PSCH vs. IHI

Last updated Aug 4, 2026

PSCH (Invesco S&P SmallCap Health Care ETF) and IHI (iShares U.S. Medical Devices ETF) are both Health & Biotech Equities funds - PSCH tracks the S&P SmallCap 600 Health Care Index while IHI tracks the Dow Jones U.S. Select Medical Equipment Index. Both are passively managed. Over the past 10 years, PSCH returned 8.26%/yr vs 8.87%/yr for IHI. Their 0.73 correlation means they have sometimes moved together and sometimes differently. PSCH charges 0.29%/yr vs 0.38%/yr for IHI.

Performance

PSCH vs. IHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Health Care ETF (PSCH) and iShares U.S. Medical Devices ETF (IHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSCH achieves a 21.97% return, which is significantly higher than IHI's -12.58% return. Over the past 10 years, PSCH has underperformed IHI with an annualized return of 8.26%, while IHI has yielded a comparatively higher 8.87% annualized return.

PSCH

• 1D: 0.65%
• 1M: -0.09%
• 6M: 20.27%
• YTD: 21.97%
• 1Y: 41.37%
• 3Y*: 7.41%
• 5Y*: -2.71%
• 10Y*: 8.26%
• ALL TIME*: 12.50%

IHI

• 1D: 3.24%
• 1M: 4.49%
• 6M: -8.90%
• YTD: -12.58%
• 1Y: -8.74%
• 3Y*: 0.55%
• 5Y*: -2.67%
• 10Y*: 8.87%
• ALL TIME*: 10.19%

*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)
IHI iShares U.S. Medical Devices ETF	$149.25M	$165.21M	$149.27M
PSCH Invesco S&P SmallCap Health Care ETF	$1.89M	$1.58M	$1.08M

PSCH vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCH Invesco S&P SmallCap Health Care ETF	21.97%	-0.49%	3.77%	-2.71%	-25.15%	5.75%	31.47%	20.17%	9.15%	34.87%
IHI iShares U.S. Medical Devices ETF	-12.58%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%

Correlation

The correlation between PSCH and IHI is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010	0.73

The correlation between PSCH and IHI shifts across timeframes, from 0.61 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

PSCH vs. IHI - Sectors Allocation Comparison

Sectors	PSCH	IHI
Healthcare	97.4%	100.0%
Technology	1.0%	0.3%
Financial Services	0.9%	-
Industrials	0.7%	0.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

PSCH vs. IHI — Risk / Return Rank

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

PSCH

PSCH Risk / Return Rank: 78
PSCH Sharpe Ratio Rank: 84
PSCH Sortino Ratio Rank: 85
PSCH Omega Ratio Rank: 80
PSCH Calmar Ratio Rank: 73
PSCH Martin Ratio Rank: 68

IHI

IHI Risk / Return Rank: 6
IHI Sharpe Ratio Rank: 6
IHI Sortino Ratio Rank: 6
IHI Omega Ratio Rank: 6
IHI Calmar Ratio Rank: 7
IHI Martin Ratio Rank: 7

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.

PSCH vs. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Health Care ETF (PSCH) and iShares U.S. Medical Devices ETF (IHI). 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.

	PSCH	IHI	Difference
Sharpe ratio: Return per unit of total volatility	2.07	-0.44	+2.51
Sortino ratio: Return per unit of downside risk	2.97	-0.51	+3.48
Omega ratio: Gain probability vs. loss probability	1.35	0.94	+0.41
Calmar ratio: Return relative to maximum drawdown	2.71	-0.34	+3.04
Martin ratio: Return relative to average drawdown	8.67	-0.66	+9.33

PSCH vs. IHI - Sharpe Ratio Comparison

The current PSCH Sharpe Ratio is 2.07, which is higher than the IHI Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of PSCH and IHI, 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

PSCH vs. IHI - Drawdown Comparison

The maximum PSCH drawdown since its inception was -46.32%, smaller than the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for PSCH and IHI.

Drawdown Indicators

	PSCH	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-46.32%	-49.65%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-26.11%	+10.75%
Max Drawdown (3Y) Largest decline over 3 years	-22.98%	-26.64%	+3.66%
Max Drawdown (5Y) Largest decline over 5 years	-45.37%	-33.12%	-12.25%
Max Drawdown (10Y) Largest decline over 10 years	-46.32%	-33.25%	-13.07%
Current Drawdown Current decline from peak	-16.84%	-17.45%	+0.61%
Average Drawdown Average peak-to-trough decline	-13.52%	-8.43%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	13.30%	-8.52%

Volatility

PSCH vs. IHI - Volatility Comparison

The current volatility for Invesco S&P SmallCap Health Care ETF (PSCH) is 4.74%, while iShares U.S. Medical Devices ETF (IHI) has a volatility of 9.39%. This indicates that PSCH experiences smaller price fluctuations and is considered to be less risky than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCH	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.74%	9.39%	-4.65%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	16.87%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.13%	20.02%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.95%	19.61%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.64%	20.05%	+3.59%

PSCH vs. IHI - Expense Ratio Comparison

PSCH has a 0.29% expense ratio, which is lower than IHI's 0.38% expense ratio.

Dividends

PSCH vs. IHI - Dividend Comparison

PSCH's dividend yield for the trailing twelve months is around 0.01%, less than IHI's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHI iShares U.S. Medical Devices ETF	0.45%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%
PSCH Invesco S&P SmallCap Health Care ETF	0.01%	0.04%	0.27%	0.01%	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%

Frequently Asked Questions

Can I hold both PSCH and IHI in my portfolio?

PSCH and IHI 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 is riskier, PSCH or IHI?

IHI has higher volatility (9.39%) compared to PSCH (4.74%). In terms of maximum drawdown, PSCH dropped -46.32% vs IHI's -49.65%.

Which ETF is better, PSCH or IHI?

On 10-year performance, IHI leads with 8.87% vs 8.26% for PSCH. On fees, PSCH is cheaper at 0.29% per year. On volatility, PSCH has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSCH or IHI?

Over the 10-year period, IHI has performed better with a 8.87% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSCH or IHI?

PSCH is cheaper with a 0.29% expense ratio, compared with 0.38% for IHI.

Which ETF pays a higher dividend yield, PSCH or IHI?

IHI has the higher dividend yield at 0.45%, compared with 0.01% for PSCH.

What is the main difference between PSCH and IHI?

PSCH tracks S&P SmallCap 600 Health Care Index, while IHI tracks Dow Jones U.S. Select Medical Equipment Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.29% for PSCH and 0.38% for IHI.

Which has better risk-adjusted returns?

PSCH currently has the higher Sharpe Ratio (2.07 vs -0.44), 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.