MHIP vs. XLVI

Last updated Jul 8, 2026

MHIP (Milliman Healthcare Inflation Plus ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - MHIP is a Health & Biotech Equities fund actively managed by Milliman, while XLVI is a Derivative Income fund actively managed by State Street. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. MHIP charges 0.55%/yr vs 0.35%/yr for XLVI.

Performance

MHIP vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Plus ETF (MHIP) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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*: —

XLVI

• 1D: 0.21%
• 1M: 4.41%
• 6M: 4.85%
• YTD: 6.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MHIP vs. XLVI - Yearly Performance Comparison

	2026 (YTD)
MHIP Milliman Healthcare Inflation Plus ETF	1.64%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	8.17%

Correlation

The correlation between MHIP and XLVI is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.60

Return for Risk

MHIP vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Plus ETF (MHIP) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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

MHIP vs. XLVI - Drawdown Comparison

The maximum MHIP drawdown since its inception was -3.09%, smaller than the maximum XLVI drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for MHIP and XLVI.

Drawdown Indicators

	MHIP	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-3.09%	-8.14%	+5.05%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.28%	-1.87%	+0.59%

Volatility

Volatility by Period

	MHIP	XLVI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	10.96%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	10.96%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.86%	10.96%	+0.90%

MHIP vs. XLVI - Expense Ratio Comparison

MHIP has a 0.55% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

MHIP vs. XLVI - Dividend Comparison

MHIP has not paid dividends to shareholders, while XLVI's dividend yield for the trailing twelve months is around 11.92%.

Position	TTM	2025
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.92%	5.73%

Frequently Asked Questions

Can I hold both MHIP and XLVI in my portfolio?

MHIP and XLVI have a correlation of 0.60, 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 XLVI?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIP or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.55% for MHIP.

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

XLVI has the higher dividend yield at 11.92%, compared with 0.00% for MHIP.

What is the main difference between MHIP and XLVI?

MHIP is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: Milliman and State Street. Their fees differ too: 0.55% for MHIP and 0.35% for XLVI.