PTH vs. FHLC

Last updated Aug 6, 2026

PTH (Invesco DWA Healthcare Momentum ETF) and FHLC (Fidelity MSCI Health Care Index ETF) are both exchange-traded funds - PTH is a Momentum fund tracking the Dorsey Wright Healthcare Technical Leaders Index, while FHLC is a Health & Biotech Equities fund tracking the MSCI USA IMI Health Care Index. Both are passively managed. Over the past 10 years, PTH returned 14.31%/yr vs 9.91%/yr for FHLC. Their 0.73 correlation means they have sometimes moved together and sometimes differently. PTH charges 0.60%/yr vs 0.08%/yr for FHLC.

Performance

PTH vs. FHLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DWA Healthcare Momentum ETF (PTH) and Fidelity MSCI Health Care Index ETF (FHLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PTH achieves a 20.92% return, which is significantly higher than FHLC's 8.07% return. Over the past 10 years, PTH has outperformed FHLC with an annualized return of 14.31%, while FHLC has yielded a comparatively lower 9.91% annualized return.

PTH

• 1D: 0.82%
• 1M: -1.26%
• 6M: 24.48%
• YTD: 20.92%
• 1Y: 63.78%
• 3Y*: 18.86%
• 5Y*: 1.68%
• 10Y*: 14.31%
• ALL TIME*: 10.78%

FHLC

• 1D: 1.09%
• 1M: 0.87%
• 6M: 7.73%
• YTD: 8.07%
• 1Y: 28.14%
• 3Y*: 9.88%
• 5Y*: 5.16%
• 10Y*: 9.91%
• ALL TIME*: 10.82%

*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)
FHLC Fidelity MSCI Health Care Index ETF	$14.35M	$17.75M	$15.99M
PTH Invesco DWA Healthcare Momentum ETF	$2.85M	$5.26M	$2.68M

PTH vs. FHLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTH Invesco DWA Healthcare Momentum ETF	20.92%	27.91%	2.36%	-4.54%	-20.61%	-3.20%	67.26%	34.45%	-1.23%	50.15%
FHLC Fidelity MSCI Health Care Index ETF	8.07%	15.42%	2.48%	2.58%	-5.55%	20.39%	18.13%	21.94%	4.71%	23.34%

Correlation

The correlation between PTH and FHLC is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 24, 2013	0.73

Over the past year, the correlation between PTH and FHLC has dropped to 0.50 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

PTH vs. FHLC - Sectors Allocation Comparison

Sectors	PTH	FHLC
Healthcare	100.0%	98.9%
Financial Services	1.2%	0.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	0.0%
Real Estate	-	-
Technology	-	0.4%
Utilities	-	-

Return for Risk

PTH vs. FHLC — Risk / Return Rank

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

PTH

PTH Risk / Return Rank: 89
PTH Sharpe Ratio Rank: 92
PTH Sortino Ratio Rank: 90
PTH Omega Ratio Rank: 86
PTH Calmar Ratio Rank: 94
PTH Martin Ratio Rank: 84

FHLC

FHLC Risk / Return Rank: 68
FHLC Sharpe Ratio Rank: 71
FHLC Sortino Ratio Rank: 79
FHLC Omega Ratio Rank: 67
FHLC Calmar Ratio Rank: 69
FHLC 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.

PTH vs. FHLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Healthcare Momentum ETF (PTH) and Fidelity MSCI Health Care Index ETF (FHLC). 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.

	PTH	FHLC	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.87	+0.71
Sortino ratio: Return per unit of downside risk	3.38	2.88	+0.50
Omega ratio: Gain probability vs. loss probability	1.41	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	5.35	2.72	+2.63
Martin ratio: Return relative to average drawdown	13.20	6.78	+6.42

PTH vs. FHLC - Sharpe Ratio Comparison

The current PTH Sharpe Ratio is 2.58, which is higher than the FHLC Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of PTH and FHLC, 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

PTH vs. FHLC - Drawdown Comparison

The maximum PTH drawdown since its inception was -53.52%, which is greater than FHLC's maximum drawdown of -28.76%. Use the drawdown chart below to compare losses from any high point for PTH and FHLC.

Drawdown Indicators

	PTH	FHLC	Difference
Max Drawdown Largest peak-to-trough decline	-53.52%	-28.76%	-24.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.98%	-10.38%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	-27.51%	-16.87%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-50.07%	-17.73%	-32.34%
Max Drawdown (10Y) Largest decline over 10 years	-53.52%	-28.76%	-24.76%
Current Drawdown Current decline from peak	-2.55%	-1.58%	-0.97%
Average Drawdown Average peak-to-trough decline	-16.91%	-5.15%	-11.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	4.17%	+0.68%

Volatility

PTH vs. FHLC - Volatility Comparison

Invesco DWA Healthcare Momentum ETF (PTH) has a higher volatility of 8.99% compared to Fidelity MSCI Health Care Index ETF (FHLC) at 4.79%. This indicates that PTH's price experiences larger fluctuations and is considered to be riskier than FHLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTH	FHLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.99%	4.79%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	20.13%	11.68%	+8.45%
Volatility (1Y) Calculated over the trailing 1-year period	24.91%	15.11%	+9.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.74%	15.26%	+10.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.41%	16.90%	+10.51%

PTH vs. FHLC - Expense Ratio Comparison

PTH has a 0.60% expense ratio, which is higher than FHLC's 0.08% expense ratio.

Dividends

PTH vs. FHLC - Dividend Comparison

PTH's dividend yield for the trailing twelve months is around 2.54%, more than FHLC's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHLC Fidelity MSCI Health Care Index ETF	1.28%	1.40%	1.51%	1.40%	1.30%	1.16%	1.45%	1.18%	1.38%	1.38%	1.40%	2.07%
PTH Invesco DWA Healthcare Momentum ETF	2.54%	3.07%	0.06%	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 PTH and FHLC in my portfolio?

PTH and FHLC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTH or FHLC?

PTH has higher volatility (8.99%) compared to FHLC (4.79%). In terms of maximum drawdown, PTH dropped -53.52% vs FHLC's -28.76%.

Which ETF is better, PTH or FHLC?

On 10-year performance, PTH leads with 14.31% vs 9.91% for FHLC. On fees, FHLC is cheaper at 0.08% per year. On volatility, FHLC has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PTH or FHLC?

Over the 10-year period, PTH has performed better with a 14.31% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PTH or FHLC?

FHLC is cheaper with a 0.08% expense ratio, compared with 0.60% for PTH.

Which ETF pays a higher dividend yield, PTH or FHLC?

PTH has the higher dividend yield at 2.54%, compared with 1.28% for FHLC.

What is the main difference between PTH and FHLC?

PTH is categorized as Momentum, while FHLC is Health & Biotech Equities. PTH tracks Dorsey Wright Healthcare Technical Leaders Index, while FHLC tracks MSCI USA IMI Health Care Index. They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.60% for PTH and 0.08% for FHLC.

Which has better risk-adjusted returns?

PTH currently has the higher Sharpe Ratio (2.58 vs 1.87), 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.