MEDX vs. IHE
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 7.97%/yr vs 20.96%/yr for IHE. Their correlation of 0.85 means they have usually moved in the same direction. MEDX charges 0.85%/yr vs 0.38%/yr for IHE.
Performance
MEDX vs. IHE - Performance Comparison
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Returns By Period
In the year-to-date period, MEDX achieves a 5.17% return, which is significantly lower than IHE's 20.55% return.
MEDX
- 1D
- -0.35%
- 1M
- -7.00%
- 6M
- 4.22%
- YTD
- 5.17%
- 1Y
- 26.93%
- 3Y*
- 7.97%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.73%
IHE
- 1D
- -0.82%
- 1M
- 0.65%
- 6M
- 17.97%
- YTD
- 20.55%
- 1Y
- 54.85%
- 3Y*
- 20.96%
- 5Y*
- 11.63%
- 10Y*
- 8.59%
- ALL TIME*
- 10.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $36.03M | $39.50M | $21.12M | |
| $101.96K | $134.17K | $75.73K |
MEDX vs. IHE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MEDX Horizon Kinetics Medical ETF | 5.17% | 28.62% | -4.68% | -5.77% |
IHE iShares U.S. Pharmaceuticals ETF | 20.55% | 31.69% | 8.13% | 2.59% |
Correlation
The correlation between MEDX and IHE is 0.90, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.90 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023 | 0.85 |
The correlation between MEDX and IHE has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.
MEDX vs. IHE - Sectors Allocation Comparison
Sectors
MEDX
IHE
Healthcare
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Healthcare
MEDX
IHE
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
-
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Return for Risk
MEDX vs. IHE — Risk / Return Rank
MEDX
IHE
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.
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 | IHE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.54 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 6.80 | -4.02 |
| Martin ratioReturn relative to average drawdown | 7.05 | 20.95 | -13.90 |
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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
| MEDX | IHE | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -7.36% | -2.25% | -5.11% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -7.86% | +1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 2.74% | +1.40% |
Volatility
MEDX vs. IHE - Volatility Comparison
Horizon Kinetics Medical ETF (MEDX) and iShares U.S. Pharmaceuticals ETF (IHE) have volatilities of 6.42% and 6.33%, 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.
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Volatility by Period
| MEDX | IHE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 6.33% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.16% | 13.96% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.96% | 17.99% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.21% | 16.53% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.21% | 18.07% | -0.86% |
MEDX vs. IHE - Expense Ratio Comparison
MEDX has a 0.85% expense ratio, which is higher than IHE's 0.38% expense ratio.
Dividends
MEDX vs. IHE - Dividend Comparison
MEDX's dividend yield for the trailing twelve months is around 1.17%, less than IHE's 1.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IHE iShares U.S. Pharmaceuticals ETF | 1.44% | 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 | 1.17% | 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
With a correlation of 0.90, MEDX and IHE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
MEDX has higher volatility (6.42%) compared to IHE (6.33%). In terms of maximum drawdown, MEDX dropped -23.10% vs IHE's -38.20%.
On 3-year performance, IHE leads with 20.96% vs 7.97% for MEDX. On fees, IHE is cheaper at 0.38% per year. Their volatility is very similar. 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 20.96% return vs 7.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHE is cheaper with a 0.38% expense ratio, compared with 0.85% for MEDX.
IHE has the higher dividend yield at 1.44%, compared with 1.17% for MEDX.
They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for MEDX and 0.38% for IHE.
IHE currently has the higher Sharpe Ratio (3.23 vs 1.55), 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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