MDEV vs. VGHAX

Last updated Aug 4, 2026

MDEV (First Trust Indxx Medical Devices ETF) and VGHAX (Vanguard Health Care Fund Admiral Shares) are both Health & Biotech Equities funds. MDEV is passively managed, while VGHAX is actively managed. Over the past 5 years, MDEV returned -5.05%/yr vs 7.75%/yr for VGHAX. Their 0.74 correlation means they have sometimes moved together and sometimes differently. MDEV charges 0.70%/yr vs 0.27%/yr for VGHAX.

Performance

MDEV vs. VGHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) and Vanguard Health Care Fund Admiral Shares (VGHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEV achieves a -1.23% return, which is significantly lower than VGHAX's 3.46% return.

MDEV

• 1D: 2.23%
• 1M: 4.66%
• 6M: -0.70%
• YTD: -1.23%
• 1Y: 5.18%
• 3Y*: 0.95%
• 5Y*: -5.05%
• 10Y*: —
• ALL TIME*: -3.86%

VGHAX

• 1D: -0.97%
• 1M: -3.77%
• 6M: 2.42%
• YTD: 3.46%
• 1Y: 27.41%
• 3Y*: 11.48%
• 5Y*: 7.75%
• 10Y*: 9.14%
• ALL TIME*: 10.03%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MDEV First Trust Indxx Medical Devices ETF	$145.59K	$80.86K	$64.49K
VGHAX Vanguard Health Care Fund Admiral Shares	$0.00	$0.00	$0.00

MDEV vs. VGHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDEV First Trust Indxx Medical Devices ETF	-1.23%	2.00%	1.79%	7.55%	-28.59%	3.83%
VGHAX Vanguard Health Care Fund Admiral Shares	3.46%	19.72%	9.10%	5.51%	-1.00%	3.13%

Correlation

The correlation between MDEV and VGHAX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.74

The correlation between MDEV and VGHAX shifts across timeframes, from 0.64 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

MDEV vs. VGHAX - Sectors Allocation Comparison

Sectors	MDEV	VGHAX
Healthcare	100.0%	99.5%
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	1.2%
Energy	-	-
Financial Services	-	0.0%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MDEV vs. VGHAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MDEV

MDEV Risk / Return Rank: 16
MDEV Sharpe Ratio Rank: 18
MDEV Sortino Ratio Rank: 17
MDEV Omega Ratio Rank: 17
MDEV Calmar Ratio Rank: 15
MDEV Martin Ratio Rank: 15

VGHAX

VGHAX Risk / Return Rank: 75
VGHAX Sharpe Ratio Rank: 78
VGHAX Sortino Ratio Rank: 80
VGHAX Omega Ratio Rank: 71
VGHAX Calmar Ratio Rank: 86
VGHAX Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MDEV vs. VGHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) and Vanguard Health Care Fund Admiral Shares (VGHAX). 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	VGHAX	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.87	-1.55
Sortino ratio: Return per unit of downside risk	0.58	2.85	-2.27
Omega ratio: Gain probability vs. loss probability	1.06	1.32	-0.26
Calmar ratio: Return relative to maximum drawdown	0.29	3.11	-2.82
Martin ratio: Return relative to average drawdown	0.61	8.16	-7.55

MDEV vs. VGHAX - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is 0.32, which is lower than the VGHAX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of MDEV and VGHAX, 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. VGHAX - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, which is greater than VGHAX's maximum drawdown of -36.85%. Use the drawdown chart below to compare losses from any high point for MDEV and VGHAX.

Drawdown Indicators

	MDEV	VGHAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-36.85%	-5.49%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-9.19%	-8.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.43%	-16.05%	-4.38%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-16.92%	-25.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.17%	—
Current Drawdown Current decline from peak	-26.08%	-4.40%	-21.68%
Average Drawdown Average peak-to-trough decline	-25.80%	-5.59%	-20.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	3.49%	+4.97%

Volatility

MDEV vs. VGHAX - Volatility Comparison

First Trust Indxx Medical Devices ETF (MDEV) and Vanguard Health Care Fund Admiral Shares (VGHAX) have volatilities of 5.71% and 5.53%, 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.

Volatility by Period

	MDEV	VGHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	5.53%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	11.70%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	16.53%	15.43%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.15%	18.31%	+0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	17.62%	+1.37%

MDEV vs. VGHAX - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is higher than VGHAX's 0.27% expense ratio.

Dividends

MDEV vs. VGHAX - Dividend Comparison

MDEV's dividend yield for the trailing twelve months is around 0.10%, less than VGHAX's 6.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDEV First Trust Indxx Medical Devices ETF	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGHAX Vanguard Health Care Fund Admiral Shares	6.45%	6.07%	22.84%	7.22%	5.49%	7.05%	8.02%	11.87%	9.15%	7.36%	8.60%	8.21%

Frequently Asked Questions

Can I hold both MDEV and VGHAX in my portfolio?

MDEV and VGHAX have a correlation of 0.64, 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 VGHAX?

MDEV has higher volatility (5.71%) compared to VGHAX (5.53%). In terms of maximum drawdown, MDEV dropped -42.34% vs VGHAX's -36.85%.

Which has better risk-adjusted returns?

VGHAX currently has the higher Sharpe Ratio (1.87 vs 0.32), 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.