PRHSX vs. XLV

Last updated Jul 30, 2026

PRHSX (T. Rowe Price Health Sciences Fund) and XLV (State Street Health Care Select Sector SPDR ETF) are both Health & Biotech Equities funds. Over the past 10 years, PRHSX returned 11.38%/yr vs 10.08%/yr for XLV. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PRHSX charges 0.80%/yr vs 0.08%/yr for XLV.

Performance

PRHSX vs. XLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Health Sciences Fund (PRHSX) and State Street Health Care Select Sector SPDR ETF (XLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRHSX achieves a 9.94% return, which is significantly higher than XLV's 8.31% return. Over the past 10 years, PRHSX has outperformed XLV with an annualized return of 11.38%, while XLV has yielded a comparatively lower 10.08% annualized return.

PRHSX

• 1D: 1.45%
• 1M: 1.64%
• 6M: 10.23%
• YTD: 9.94%
• 1Y: 34.15%
• 3Y*: 10.28%
• 5Y*: 3.96%
• 10Y*: 11.38%
• ALL TIME*: 13.23%

XLV

• 1D: -0.61%
• 1M: 3.42%
• 6M: 8.65%
• YTD: 8.31%
• 1Y: 25.82%
• 3Y*: 8.94%
• 5Y*: 6.41%
• 10Y*: 10.08%
• ALL TIME*: 8.72%

*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)
PRHSX T. Rowe Price Health Sciences Fund	$0.00	$0.00	$0.00
XLV State Street Health Care Select Sector SPDR ETF	$1.41B	$1.61B	$1.61B

PRHSX vs. XLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRHSX T. Rowe Price Health Sciences Fund	9.94%	17.75%	1.82%	3.03%	-12.22%	13.50%	30.19%	37.88%	1.08%	28.04%
XLV State Street Health Care Select Sector SPDR ETF	8.31%	14.50%	2.47%	2.07%	-2.08%	26.04%	13.30%	20.45%	6.28%	21.77%

Correlation

The correlation between PRHSX and XLV is 0.87, 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.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.84
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.79

The correlation between PRHSX and XLV has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

PRHSX vs. XLV — Risk / Return Rank

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

PRHSX

PRHSX Risk / Return Rank: 75
PRHSX Sharpe Ratio Rank: 84
PRHSX Sortino Ratio Rank: 84
PRHSX Omega Ratio Rank: 78
PRHSX Calmar Ratio Rank: 79
PRHSX Martin Ratio Rank: 52

XLV

XLV Risk / Return Rank: 68
XLV Sharpe Ratio Rank: 72
XLV Sortino Ratio Rank: 79
XLV Omega Ratio Rank: 68
XLV Calmar Ratio Rank: 70
XLV Martin Ratio Rank: 51

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.

PRHSX vs. XLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Health Sciences Fund (PRHSX) and State Street Health Care Select Sector SPDR ETF (XLV). 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.

	PRHSX	XLV	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.64	+0.40
Sortino ratio: Return per unit of downside risk	2.98	2.55	+0.43
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.60	2.48	+0.13
Martin ratio: Return relative to average drawdown	7.27	5.91	+1.36

PRHSX vs. XLV - Sharpe Ratio Comparison

The current PRHSX Sharpe Ratio is 2.04, which is comparable to the XLV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PRHSX and XLV, 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

PRHSX vs. XLV - Drawdown Comparison

The maximum PRHSX drawdown since its inception was -42.96%, which is greater than XLV's maximum drawdown of -39.17%. Use the drawdown chart below to compare losses from any high point for PRHSX and XLV.

Drawdown Indicators

	PRHSX	XLV	Difference
Max Drawdown Largest peak-to-trough decline	-42.96%	-39.17%	-3.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-10.47%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.00%	-17.11%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	-27.61%	-17.11%	-10.50%
Max Drawdown (10Y) Largest decline over 10 years	-28.97%	-28.40%	-0.57%
Current Drawdown Current decline from peak	-1.06%	-0.61%	-0.45%
Average Drawdown Average peak-to-trough decline	-8.72%	-7.10%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	4.38%	+0.20%

Volatility

PRHSX vs. XLV - Volatility Comparison

The current volatility for T. Rowe Price Health Sciences Fund (PRHSX) is 5.18%, while State Street Health Care Select Sector SPDR ETF (XLV) has a volatility of 5.90%. This indicates that PRHSX experiences smaller price fluctuations and is considered to be less risky than XLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRHSX	XLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.90%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	11.96%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	15.81%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.46%	15.03%	+2.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	16.66%	+2.62%

PRHSX vs. XLV - Expense Ratio Comparison

PRHSX has a 0.80% expense ratio, which is higher than XLV's 0.08% expense ratio.

Dividends

PRHSX vs. XLV - Dividend Comparison

PRHSX's dividend yield for the trailing twelve months is around 11.00%, more than XLV's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRHSX T. Rowe Price Health Sciences Fund	11.00%	12.09%	12.89%	5.21%	1.77%	7.46%	7.16%	12.29%	6.57%	7.43%	4.55%	11.34%
XLV State Street Health Care Select Sector SPDR ETF	1.52%	1.60%	1.67%	1.59%	1.47%	1.33%	1.49%	2.17%	1.57%	1.47%	1.60%	1.43%

Frequently Asked Questions

Can I hold both PRHSX and XLV in my portfolio?

PRHSX and XLV have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRHSX or XLV?

XLV has higher volatility (5.90%) compared to PRHSX (5.18%). In terms of maximum drawdown, PRHSX dropped -42.96% vs XLV's -39.17%.

Which has better risk-adjusted returns?

PRHSX currently has the higher Sharpe Ratio (2.04 vs 1.64), 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.