PBPH vs. MHIP

Last updated Jul 17, 2026

PBPH (Portfolio Building Block World Pharma and Biotech Index ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. PBPH is passively managed, while MHIP is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. PBPH charges 0.13%/yr vs 0.55%/yr for MHIP.

Performance

PBPH vs. MHIP - Performance Comparison

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

Returns By Period

PBPH

• 1D: 1.60%
• 1M: 5.78%
• 6M: 6.38%
• YTD: 7.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MHIP

• 1D: 0.60%
• 1M: 0.71%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBPH vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	6.20%
MHIP Milliman Healthcare Inflation Plus ETF	0.14%

Correlation

The correlation between PBPH and MHIP is 0.61, 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	0.61

Return for Risk

PBPH vs. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Portfolio Building Block World Pharma and Biotech Index ETF (PBPH) and Milliman Healthcare Inflation Plus ETF (MHIP). 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

PBPH vs. MHIP - Drawdown Comparison

The maximum PBPH drawdown since its inception was -11.10%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for PBPH and MHIP.

Drawdown Indicators

	PBPH	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-11.10%	-3.09%	-8.01%
Current Drawdown Current decline from peak	-3.16%	-1.47%	-1.69%
Average Drawdown Average peak-to-trough decline	-4.15%	-1.28%	-2.87%

Volatility

Volatility by Period

	PBPH	MHIP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	11.54%	+6.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.85%	11.54%	+6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.85%	11.54%	+6.31%

PBPH vs. MHIP - Expense Ratio Comparison

PBPH has a 0.13% expense ratio, which is lower than MHIP's 0.55% expense ratio.

Dividends

PBPH vs. MHIP - Dividend Comparison

PBPH's dividend yield for the trailing twelve months is around 0.08%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%
PBPH Portfolio Building Block World Pharma and Biotech Index ETF	0.08%	0.09%

Frequently Asked Questions

Can I hold both PBPH and MHIP in my portfolio?

PBPH and MHIP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PBPH or MHIP?

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, PBPH or MHIP?

PBPH is cheaper with a 0.13% expense ratio, compared with 0.55% for MHIP.

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

PBPH has the higher dividend yield at 0.08%, compared with 0.00% for MHIP.

What is the main difference between PBPH and MHIP?

They also come from different issuers: Portfolio Building Block and Milliman. Their fees differ too: 0.13% for PBPH and 0.55% for MHIP.