PINK vs. MHIP

Last updated Jul 17, 2026

PINK (Simplify Health Care ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. Both are actively managed. A 0.70 correlation means they provide meaningful diversification when combined. PINK charges 0.50%/yr vs 0.55%/yr for MHIP.

Performance

PINK vs. MHIP - Performance Comparison

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

Returns By Period

PINK

• 1D: -0.43%
• 1M: 5.67%
• 6M: 4.47%
• YTD: 6.69%
• 1Y: 30.25%
• 3Y*: 14.13%
• 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)

PINK vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
PINK Simplify Health Care ETF	8.43%
MHIP Milliman Healthcare Inflation Plus ETF	0.14%

Correlation

The correlation between PINK and MHIP is 0.70, 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	0.70

Return for Risk

PINK vs. MHIP — Risk / Return Rank

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

PINK

PINK Risk / Return Rank: 54
PINK Sharpe Ratio Rank: 62
PINK Sortino Ratio Rank: 65
PINK Omega Ratio Rank: 56
PINK Calmar Ratio Rank: 44
PINK Martin Ratio Rank: 42

MHIP

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.

PINK vs. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Health Care ETF (PINK) 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.

	PINK	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	1.65	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	5.46	—	—

Drawdowns

PINK vs. MHIP - Drawdown Comparison

The maximum PINK drawdown since its inception was -18.77%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for PINK and MHIP.

Drawdown Indicators

	PINK	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-18.77%	-3.09%	-15.68%
Max Drawdown (1Y) Largest decline over 1 year	-16.81%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Current Drawdown Current decline from peak	-3.04%	-1.47%	-1.57%
Average Drawdown Average peak-to-trough decline	-6.63%	-1.28%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.56%	—	—

Volatility

Volatility by Period

	PINK	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.46%	11.54%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.56%	11.54%	+6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.56%	11.54%	+6.02%

PINK vs. MHIP - Expense Ratio Comparison

PINK has a 0.50% expense ratio, which is lower than MHIP's 0.55% expense ratio.

Dividends

PINK vs. MHIP - Dividend Comparison

PINK's dividend yield for the trailing twelve months is around 0.64%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PINK Simplify Health Care ETF	0.64%	0.68%	0.32%	0.94%	0.42%	0.04%

Frequently Asked Questions

Can I hold both PINK and MHIP in my portfolio?

PINK and MHIP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PINK or MHIP?

On fees, PINK 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, PINK or MHIP?

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

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

PINK has the higher dividend yield at 0.64%, compared with 0.00% for MHIP.

What is the main difference between PINK and MHIP?

They also come from different issuers: Simplify and Milliman. Their fees differ too: 0.50% for PINK and 0.55% for MHIP.