THW vs. SHSAX

Last updated Jun 4, 2026

THW (abrdn World Healthcare Fund) and SHSAX (BlackRock Health Sciences Opportunities Portfolio) are both Health & Biotech Equities funds. Over the past 10 years, THW returned 9.09%/yr vs 9.11%/yr for SHSAX. A 0.63 correlation means they provide meaningful diversification when combined. THW charges 1.54%/yr vs 1.09%/yr for SHSAX.

Performance

THW vs. SHSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn World Healthcare Fund (THW) and BlackRock Health Sciences Opportunities Portfolio (SHSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THW achieves a 0.57% return, which is significantly higher than SHSAX's -5.45% return. Both investments have delivered pretty close results over the past 10 years, with THW having a 9.09% annualized return and SHSAX not far ahead at 9.11%.

THW

• 1D: -2.15%
• 1M: -2.04%
• YTD: 0.57%
• 6M: 2.45%
• 1Y: 31.64%
• 3Y*: 6.83%
• 5Y*: 5.44%
• 10Y*: 9.09%

SHSAX

• 1D: -1.66%
• 1M: 0.02%
• YTD: -5.45%
• 6M: -5.96%
• 1Y: 12.73%
• 3Y*: 5.72%
• 5Y*: 3.74%
• 10Y*: 9.11%

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

THW vs. SHSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THW abrdn World Healthcare Fund	0.57%	31.10%	5.35%	-11.52%	-1.21%	12.03%	26.40%	32.98%	-5.40%	16.95%
SHSAX BlackRock Health Sciences Opportunities Portfolio	-5.45%	15.85%	3.73%	3.59%	-5.94%	11.88%	19.44%	25.27%	7.93%	24.74%

Correlation

The correlation between THW and SHSAX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 29, 2015	0.63

The correlation between THW and SHSAX has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

Return for Risk

THW vs. SHSAX — Risk / Return Rank

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

THW

THW Risk / Return Rank: 38
THW Sharpe Ratio Rank: 31
THW Sortino Ratio Rank: 29
THW Omega Ratio Rank: 28
THW Calmar Ratio Rank: 55
THW Martin Ratio Rank: 48

SHSAX

SHSAX Risk / Return Rank: 12
SHSAX Sharpe Ratio Rank: 12
SHSAX Sortino Ratio Rank: 13
SHSAX Omega Ratio Rank: 11
SHSAX Calmar Ratio Rank: 14
SHSAX Martin Ratio Rank: 11

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.

THW vs. SHSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn World Healthcare Fund (THW) and BlackRock Health Sciences Opportunities Portfolio (SHSAX). 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.

	THW	SHSAX	Difference
Sharpe ratio Return per unit of total volatility	1.59	0.94	+0.65
Sortino ratio Return per unit of downside risk	2.24	1.46	+0.78
Omega ratio Gain probability vs. loss probability	1.28	1.17	+0.11
Calmar ratio Return relative to maximum drawdown	2.82	1.31	+1.51
Martin ratio Return relative to average drawdown	9.92	3.28	+6.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THW vs. SHSAX - Sharpe Ratio Comparison

The current THW Sharpe Ratio is 1.59, which is higher than the SHSAX Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of THW and SHSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	THW	SHSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.94	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.26	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.55	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.72	-0.45

Drawdowns

THW vs. SHSAX - Drawdown Comparison

The maximum THW drawdown since its inception was -37.36%, which is greater than SHSAX's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for THW and SHSAX.

Drawdown Indicators

	THW	SHSAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.36%	-35.49%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-9.87%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-28.48%	-16.08%	-12.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.53%	-17.99%	-13.54%
Max Drawdown (10Y) Largest decline over 10 years	-37.36%	-28.36%	-9.00%
Current Drawdown Current decline from peak	-4.88%	-8.18%	+3.30%
Average Drawdown Average peak-to-trough decline	-9.71%	-6.18%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.94%	-0.74%

Volatility

THW vs. SHSAX - Volatility Comparison

abrdn World Healthcare Fund (THW) has a higher volatility of 5.05% compared to BlackRock Health Sciences Opportunities Portfolio (SHSAX) at 4.16%. This indicates that THW's price experiences larger fluctuations and is considered to be riskier than SHSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THW	SHSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.16%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	10.40%	+2.77%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	13.75%	+6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	14.37%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	16.53%	+4.67%

THW vs. SHSAX - Expense Ratio Comparison

THW has a 1.54% expense ratio, which is higher than SHSAX's 1.09% expense ratio.

Dividends

THW vs. SHSAX - Dividend Comparison

THW's dividend yield for the trailing twelve months is around 11.41%, more than SHSAX's 11.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHSAX BlackRock Health Sciences Opportunities Portfolio	11.25%	10.63%	9.18%	3.84%	7.44%	9.20%	4.34%	3.89%	8.56%	3.53%	2.43%	12.58%
THW abrdn World Healthcare Fund	11.41%	10.96%	12.72%	12.00%	9.56%	8.60%	8.85%	10.11%	12.08%	10.29%	10.91%	3.69%

Frequently Asked Questions

Can I hold both THW and SHSAX in my portfolio?

THW and SHSAX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THW or SHSAX?

THW has higher volatility (5.05%) compared to SHSAX (4.16%). In terms of maximum drawdown, THW dropped -37.36% vs SHSAX's -35.49%.

Which has better risk-adjusted returns?

THW currently has the higher Sharpe Ratio (1.59 vs 0.94), 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.