PPH vs. XLVI

Last updated Aug 4, 2026

PPH (VanEck Pharmaceutical ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - PPH is a Health & Biotech Equities fund tracking the MVIS US Listed Pharmaceutical 25 Index, while XLVI is a Derivative Income fund actively managed by State Street. PPH is passively managed, while XLVI is actively managed. Over the past year, PPH returned 31.28% vs 22.96% for XLVI. Their correlation of 0.86 means they have usually moved in the same direction. PPH charges 0.36%/yr vs 0.35%/yr for XLVI.

Performance

PPH vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Pharmaceutical ETF (PPH) 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

The year-to-date returns for both investments are quite close, with PPH having a 6.76% return and XLVI slightly higher at 6.89%.

PPH

• 1D: -1.60%
• 1M: -2.48%
• 6M: 1.87%
• YTD: 6.76%
• 1Y: 31.28%
• 3Y*: 13.22%
• 5Y*: 9.77%
• 10Y*: 7.89%
• ALL TIME*: 5.70%

XLVI

• 1D: -0.20%
• 1M: 0.97%
• 6M: 6.00%
• YTD: 6.89%
• 1Y: 22.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PPH VanEck Pharmaceutical ETF	$27.28M	$26.89M	$27.29M
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$940.40K	$699.80K	$484.44K

PPH vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
PPH VanEck Pharmaceutical ETF	6.76%	20.32%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	6.89%	12.41%

Correlation

The correlation between PPH and XLVI is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.86

The correlation between PPH and XLVI has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

PPH vs. XLVI - Sectors Allocation Comparison

Sectors	PPH	XLVI
Healthcare	100.0%	100.0%
Industrials	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.6%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PPH vs. XLVI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PPH

PPH Risk / Return Rank: 74
PPH Sharpe Ratio Rank: 75
PPH Sortino Ratio Rank: 82
PPH Omega Ratio Rank: 72
PPH Calmar Ratio Rank: 80
PPH Martin Ratio Rank: 60

XLVI

XLVI Risk / Return Rank: 80
XLVI Sharpe Ratio Rank: 85
XLVI Sortino Ratio Rank: 89
XLVI Omega Ratio Rank: 87
XLVI Calmar Ratio Rank: 75
XLVI Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PPH vs. XLVI - Risk-Adjusted Trends Comparison

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

	PPH	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.15	-0.39
Sortino ratio: Return per unit of downside risk	2.74	3.23	-0.50
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.10
Calmar ratio: Return relative to maximum drawdown	2.92	2.83	+0.09
Martin ratio: Return relative to average drawdown	7.38	8.00	-0.62

PPH vs. XLVI - Sharpe Ratio Comparison

The current PPH Sharpe Ratio is 1.76, which is comparable to the XLVI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of PPH and XLVI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PPH vs. XLVI - Drawdown Comparison

The maximum PPH drawdown since its inception was -51.45%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for PPH and XLVI.

Drawdown Indicators

	PPH	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-51.45%	-8.14%	-43.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-8.14%	-2.62%
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	-4.35%	-1.66%	-2.69%
Average Drawdown Average peak-to-trough decline	-17.22%	-1.78%	-15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	2.88%	+1.37%

Volatility

PPH vs. XLVI - Volatility Comparison

VanEck Pharmaceutical ETF (PPH) has a higher volatility of 5.91% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.36%. This indicates that PPH's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPH	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.91%	3.36%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	13.58%	8.73%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.90%	10.75%	+7.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.44%	11.04%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	11.04%	+6.03%

PPH vs. XLVI - Expense Ratio Comparison

PPH has a 0.36% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

PPH vs. XLVI - Dividend Comparison

PPH's dividend yield for the trailing twelve months is around 2.00%, less than XLVI's 12.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PPH VanEck Pharmaceutical ETF	2.00%	1.78%	1.98%	2.09%	1.55%	1.62%	1.66%	1.77%	1.97%	1.92%	2.43%	1.93%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	12.76%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPH and XLVI in my portfolio?

PPH and XLVI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPH or XLVI?

PPH has higher volatility (5.91%) compared to XLVI (3.36%). In terms of maximum drawdown, PPH dropped -51.45% vs XLVI's -8.14%.

Which ETF is better, PPH or XLVI?

On 1-year performance, PPH leads with 31.28% vs 22.96% for XLVI. On fees, XLVI is cheaper at 0.35% per year. On volatility, XLVI has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPH or XLVI?

Over the 1-year period, PPH has performed better with a 31.28% return vs 22.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPH or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.36% for PPH.

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

XLVI has the higher dividend yield at 12.76%, compared with 2.00% for PPH.

What is the main difference between PPH and XLVI?

PPH is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.36% for PPH and 0.35% for XLVI.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.15 vs 1.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.