MDEV vs. IHI
MDEV (First Trust Indxx Medical Devices ETF) and IHI (iShares U.S. Medical Devices ETF) are both Health & Biotech Equities funds - MDEV tracks the Indxx Global Medical Equipment Index while IHI tracks the Dow Jones U.S. Select Medical Equipment Index. Both are passively managed. Over the past 5 years, MDEV returned -5.32%/yr vs -3.35%/yr for IHI. Their correlation of 0.87 means they have usually moved in the same direction. MDEV charges 0.70%/yr vs 0.38%/yr for IHI.
Performance
MDEV vs. IHI - Performance Comparison
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Returns By Period
In the year-to-date period, MDEV achieves a -3.39% return, which is significantly higher than IHI's -15.32% return.
MDEV
- 1D
- 0.39%
- 1M
- 2.37%
- 6M
- -2.88%
- YTD
- -3.39%
- 1Y
- 2.88%
- 3Y*
- -0.73%
- 5Y*
- -5.32%
- 10Y*
- —
- ALL TIME*
- -4.28%
IHI
- 1D
- -0.44%
- 1M
- 1.21%
- 6M
- -12.40%
- YTD
- -15.32%
- 1Y
- -11.60%
- 3Y*
- -1.46%
- 5Y*
- -3.35%
- 10Y*
- 8.58%
- ALL TIME*
- 10.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $145.90M | $167.07M | $148.77M | |
| $145.15K | $110.14K | $63.91K |
MDEV vs. IHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MDEV First Trust Indxx Medical Devices ETF | -3.39% | 2.00% | 1.79% | 7.55% | -28.59% | 3.83% |
IHI iShares U.S. Medical Devices ETF | -15.32% | 6.88% | 8.62% | 3.24% | -19.80% | 10.53% |
Correlation
The correlation between MDEV and IHI is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021 | 0.87 |
The correlation between MDEV and IHI has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
MDEV vs. IHI - Sectors Allocation Comparison
Sectors
MDEV
IHI
Healthcare
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Industrials
-
Real Estate
-
-
Technology
-
Utilities
-
-
Healthcare
MDEV
IHI
Basic Materials
MDEV
-
IHI
-
Communication Services
MDEV
-
IHI
-
Consumer Cyclical
MDEV
-
IHI
-
Consumer Defensive
MDEV
-
IHI
-
Energy
MDEV
-
IHI
-
Financial Services
MDEV
-
IHI
-
Industrials
MDEV
-
IHI
Real Estate
MDEV
-
IHI
-
Technology
MDEV
-
IHI
Utilities
MDEV
-
IHI
-
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Return for Risk
MDEV vs. IHI — Risk / Return Rank
MDEV
IHI
MDEV vs. IHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) and iShares U.S. Medical Devices ETF (IHI). 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 | IHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.92 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.13 | -0.45 | +0.58 |
| Martin ratioReturn relative to average drawdown | 0.29 | -0.88 | +1.17 |
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Drawdowns
MDEV vs. IHI - Drawdown Comparison
The maximum MDEV drawdown since its inception was -42.34%, smaller than the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for MDEV and IHI.
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Drawdown Indicators
| MDEV | IHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.34% | -49.65% | +7.31% |
Max Drawdown (1Y)Largest decline over 1 year | -18.13% | -26.11% | +7.98% |
Max Drawdown (3Y)Largest decline over 3 years | -20.43% | -26.64% | +6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -42.34% | -33.12% | -9.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -27.70% | -20.04% | -7.66% |
Average DrawdownAverage peak-to-trough decline | -25.80% | -8.43% | -17.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.45% | 13.27% | -4.82% |
Volatility
MDEV vs. IHI - Volatility Comparison
The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 5.70%, while iShares U.S. Medical Devices ETF (IHI) has a volatility of 9.58%. This indicates that MDEV experiences smaller price fluctuations and is considered to be less risky than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDEV | IHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.70% | 9.58% | -3.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.79% | 16.58% | -3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.63% | 19.90% | -3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.12% | 19.55% | -0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.97% | 20.01% | -1.04% |
MDEV vs. IHI - Expense Ratio Comparison
MDEV has a 0.70% expense ratio, which is higher than IHI's 0.38% expense ratio.
Dividends
MDEV vs. IHI - Dividend Comparison
MDEV's dividend yield for the trailing twelve months is around 0.11%, less than IHI's 0.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHI iShares U.S. Medical Devices ETF | 0.46% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
MDEV First Trust Indxx Medical Devices ETF | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MDEV and IHI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IHI has higher volatility (9.58%) compared to MDEV (5.70%). In terms of maximum drawdown, MDEV dropped -42.34% vs IHI's -49.65%.
On 5-year performance, IHI leads with -3.35% vs -5.32% for MDEV. On fees, IHI is cheaper at 0.38% per year. On volatility, MDEV has been the lower-risk option at 5.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IHI has performed better with a -3.35% return vs -5.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHI is cheaper with a 0.38% expense ratio, compared with 0.70% for MDEV.
IHI has the higher dividend yield at 0.46%, compared with 0.11% for MDEV.
MDEV tracks Indxx Global Medical Equipment Index, while IHI tracks Dow Jones U.S. Select Medical Equipment Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.70% for MDEV and 0.38% for IHI.
MDEV currently has the higher Sharpe Ratio (0.15 vs -0.59), 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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