MDEV vs. XLVI

Last updated Jun 5, 2026

MDEV (First Trust Indxx Medical Devices ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while XLVI is a Derivative Income fund actively managed by State Street. MDEV is passively managed, while XLVI is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. MDEV charges 0.70%/yr vs 0.35%/yr for XLVI.

Performance

MDEV vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDEV achieves a -9.68% return, which is significantly lower than XLVI's 1.35% return.

MDEV

• 1D: 2.04%
• 1M: 3.02%
• YTD: -9.68%
• 6M: -10.44%
• 1Y: -5.82%
• 3Y*: -2.19%
• 5Y*: —
• 10Y*: —

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)

MDEV vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
MDEV First Trust Indxx Medical Devices ETF	-9.68%	2.79%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	1.35%	12.79%

Correlation

The correlation between MDEV and XLVI is 0.66, 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 Jul 31, 2025	0.66

MDEV vs. XLVI - Sectors Allocation Comparison

Sectors	MDEV	XLVI
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MDEV vs. XLVI — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 6
MDEV Sharpe Ratio Rank: 6
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 6
MDEV Calmar Ratio Rank: 6
MDEV Martin Ratio Rank: 5

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. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.

	MDEV	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	—	—
Sortino ratio: Return per unit of downside risk	-0.41	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.32	—	—
Martin ratio: Return relative to average drawdown	-0.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MDEV	XLVI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	1.54	-1.84

Drawdowns

MDEV vs. XLVI - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for MDEV and XLVI.

Drawdown Indicators

	MDEV	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-8.14%	-34.20%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	—	—
Current Drawdown Current decline from peak	-32.41%	-2.08%	-30.33%
Average Drawdown Average peak-to-trough decline	-25.66%	-1.95%	-23.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	—	—

Volatility

Volatility by Period

	MDEV	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	11.12%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	11.12%	+7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	11.12%	+7.88%

MDEV vs. XLVI - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

MDEV vs. XLVI - Dividend Comparison

MDEV has not paid dividends to shareholders, while XLVI's dividend yield for the trailing twelve months is around 11.30%.

Position	TTM	2025
MDEV First Trust Indxx Medical Devices ETF	0.00%	0.00%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.30%	5.73%

Frequently Asked Questions

Can I hold both MDEV and XLVI in my portfolio?

MDEV and XLVI have a correlation of 0.66, 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 XLVI?

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.

Which ETF is cheaper, MDEV or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.70% for MDEV.

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

XLVI has the higher dividend yield at 11.30%, compared with 0.00% for MDEV.

What is the main difference between MDEV and XLVI?

MDEV is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.70% for MDEV and 0.35% for XLVI.