortino Ratio Rank: 3333
Sortino Ratio Rank
IYH Omega Ratio Rank: 2929
Omega Ratio Rank
IYH Calmar Ratio Rank: 3232
Calmar Ratio Rank
IYH Martin Ratio Rank: 2727
Martin Ratio Rank
XLVI
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. XLVI - 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 Premium Income ETF (XLVI). 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.

IYHXLVIDifference
Sharpe ratioReturn per unit of total volatility
1.07

—

—

Sortino ratioReturn per unit of downside risk
1.71

—

—

Omega ratioGain probability vs. loss probability

1.19

—

—

Calmar ratioReturn relative to maximum drawdown

1.52

—

—

Martin ratioReturn relative to average drawdown

3.64

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYH vs. XLVI - Sharpe Ratio Comparison

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Sharpe Ratios by Period

IYHXLVIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.07

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

1.54

-1.11

Drawdowns

IYH vs. XLVI - Drawdown Comparison

The maximum IYH drawdown since its inception was -43.12%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for IYH and XLVI.

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Drawdown Indicators

IYHXLVIDifference

Max Drawdown

Largest peak-to-trough decline

-43.12%

-8.14%

-34.98%

Max Drawdown (1Y)

Largest decline over 1 year

-10.64%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-17.91%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-17.91%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-28.40%

—

—

Current Drawdown

Current decline from peak

-4.68%

-2.08%

-2.60%

Average Drawdown

Average peak-to-trough decline

-8.96%

-1.95%

-7.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.42%

—

—

Volatility

IYH vs. XLVI - Volatility Comparison

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Volatility by Period

IYHXLVIDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.06%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

10.70%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

15.01%

11.12%

+3.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

11.12%

+3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.74%

11.12%

+5.62%

IYH vs. XLVI - Expense Ratio Comparison

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

Dividends

IYH vs. XLVI - Dividend Comparison

IYH's dividend yield for the trailing twelve months is around 1.26%, less than XLVI's 11.30% yield.

PositionTTM20252024202320222021202020192018201720162015
IYH
iShares U.S. Healthcare ETF		1.26%1.19%1.25%1.18%1.10%0.94%1.16%1.14%1.95%1.10%1.29%2.02%
XLVI
State Street Health Care Select Sector SPDR Premium Income ETF		11.30%5.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.95, IYH and XLVI 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.

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XLVI has the higher dividend yield at 11.30%, compared with 1.26% for IYH.

IYH is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: iShares and State Street. Their fees differ too: 0.43% for IYH and 0.35% for XLVI.

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