MHIP vs. SBIO

Last updated Jul 8, 2026

MHIP (Milliman Healthcare Inflation Plus ETF) and SBIO (ALPS Medical Breakthroughs ETF) are both Health & Biotech Equities funds. MHIP is actively managed, while SBIO is passively managed. At a 0.49 correlation, their price movements are largely independent. MHIP charges 0.55%/yr vs 0.50%/yr for SBIO.

Performance

MHIP vs. SBIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Plus ETF (MHIP) and ALPS Medical Breakthroughs ETF (SBIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MHIP

• 1D: 0.26%
• 1M: 2.51%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SBIO

• 1D: 4.63%
• 1M: 34.28%
• 6M: 37.94%
• YTD: 32.45%
• 1Y: 124.21%
• 3Y*: 31.72%
• 5Y*: 7.83%
• 10Y*: 12.05%

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

MHIP vs. SBIO - Yearly Performance Comparison

	2026 (YTD)
MHIP Milliman Healthcare Inflation Plus ETF	1.64%
SBIO ALPS Medical Breakthroughs ETF	19.52%

Correlation

The correlation between MHIP and SBIO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.49

Return for Risk

MHIP vs. SBIO — Risk / Return Rank

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

MHIP

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

SBIO

SBIO Risk / Return Rank: 96
SBIO Sharpe Ratio Rank: 97
SBIO Sortino Ratio Rank: 96
SBIO Omega Ratio Rank: 94
SBIO Calmar Ratio Rank: 98
SBIO Martin Ratio Rank: 96

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.

MHIP vs. SBIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Plus ETF (MHIP) and ALPS Medical Breakthroughs ETF (SBIO). 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.

	MHIP	SBIO	Difference
Sharpe ratio: Return per unit of total volatility	—	4.05	—
Sortino ratio: Return per unit of downside risk	—	4.82	—
Omega ratio: Gain probability vs. loss probability	—	1.58	—
Calmar ratio: Return relative to maximum drawdown	—	9.87	—
Martin ratio: Return relative to average drawdown	—	27.56	—

Drawdowns

MHIP vs. SBIO - Drawdown Comparison

The maximum MHIP drawdown since its inception was -3.09%, smaller than the maximum SBIO drawdown of -63.06%. Use the drawdown chart below to compare losses from any high point for MHIP and SBIO.

Drawdown Indicators

	MHIP	SBIO	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-63.06%	+59.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-42.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-52.49%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.06%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.28%	-28.28%	+27.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.52%	—

Volatility

Volatility by Period

	MHIP	SBIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.18%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	30.94%	-19.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	33.86%	-22.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.86%	33.15%	-21.29%

MHIP vs. SBIO - Expense Ratio Comparison

MHIP has a 0.55% expense ratio, which is higher than SBIO's 0.50% expense ratio.

Dividends

MHIP vs. SBIO - Dividend Comparison

Neither MHIP nor SBIO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBIO ALPS Medical Breakthroughs ETF	0.00%	0.00%	3.55%	0.22%	0.00%	0.00%	0.00%	0.04%	2.79%	1.77%

Frequently Asked Questions

Can I hold both MHIP and SBIO in my portfolio?

MHIP and SBIO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MHIP or SBIO?

On fees, SBIO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIP or SBIO?

SBIO is cheaper with a 0.50% expense ratio, compared with 0.55% for MHIP.

Which ETF pays a higher dividend yield, MHIP or SBIO?

MHIP and SBIO have nearly identical dividend yields, around 0.00%.

What is the main difference between MHIP and SBIO?

They also come from different issuers: Milliman and SS&C. Their fees differ too: 0.55% for MHIP and 0.50% for SBIO.