MHIG vs. HOLD

Last updated Jul 8, 2026

MHIG (Milliman Healthcare Inflation Guard ETF) and HOLD (Harbor Alpha Layering ETF) are both Multistrategy funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. MHIG charges 0.55%/yr vs 0.70%/yr for HOLD.

Performance

MHIG vs. HOLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Guard ETF (MHIG) and Harbor Alpha Layering ETF (HOLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MHIG

• 1D: -0.15%
• 1M: 0.36%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOLD

• 1D: 0.27%
• 1M: -4.98%
• 6M: 2.72%
• YTD: 5.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MHIG vs. HOLD - Yearly Performance Comparison

	2026 (YTD)
MHIG Milliman Healthcare Inflation Guard ETF	-1.62%
HOLD Harbor Alpha Layering ETF	-0.53%

Correlation

The correlation between MHIG and HOLD is 0.09, 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 (All Time) Calculated using the full available price history since Apr 21, 2026	0.09

Return for Risk

MHIG vs. HOLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Guard ETF (MHIG) and Harbor Alpha Layering ETF (HOLD). 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.

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

Drawdowns

MHIG vs. HOLD - Drawdown Comparison

The maximum MHIG drawdown since its inception was -3.06%, smaller than the maximum HOLD drawdown of -9.47%. Use the drawdown chart below to compare losses from any high point for MHIG and HOLD.

Drawdown Indicators

	MHIG	HOLD	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-9.47%	+6.41%
Current Drawdown Current decline from peak	-1.62%	-7.44%	+5.82%
Average Drawdown Average peak-to-trough decline	-1.80%	-2.31%	+0.51%

Volatility

Volatility by Period

	MHIG	HOLD	Difference
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	15.57%	-7.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	15.57%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	15.57%	-7.39%

MHIG vs. HOLD - Expense Ratio Comparison

MHIG has a 0.55% expense ratio, which is lower than HOLD's 0.70% expense ratio.

Dividends

MHIG vs. HOLD - Dividend Comparison

MHIG has not paid dividends to shareholders, while HOLD's dividend yield for the trailing twelve months is around 6.93%.

Position	TTM	2025
HOLD Harbor Alpha Layering ETF	6.93%	7.32%
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MHIG and HOLD in my portfolio?

MHIG and HOLD have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MHIG or HOLD?

On fees, MHIG is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIG or HOLD?

MHIG is cheaper with a 0.55% expense ratio, compared with 0.70% for HOLD.

Which ETF pays a higher dividend yield, MHIG or HOLD?

HOLD has the higher dividend yield at 6.93%, compared with 0.00% for MHIG.

What is the main difference between MHIG and HOLD?

They also come from different issuers: Milliman and Harbor. Their fees differ too: 0.55% for MHIG and 0.70% for HOLD.