MDEV vs. MHIP

Last updated Jul 14, 2026

MDEV (First Trust Indxx Medical Devices ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. MDEV is passively managed, while MHIP is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. MDEV charges 0.70%/yr vs 0.55%/yr for MHIP.

Performance

MDEV vs. MHIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) and Milliman Healthcare Inflation Plus ETF (MHIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MDEV

• 1D: 0.14%
• 1M: 5.33%
• 6M: -8.57%
• YTD: -5.52%
• 1Y: -3.17%
• 3Y*: -2.01%
• 5Y*: -4.94%
• 10Y*: —

MHIP

• 1D: -0.57%
• 1M: 1.53%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MDEV vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
MDEV First Trust Indxx Medical Devices ETF	-0.76%
MHIP Milliman Healthcare Inflation Plus ETF	0.13%

Correlation

The correlation between MDEV and MHIP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.78

Return for Risk

MDEV vs. MHIP — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 7
MDEV Sharpe Ratio Rank: 7
MDEV Sortino Ratio Rank: 7
MDEV Omega Ratio Rank: 7
MDEV Calmar Ratio Rank: 8
MDEV Martin Ratio Rank: 7

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) and Milliman Healthcare Inflation Plus ETF (MHIP). 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	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	—	—
Sortino ratio: Return per unit of downside risk	-0.16	—	—
Omega ratio: Gain probability vs. loss probability	0.98	—	—
Calmar ratio: Return relative to maximum drawdown	-0.18	—	—
Martin ratio: Return relative to average drawdown	-0.39	—	—

Drawdowns

MDEV vs. MHIP - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for MDEV and MHIP.

Drawdown Indicators

	MDEV	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-3.09%	-39.25%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	—	—
Current Drawdown Current decline from peak	-29.29%	-1.48%	-27.81%
Average Drawdown Average peak-to-trough decline	-25.76%	-1.25%	-24.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.22%	—	—

Volatility

Volatility by Period

	MDEV	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.55%	11.73%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.05%	11.73%	+7.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	11.73%	+7.24%

MDEV vs. MHIP - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is higher than MHIP's 0.55% expense ratio.

Dividends

MDEV vs. MHIP - Dividend Comparison

MDEV's dividend yield for the trailing twelve months is around 0.11%, while MHIP has not paid dividends to shareholders.

Position	TTM
MDEV First Trust Indxx Medical Devices ETF	0.11%
MHIP Milliman Healthcare Inflation Plus ETF	0.00%

Frequently Asked Questions

Can I hold both MDEV and MHIP in my portfolio?

MDEV and MHIP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MDEV or MHIP?

On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MDEV or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 0.70% for MDEV.

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

MDEV has the higher dividend yield at 0.11%, compared with 0.00% for MHIP.

What is the main difference between MDEV and MHIP?

They also come from different issuers: First Trust and Milliman. Their fees differ too: 0.70% for MDEV and 0.55% for MHIP.