PPH vs. MHIP

Last updated Jul 15, 2026

PPH (VanEck Pharmaceutical ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. PPH is passively managed, while MHIP is actively managed. At a 0.49 correlation, their price movements are largely independent. PPH charges 0.36%/yr vs 0.55%/yr for MHIP.

Performance

PPH vs. MHIP - Performance Comparison

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

Returns By Period

PPH

• 1D: -1.84%
• 1M: 0.87%
• 6M: 2.67%
• YTD: 4.95%
• 1Y: 23.19%
• 3Y*: 13.36%
• 5Y*: 10.12%
• 10Y*: 7.88%

MHIP

• 1D: -0.52%
• 1M: 1.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPH vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
PPH VanEck Pharmaceutical ETF	3.69%
MHIP Milliman Healthcare Inflation Plus ETF	-0.39%

Correlation

The correlation between PPH and MHIP 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

PPH vs. MHIP — Risk / Return Rank

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

PPH

PPH Risk / Return Rank: 47
PPH Sharpe Ratio Rank: 45
PPH Sortino Ratio Rank: 50
PPH Omega Ratio Rank: 43
PPH Calmar Ratio Rank: 54
PPH Martin Ratio Rank: 41

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.

PPH vs. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Pharmaceutical ETF (PPH) 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.

	PPH	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	1.27	—	—
Sortino ratio: Return per unit of downside risk	2.01	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	2.16	—	—
Martin ratio: Return relative to average drawdown	5.25	—	—

Drawdowns

PPH vs. MHIP - Drawdown Comparison

The maximum PPH drawdown since its inception was -51.45%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for PPH and MHIP.

Drawdown Indicators

	PPH	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-51.45%	-3.09%	-48.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.70%	—	—
Current Drawdown Current decline from peak	-4.32%	-1.99%	-2.33%
Average Drawdown Average peak-to-trough decline	-17.25%	-1.27%	-15.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	—	—

Volatility

Volatility by Period

	PPH	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	11.68%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	11.68%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	11.68%	+5.33%

PPH vs. MHIP - Expense Ratio Comparison

PPH has a 0.36% expense ratio, which is lower than MHIP's 0.55% expense ratio.

Dividends

PPH vs. MHIP - Dividend Comparison

PPH's dividend yield for the trailing twelve months is around 2.03%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
PPH VanEck Pharmaceutical ETF	2.03%	1.78%	1.98%	2.09%	1.55%	1.62%	1.66%	1.77%	1.97%	1.92%	2.43%	1.93%

Frequently Asked Questions

Can I hold both PPH and MHIP in my portfolio?

PPH and MHIP 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, PPH or MHIP?

On fees, PPH is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PPH or MHIP?

PPH is cheaper with a 0.36% expense ratio, compared with 0.55% for MHIP.

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

PPH has the higher dividend yield at 2.03%, compared with 0.00% for MHIP.

What is the main difference between PPH and MHIP?

They also come from different issuers: VanEck and Milliman. Their fees differ too: 0.36% for PPH and 0.55% for MHIP.