MEDX vs. CIBR

Last updated Jun 12, 2026

MEDX (Horizon Kinetics Medical ETF) and CIBR (First Trust NASDAQ Cybersecurity ETF) are both exchange-traded funds - MEDX is a Health & Biotech Equities fund actively managed by Horizon, while CIBR is a Cybersecurity fund tracking the Nasdaq CTA Cybersecurity Index. MEDX is actively managed, while CIBR is passively managed. Over the past 3 years, MEDX returned 6.59%/yr vs 24.84%/yr for CIBR. At a 0.26 correlation, their price movements are largely independent. MEDX charges 0.85%/yr vs 0.60%/yr for CIBR.

Performance

MEDX vs. CIBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) and First Trust NASDAQ Cybersecurity ETF (CIBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEDX achieves a 4.62% return, which is significantly lower than CIBR's 19.83% return.

MEDX

• 1D: 1.69%
• 1M: 5.29%
• YTD: 4.62%
• 6M: 5.69%
• 1Y: 29.83%
• 3Y*: 6.59%
• 5Y*: —
• 10Y*: —

CIBR

• 1D: 2.67%
• 1M: 14.20%
• YTD: 19.83%
• 6M: 13.32%
• 1Y: 18.11%
• 3Y*: 24.84%
• 5Y*: 13.62%
• 10Y*: 17.87%

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

MEDX vs. CIBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	4.62%	28.62%	-4.68%	-5.77%
CIBR First Trust NASDAQ Cybersecurity ETF	19.83%	13.06%	18.21%	36.12%

Correlation

The correlation between MEDX and CIBR is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	0.26

Over the past year, the correlation between MEDX and CIBR has dropped to 0.05 - well below their long-term average of 0.26, suggesting their price drivers have been diverging.

MEDX vs. CIBR - Sectors Allocation Comparison

Sectors	MEDX	CIBR
Healthcare	100.0%	-
Basic Materials	-	-
Communication Services	-	2.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	3.5%
Real Estate	-	-
Technology	-	94.0%
Utilities	-	-

Return for Risk

MEDX vs. CIBR — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 59
MEDX Sharpe Ratio Rank: 57
MEDX Sortino Ratio Rank: 66
MEDX Omega Ratio Rank: 53
MEDX Calmar Ratio Rank: 66
MEDX Martin Ratio Rank: 54

CIBR

CIBR Risk / Return Rank: 23
CIBR Sharpe Ratio Rank: 25
CIBR Sortino Ratio Rank: 25
CIBR Omega Ratio Rank: 25
CIBR Calmar Ratio Rank: 22
CIBR Martin Ratio Rank: 20

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.

MEDX vs. CIBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) and First Trust NASDAQ Cybersecurity ETF (CIBR). 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.

	MEDX	CIBR	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.72	+0.93
Sortino ratio: Return per unit of downside risk	2.59	1.14	+1.44
Omega ratio: Gain probability vs. loss probability	1.28	1.14	+0.14
Calmar ratio: Return relative to maximum drawdown	2.84	0.83	+2.02
Martin ratio: Return relative to average drawdown	7.85	1.94	+5.91

MEDX vs. CIBR - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.65, which is higher than the CIBR Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of MEDX and CIBR, 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

MEDX vs. CIBR - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, smaller than the maximum CIBR drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for MEDX and CIBR.

Drawdown Indicators

	MEDX	CIBR	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-33.89%	+10.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-21.99%	+11.45%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-21.99%	-1.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.89%	—
Current Drawdown Current decline from peak	-2.01%	-9.38%	+7.37%
Average Drawdown Average peak-to-trough decline	-6.69%	-8.66%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	9.36%	-5.55%

Volatility

MEDX vs. CIBR - Volatility Comparison

The current volatility for Horizon Kinetics Medical ETF (MEDX) is 5.57%, while First Trust NASDAQ Cybersecurity ETF (CIBR) has a volatility of 12.35%. This indicates that MEDX experiences smaller price fluctuations and is considered to be less risky than CIBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEDX	CIBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	12.35%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	21.72%	-8.34%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	25.16%	-7.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	25.05%	-8.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	23.65%	-6.63%

MEDX vs. CIBR - Expense Ratio Comparison

MEDX has a 0.85% expense ratio, which is higher than CIBR's 0.60% expense ratio.

Dividends

MEDX vs. CIBR - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.18%, more than CIBR's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIBR First Trust NASDAQ Cybersecurity ETF	0.48%	0.42%	0.29%	0.42%	0.31%	0.59%	1.10%	0.23%	0.23%	0.10%	0.77%	0.58%
MEDX Horizon Kinetics Medical ETF	1.18%	1.23%	1.92%	4.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEDX and CIBR in my portfolio?

MEDX and CIBR have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MEDX or CIBR?

CIBR has higher volatility (12.35%) compared to MEDX (5.57%). In terms of maximum drawdown, MEDX dropped -23.10% vs CIBR's -33.89%.

Which ETF is better, MEDX or CIBR?

On 3-year performance, CIBR leads with 24.84% vs 6.59% for MEDX. On fees, CIBR is cheaper at 0.60% per year. On volatility, MEDX has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEDX or CIBR?

Over the 3-year period, CIBR has performed better with a 24.84% return vs 6.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or CIBR?

CIBR is cheaper with a 0.60% expense ratio, compared with 0.85% for MEDX.

Which ETF pays a higher dividend yield, MEDX or CIBR?

MEDX has the higher dividend yield at 1.18%, compared with 0.48% for CIBR.

What is the main difference between MEDX and CIBR?

MEDX is categorized as Health & Biotech Equities, while CIBR is Cybersecurity. They also come from different issuers: Horizon and First Trust. Their fees differ too: 0.85% for MEDX and 0.60% for CIBR.

Which has better risk-adjusted returns?

MEDX currently has the higher Sharpe Ratio (1.65 vs 0.72), 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.