MDEV vs. EKG

Last updated Jun 24, 2026

MDEV (First Trust Indxx Medical Devices ETF) and EKG (First Trust Nasdaq Lux Digital Health Solutions ETF) are both Health & Biotech Equities funds from First Trust - MDEV tracks the Indxx Global Medical Equipment Index while EKG tracks the NASDAQ Lux Health Tech Index. Both are passively managed. Over the past 3 years, MDEV returned -3.34%/yr vs -0.25%/yr for EKG. Their correlation of 0.81 suggests significant overlap in exposure. MDEV charges 0.70%/yr vs 0.65%/yr for EKG.

Performance

MDEV vs. EKG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) and First Trust Nasdaq Lux Digital Health Solutions ETF (EKG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEV achieves a -11.56% return, which is significantly lower than EKG's -7.35% return.

MDEV

• 1D: 0.35%
• 1M: -1.40%
• YTD: -11.56%
• 6M: -12.11%
• 1Y: -7.87%
• 3Y*: -3.34%
• 5Y*: -6.04%
• 10Y*: —

EKG

• 1D: 1.44%
• 1M: 5.58%
• YTD: -7.35%
• 6M: -8.68%
• 1Y: 2.67%
• 3Y*: -0.25%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MDEV vs. EKG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MDEV First Trust Indxx Medical Devices ETF	-11.56%	2.00%	1.79%	7.55%	-15.86%
EKG First Trust Nasdaq Lux Digital Health Solutions ETF	-7.35%	11.89%	6.53%	-0.11%	-20.15%

Correlation

The correlation between MDEV and EKG is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 23, 2022	0.81

The correlation between MDEV and EKG has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

MDEV vs. EKG - Sectors Allocation Comparison

Sectors	MDEV	EKG
Healthcare	100.0%	94.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	2.6%
Utilities	-	-

Return for Risk

MDEV vs. EKG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

EKG

EKG Risk / Return Rank: 10
EKG Sharpe Ratio Rank: 10
EKG Sortino Ratio Rank: 10
EKG Omega Ratio Rank: 10
EKG Calmar Ratio Rank: 10
EKG Martin Ratio Rank: 10

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.

MDEV vs. EKG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) and First Trust Nasdaq Lux Digital Health Solutions ETF (EKG). 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.

	MDEV	EKG	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	0.12	-0.61
Sortino ratio: Return per unit of downside risk	-0.60	0.33	-0.93
Omega ratio: Gain probability vs. loss probability	0.93	1.04	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.44	0.12	-0.56
Martin ratio: Return relative to average drawdown	-1.00	0.26	-1.27

MDEV vs. EKG - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is -0.49, which is lower than the EKG Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of MDEV and EKG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MDEV vs. EKG - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, roughly equal to the maximum EKG drawdown of -43.82%. Use the drawdown chart below to compare losses from any high point for MDEV and EKG.

Drawdown Indicators

	MDEV	EKG	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-43.82%	+1.48%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-22.09%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	-34.49%	+11.99%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	—	—
Current Drawdown Current decline from peak	-33.81%	-18.36%	-15.45%
Average Drawdown Average peak-to-trough decline	-25.71%	-22.59%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.87%	10.17%	-2.30%

Volatility

MDEV vs. EKG - Volatility Comparison

The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 4.27%, while First Trust Nasdaq Lux Digital Health Solutions ETF (EKG) has a volatility of 8.01%. This indicates that MDEV experiences smaller price fluctuations and is considered to be less risky than EKG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEV	EKG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	8.01%	-3.74%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	17.55%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	22.29%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	27.08%	-8.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	27.08%	-8.13%

MDEV vs. EKG - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is higher than EKG's 0.65% expense ratio.

Dividends

MDEV vs. EKG - Dividend Comparison

Neither MDEV nor EKG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MDEV and EKG in my portfolio?

MDEV and EKG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEV or EKG?

EKG has higher volatility (8.01%) compared to MDEV (4.27%). In terms of maximum drawdown, MDEV dropped -42.34% vs EKG's -43.82%.

Which ETF is better, MDEV or EKG?

On 3-year performance, EKG leads with -0.25% vs -3.34% for MDEV. On fees, EKG is cheaper at 0.65% per year. On volatility, MDEV has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDEV or EKG?

Over the 3-year period, EKG has performed better with a -0.25% return vs -3.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDEV or EKG?

EKG is cheaper with a 0.65% expense ratio, compared with 0.70% for MDEV.

Which ETF pays a higher dividend yield, MDEV or EKG?

MDEV and EKG have nearly identical dividend yields, around 0.00%.

What is the main difference between MDEV and EKG?

MDEV tracks Indxx Global Medical Equipment Index, while EKG tracks NASDAQ Lux Health Tech Index. Their fees differ too: 0.70% for MDEV and 0.65% for EKG.

Which has better risk-adjusted returns?

EKG currently has the higher Sharpe Ratio (0.12 vs -0.49), 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.