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MEDX vs. IHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MEDX vs. IHE

Last updated Jun 4, 2026

MEDX (Horizon Kinetics Medical ETF) and IHE (iShares U.S. Pharmaceuticals ETF) are both Health & Biotech Equities funds. MEDX is actively managed, while IHE is passively managed. Over the past 3 years, MEDX returned 5.77%/yr vs 17.47%/yr for IHE. Their correlation of 0.84 suggests significant overlap in exposure. MEDX charges 0.85%/yr vs 0.42%/yr for IHE.

Performance

MEDX vs. IHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) and iShares U.S. Pharmaceuticals ETF (IHE). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, MEDX achieves a 0.84% return, which is significantly lower than IHE's 6.47% return.

MEDX

1D
0.92%
1M
2.85%
YTD
0.84%
6M
0.03%
1Y
29.45%
3Y*
5.77%
5Y*
—
10Y*
—

IHE

1D
1.16%
1M
1.80%
YTD
6.47%
6M
8.51%
1Y
40.15%
3Y*
17.47%
5Y*
9.98%
10Y*
7.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MEDX vs. IHE - Yearly Performance Comparison

2026 (YTD)202520242023
MEDX
Horizon Kinetics Medical ETF		0.84%28.62%-4.68%-6.22%
IHE
iShares U.S. Pharmaceuticals ETF		6.47%31.69%8.13%1.37%

Correlation

The correlation between MEDX and IHE is 0.89, 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

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2023

0.84

The correlation between MEDX and IHE has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

MEDX vs. IHE - Sectors Allocation Comparison

Sectors
MEDX
IHE

Healthcare

100.0%
100.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Healthcare

MEDX
100.0%
IHE
100.0%

Basic Materials

MEDX

-

IHE

-

Communication Services

MEDX

-

IHE

-

Consumer Cyclical

MEDX

-

IHE

-

Consumer Defensive

MEDX

-

IHE

-

Energy

MEDX

-

IHE

-

Financial Services

MEDX

-

IHE

-

Industrials

MEDX

-

IHE

-

Real Estate

MEDX

-

IHE

-

Technology

MEDX

-

IHE

-

Utilities

MEDX

-

IHE

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Horizon Kinetics Medical ETF

iShares U.S. Pharmaceuticals ETF

Often compared with MEDX:
MEDX vs. MEDIMEDX vs. SPAQMEDX vs. VHTMEDX vs. XLVMEDX vs. IHIMEDX vs. IYHMEDX vs. BCDF
Often compared with IHE:
IHE vs. PPHIHE vs. XPHIHE vs. XLVIHE vs. VYMIHE vs. PJPIHE vs. IAKIHE vs. BBP

Return for Risk

MEDX vs. IHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MEDX
MEDX Risk / Return Rank: 5050
Overall Rank
MEDX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
MEDX Sortino Ratio Rank: 5353
Sortino Ratio Rank
MEDX Omega Ratio Rank: 4545
Omega Ratio Rank
MEDX Calmar Ratio Rank: 5757
Calmar Ratio Rank
MEDX Martin Ratio Rank: 4747
Martin Ratio Rank
IHE
IHE Risk / Return Rank: 7474
Overall Rank
IHE Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IHE Sortino Ratio Rank: 7575
Sortino Ratio Rank
IHE Omega Ratio Rank: 6565
Omega Ratio Rank
IHE Calmar Ratio Rank: 8585
Calmar Ratio Rank
IHE Martin Ratio Rank: 7575
Martin Ratio Rank
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. IHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) and iShares U.S. Pharmaceuticals ETF (IHE). 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.

MEDXIHEDifference
Sharpe ratioReturn per unit of total volatility
1.65
2.36

-0.71

Sortino ratioReturn per unit of downside risk
2.57
3.43

-0.86

Omega ratioGain probability vs. loss probability

1.29

1.40

-0.12

Calmar ratioReturn relative to maximum drawdown

2.81

4.76

-1.96

Martin ratioReturn relative to average drawdown

7.81

14.35

-6.54

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. IHE - Sharpe Ratio Comparison

The current MEDX Sharpe Ratio is 1.65, which is comparable to the IHE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of MEDX and IHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MEDXIHEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

2.36

-0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.62

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.43

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.51

-0.24

Drawdowns

MEDX vs. IHE - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, smaller than the maximum IHE drawdown of -38.20%. Use the drawdown chart below to compare losses from any high point for MEDX and IHE.

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Drawdown Indicators

MEDXIHEDifference

Max Drawdown

Largest peak-to-trough decline

-23.10%

-38.20%

+15.10%

Max Drawdown (1Y)

Largest decline over 1 year

-10.54%

-8.47%

-2.07%

Max Drawdown (3Y)

Largest decline over 3 years

-23.10%

-15.92%

-7.18%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.03%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-29.59%

—

Current Drawdown

Current decline from peak

-5.55%

-2.80%

-2.75%

Average Drawdown

Average peak-to-trough decline

-6.72%

-7.92%

+1.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.78%

2.81%

+0.97%

Volatility

MEDX vs. IHE - Volatility Comparison

The current volatility for Horizon Kinetics Medical ETF (MEDX) is 4.92%, while iShares U.S. Pharmaceuticals ETF (IHE) has a volatility of 5.53%. This indicates that MEDX experiences smaller price fluctuations and is considered to be less risky than IHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

MEDXIHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

5.53%

-0.61%

Volatility (6M)

Calculated over the trailing 6-month period

13.08%

12.48%

+0.60%

Volatility (1Y)

Calculated over the trailing 1-year period

17.88%

17.07%

+0.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.97%

16.24%

+0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

18.05%

-1.08%

MEDX vs. IHE - Expense Ratio Comparison

MEDX has a 0.85% expense ratio, which is higher than IHE's 0.42% expense ratio.

Dividends

MEDX vs. IHE - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.22%, less than IHE's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
IHE
iShares U.S. Pharmaceuticals ETF		1.65%1.76%1.73%1.39%2.01%1.49%1.19%1.40%1.25%1.36%0.92%1.93%
MEDX
Horizon Kinetics Medical ETF		1.22%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

MEDX and IHE have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IHE has higher volatility (5.53%) compared to MEDX (4.92%). In terms of maximum drawdown, MEDX dropped -23.10% vs IHE's -38.20%.

On 3-year performance, IHE leads with 17.47% vs 5.77% for MEDX. On fees, IHE is cheaper at 0.42% per year. On volatility, MEDX has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, IHE has performed better with a 17.47% return vs 5.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IHE is cheaper with a 0.42% expense ratio, compared with 0.85% for MEDX.

IHE has the higher dividend yield at 1.65%, compared with 1.22% for MEDX.

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for MEDX and 0.42% for IHE.

IHE currently has the higher Sharpe Ratio (2.36 vs 1.65), 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.

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