MEDX vs. IBBQ

Last updated Jun 5, 2026

MEDX (Horizon Kinetics Medical ETF) and IBBQ (Invesco Nasdaq Biotechnology ETF) are both Health & Biotech Equities funds. MEDX is actively managed, while IBBQ is passively managed. Over the past 3 years, MEDX returned 6.55%/yr vs 13.38%/yr for IBBQ. Their correlation of 0.82 suggests significant overlap in exposure. MEDX charges 0.85%/yr vs 0.00%/yr for IBBQ.

Performance

MEDX vs. IBBQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) and Invesco Nasdaq Biotechnology ETF (IBBQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEDX achieves a 3.90% return, which is significantly lower than IBBQ's 4.29% return.

MEDX

• 1D: 3.04%
• 1M: 5.53%
• YTD: 3.90%
• 6M: 3.58%
• 1Y: 32.14%
• 3Y*: 6.55%
• 5Y*: —
• 10Y*: —

IBBQ

• 1D: 2.33%
• 1M: 0.50%
• YTD: 4.29%
• 6M: 3.35%
• 1Y: 42.84%
• 3Y*: 13.38%
• 5Y*: —
• 10Y*: —

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

MEDX vs. IBBQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	3.90%	28.62%	-4.68%	-6.22%
IBBQ Invesco Nasdaq Biotechnology ETF	4.29%	33.32%	-0.63%	1.14%

Correlation

The correlation between MEDX and IBBQ is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.82

The correlation between MEDX and IBBQ has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

MEDX vs. IBBQ - Sectors Allocation Comparison

Sectors	MEDX	IBBQ
Healthcare	100.0%	98.3%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

MEDX vs. IBBQ — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 55
MEDX Sharpe Ratio Rank: 53
MEDX Sortino Ratio Rank: 59
MEDX Omega Ratio Rank: 50
MEDX Calmar Ratio Rank: 63
MEDX Martin Ratio Rank: 51

IBBQ

IBBQ Risk / Return Rank: 73
IBBQ Sharpe Ratio Rank: 68
IBBQ Sortino Ratio Rank: 67
IBBQ Omega Ratio Rank: 60
IBBQ Calmar Ratio Rank: 89
IBBQ Martin Ratio Rank: 84

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. IBBQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) and Invesco Nasdaq Biotechnology ETF (IBBQ). 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.

	MEDX	IBBQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.18	-0.40
Sortino ratio: Return per unit of downside risk	2.77	3.04	-0.28
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	3.06	5.16	-2.10
Martin ratio: Return relative to average drawdown	8.51	16.87	-8.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEDX vs. IBBQ - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.78, which is comparable to the IBBQ Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of MEDX and IBBQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MEDX	IBBQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	2.18	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.18	+0.14

Drawdowns

MEDX vs. IBBQ - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, smaller than the maximum IBBQ drawdown of -37.94%. Use the drawdown chart below to compare losses from any high point for MEDX and IBBQ.

Drawdown Indicators

	MEDX	IBBQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-37.94%	+14.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	-8.34%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-23.66%	+0.56%
Current Drawdown Current decline from peak	-2.68%	-2.96%	+0.28%
Average Drawdown Average peak-to-trough decline	-6.72%	-16.81%	+10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.79%	2.55%	+1.24%

Volatility

MEDX vs. IBBQ - Volatility Comparison

The current volatility for Horizon Kinetics Medical ETF (MEDX) is 5.68%, while Invesco Nasdaq Biotechnology ETF (IBBQ) has a volatility of 7.25%. This indicates that MEDX experiences smaller price fluctuations and is considered to be less risky than IBBQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEDX	IBBQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	7.25%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	13.41%	15.30%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	18.12%	19.75%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.04%	21.87%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	21.87%	-4.83%

MEDX vs. IBBQ - Expense Ratio Comparison

MEDX has a 0.85% expense ratio, which is higher than IBBQ's 0.00% expense ratio.

Dividends

MEDX vs. IBBQ - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.19%, more than IBBQ's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021
IBBQ Invesco Nasdaq Biotechnology ETF	0.85%	0.90%	1.14%	0.81%	0.76%	0.63%
MEDX Horizon Kinetics Medical ETF	1.19%	1.23%	1.92%	4.94%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEDX and IBBQ in my portfolio?

MEDX and IBBQ have a correlation of 0.83, 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 IBBQ?

IBBQ has higher volatility (7.25%) compared to MEDX (5.68%). In terms of maximum drawdown, MEDX dropped -23.10% vs IBBQ's -37.94%.

Which ETF is better, MEDX or IBBQ?

On 3-year performance, IBBQ leads with 13.38% vs 6.55% for MEDX. On fees, IBBQ is cheaper at 0.00% per year. On volatility, MEDX has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MEDX or IBBQ?

Over the 3-year period, IBBQ has performed better with a 13.38% return vs 6.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MEDX or IBBQ?

IBBQ is cheaper with a 0.00% expense ratio, compared with 0.85% for MEDX.

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

MEDX has the higher dividend yield at 1.19%, compared with 0.85% for IBBQ.

What is the main difference between MEDX and IBBQ?

They also come from different issuers: Horizon and Invesco. Their fees differ too: 0.85% for MEDX and 0.00% for IBBQ.

Which has better risk-adjusted returns?

IBBQ currently has the higher Sharpe Ratio (2.18 vs 1.78), 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.