SURI vs. MHIP

Last updated Jul 15, 2026

SURI (Simplify Propel Opportunities ETF) and MHIP (Milliman Healthcare Inflation Plus ETF) are both Health & Biotech Equities funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. SURI charges 2.51%/yr vs 0.55%/yr for MHIP.

Performance

SURI vs. MHIP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Propel Opportunities ETF (SURI) and Milliman Healthcare Inflation Plus ETF (MHIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SURI

• 1D: 1.28%
• 1M: 8.01%
• 6M: 15.18%
• YTD: 18.51%
• 1Y: 38.48%
• 3Y*: 9.85%
• 5Y*: —
• 10Y*: —

MHIP

• 1D: -0.52%
• 1M: 1.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SURI vs. MHIP - Yearly Performance Comparison

	2026 (YTD)
SURI Simplify Propel Opportunities ETF	8.89%
MHIP Milliman Healthcare Inflation Plus ETF	-0.39%

Correlation

The correlation between SURI and MHIP is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.39

Return for Risk

SURI vs. MHIP — Risk / Return Rank

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

SURI

SURI Risk / Return Rank: 65
SURI Sharpe Ratio Rank: 66
SURI Sortino Ratio Rank: 63
SURI Omega Ratio Rank: 59
SURI Calmar Ratio Rank: 79
SURI Martin Ratio Rank: 61

MHIP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SURI vs. MHIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Propel Opportunities ETF (SURI) and Milliman Healthcare Inflation Plus ETF (MHIP). 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.

	SURI	MHIP	Difference
Sharpe ratio: Return per unit of total volatility	1.72	—	—
Sortino ratio: Return per unit of downside risk	2.35	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	3.28	—	—
Martin ratio: Return relative to average drawdown	8.68	—	—

Drawdowns

SURI vs. MHIP - Drawdown Comparison

The maximum SURI drawdown since its inception was -47.76%, which is greater than MHIP's maximum drawdown of -3.09%. Use the drawdown chart below to compare losses from any high point for SURI and MHIP.

Drawdown Indicators

	SURI	MHIP	Difference
Max Drawdown Largest peak-to-trough decline	-47.76%	-3.09%	-44.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.78%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-47.76%	—	—
Current Drawdown Current decline from peak	-7.80%	-1.99%	-5.81%
Average Drawdown Average peak-to-trough decline	-17.21%	-1.27%	-15.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	—	—

Volatility

Volatility by Period

	SURI	MHIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	11.68%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.07%	11.68%	+16.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.07%	11.68%	+16.39%

SURI vs. MHIP - Expense Ratio Comparison

SURI has a 2.51% expense ratio, which is higher than MHIP's 0.55% expense ratio.

Dividends

SURI vs. MHIP - Dividend Comparison

SURI's dividend yield for the trailing twelve months is around 14.95%, while MHIP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MHIP Milliman Healthcare Inflation Plus ETF	0.00%	0.00%	0.00%	0.00%
SURI Simplify Propel Opportunities ETF	14.95%	16.31%	21.41%	14.71%

Frequently Asked Questions

Can I hold both SURI and MHIP in my portfolio?

SURI and MHIP have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SURI or MHIP?

On fees, MHIP is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SURI or MHIP?

MHIP is cheaper with a 0.55% expense ratio, compared with 2.51% for SURI.

Which ETF pays a higher dividend yield, SURI or MHIP?

SURI has the higher dividend yield at 14.95%, compared with 0.00% for MHIP.

What is the main difference between SURI and MHIP?

They also come from different issuers: Simplify and Milliman. Their fees differ too: 2.51% for SURI and 0.55% for MHIP.