MEDX vs. PBPH

Last updated Jun 26, 2026

MEDX (Horizon Kinetics Medical ETF) and PBPH (Portfolio Building Block World Pharma and Biotech Index ETF) are both Health & Biotech Equities funds. MEDX is actively managed, while PBPH is passively managed. Their correlation of 0.93 suggests significant overlap in exposure. MEDX charges 0.85%/yr vs 0.13%/yr for PBPH.

Performance

MEDX vs. PBPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Medical ETF (MEDX) and Portfolio Building Block World Pharma and Biotech Index ETF (PBPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEDX achieves a 7.32% return, which is significantly higher than PBPH's 4.70% return.

MEDX

• 1D: 1.39%
• 1M: 5.99%
• YTD: 7.32%
• 6M: 6.24%
• 1Y: 34.81%
• 3Y*: 8.25%
• 5Y*: —
• 10Y*: —

PBPH

• 1D: 1.26%
• 1M: 3.55%
• YTD: 4.70%
• 6M: 3.79%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MEDX vs. PBPH - Yearly Performance Comparison

	2026 (YTD)	2025
MEDX Horizon Kinetics Medical ETF	7.32%	1.21%
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	4.70%	0.74%

Correlation

The correlation between MEDX and PBPH is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.93

Return for Risk

MEDX vs. PBPH — Risk / Return Rank

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

MEDX

MEDX Risk / Return Rank: 67
MEDX Sharpe Ratio Rank: 68
MEDX Sortino Ratio Rank: 76
MEDX Omega Ratio Rank: 61
MEDX Calmar Ratio Rank: 74
MEDX Martin Ratio Rank: 58

PBPH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PBPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Medical ETF (MEDX) and Portfolio Building Block World Pharma and Biotech Index ETF (PBPH). 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	PBPH	Difference
Sharpe ratio: Return per unit of total volatility	1.92	—	—
Sortino ratio: Return per unit of downside risk	2.96	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.32	—	—
Martin ratio: Return relative to average drawdown	9.13	—	—

Drawdowns

MEDX vs. PBPH - Drawdown Comparison

The maximum MEDX drawdown since its inception was -23.10%, which is greater than PBPH's maximum drawdown of -11.10%. Use the drawdown chart below to compare losses from any high point for MEDX and PBPH.

Drawdown Indicators

	MEDX	PBPH	Difference
Max Drawdown Largest peak-to-trough decline	-23.10%	-11.10%	-12.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	—	—
Current Drawdown Current decline from peak	0.00%	-3.31%	+3.31%
Average Drawdown Average peak-to-trough decline	-6.64%	-4.35%	-2.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	—	—

Volatility

Volatility by Period

	MEDX	PBPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.19%	17.05%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.00%	17.05%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	17.05%	-0.05%

MEDX vs. PBPH - Expense Ratio Comparison

MEDX has a 0.85% expense ratio, which is higher than PBPH's 0.13% expense ratio.

Dividends

MEDX vs. PBPH - Dividend Comparison

MEDX's dividend yield for the trailing twelve months is around 1.15%, more than PBPH's 0.09% yield.

Position	TTM	2025	2024	2023
MEDX Horizon Kinetics Medical ETF	1.15%	1.23%	1.92%	4.94%
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	0.09%	0.09%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEDX and PBPH in my portfolio?

With a correlation of 0.93, MEDX and PBPH 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.

Which ETF is better, MEDX or PBPH?

On fees, PBPH is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MEDX or PBPH?

PBPH is cheaper with a 0.13% expense ratio, compared with 0.85% for MEDX.

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

MEDX has the higher dividend yield at 1.15%, compared with 0.09% for PBPH.

What is the main difference between MEDX and PBPH?

They also come from different issuers: Horizon and Portfolio Building Block. Their fees differ too: 0.85% for MEDX and 0.13% for PBPH.