PSCH vs. XHS

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P SmallCap Health Care ETF (PSCH) and SPDR S&P Health Care Services ETF (XHS).

PSCH and XHS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSCH is a passively managed fund by Invesco that tracks the performance of the S&P SmallCap 600 Health Care Index. It was launched on Apr 7, 2010. XHS is a passively managed fund by State Street that tracks the performance of the S&P Health Care Services Select Industry Index. It was launched on Sep 28, 2011. Both PSCH and XHS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PSCH vs. XHS - Performance Comparison

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

PSCH vs. XHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSCH Invesco S&P SmallCap Health Care ETF	-6.60%	-0.49%	3.77%	-2.71%	-25.15%	5.75%	31.47%	20.17%	9.15%	34.87%
XHS SPDR S&P Health Care Services ETF	-6.26%	18.83%	1.76%	5.15%	-19.87%	9.76%	33.66%	18.81%	1.96%	17.65%

Returns By Period

In the year-to-date period, PSCH achieves a -6.60% return, which is significantly lower than XHS's -6.26% return. Both investments have delivered pretty close results over the past 10 years, with PSCH having a 6.52% annualized return and XHS not far ahead at 6.53%.

PSCH

• 1D: 5.03%
• 1M: -5.05%
• YTD: -6.60%
• 6M: -1.10%
• 1Y: -4.92%
• 3Y*: -1.84%
• 5Y*: -7.37%
• 10Y*: 6.52%

XHS

• 1D: 1.87%
• 1M: -7.51%
• YTD: -6.26%
• 6M: -1.26%
• 1Y: 2.34%
• 3Y*: 5.33%
• 5Y*: -1.07%
• 10Y*: 6.53%

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

PSCH vs. XHS - Expense Ratio Comparison

PSCH has a 0.29% expense ratio, which is lower than XHS's 0.35% expense ratio.

XHS

SPDR S&P Health Care Services ETF

PSCH

Invesco S&P SmallCap Health Care ETF

Return for Risk

PSCH vs. XHS — Risk / Return Rank

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

PSCH

PSCH Risk / Return Rank: 9
PSCH Sharpe Ratio Rank: 8
PSCH Sortino Ratio Rank: 8
PSCH Omega Ratio Rank: 8
PSCH Calmar Ratio Rank: 10
PSCH Martin Ratio Rank: 10

XHS

XHS Risk / Return Rank: 16
XHS Sharpe Ratio Rank: 15
XHS Sortino Ratio Rank: 15
XHS Omega Ratio Rank: 15
XHS Calmar Ratio Rank: 17
XHS Martin Ratio Rank: 18

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.

PSCH vs. XHS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Health Care ETF (PSCH) and SPDR S&P Health Care Services ETF (XHS). 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.

	PSCH	XHS	Difference
Sharpe ratio Return per unit of total volatility	-0.21	0.12	-0.33
Sortino ratio Return per unit of downside risk	-0.14	0.30	-0.45
Omega ratio Gain probability vs. loss probability	0.98	1.04	-0.05
Calmar ratio Return relative to maximum drawdown	-0.10	0.25	-0.35
Martin ratio Return relative to average drawdown	-0.23	0.68	-0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSCH vs. XHS - Sharpe Ratio Comparison

The current PSCH Sharpe Ratio is -0.21, which is lower than the XHS Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of PSCH and XHS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSCH	XHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	0.12	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	-0.05	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.29	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.52	-0.04

Correlation

The correlation between PSCH and XHS is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PSCH vs. XHS - Dividend Comparison

PSCH's dividend yield for the trailing twelve months is around 0.01%, less than XHS's 0.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XHS SPDR S&P Health Care Services ETF	0.29%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%

Drawdowns

PSCH vs. XHS - Drawdown Comparison

The maximum PSCH drawdown since its inception was -46.32%, which is greater than XHS's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for PSCH and XHS.

Drawdown Indicators

	PSCH	XHS	Difference
Max Drawdown Largest peak-to-trough decline	-46.32%	-39.32%	-7.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.36%	-12.61%	-2.75%
Max Drawdown (5Y) Largest decline over 5 years	-46.32%	-32.62%	-13.70%
Max Drawdown (10Y) Largest decline over 10 years	-46.32%	-39.32%	-7.00%
Current Drawdown Current decline from peak	-36.32%	-12.33%	-23.99%
Average Drawdown Average peak-to-trough decline	-13.26%	-10.27%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	4.53%	+2.24%

Volatility

PSCH vs. XHS - Volatility Comparison

Invesco S&P SmallCap Health Care ETF (PSCH) has a higher volatility of 8.64% compared to SPDR S&P Health Care Services ETF (XHS) at 4.98%. This indicates that PSCH's price experiences larger fluctuations and is considered to be riskier than XHS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSCH	XHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	4.98%	+3.66%
Volatility (6M) Calculated over the trailing 6-month period	14.92%	12.45%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	23.58%	19.25%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.91%	21.05%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.65%	22.41%	+1.24%