TMED vs. PRHSX

Last updated Jul 15, 2026

TMED (T. Rowe Price Health Care ETF) and PRHSX (T. Rowe Price Health Sciences Fund) are both Health & Biotech Equities funds from T. Rowe Price. Over the past year, TMED returned 36.59% vs 29.70% for PRHSX. Their correlation of 0.94 suggests significant overlap in exposure. TMED charges 0.44%/yr vs 0.80%/yr for PRHSX.

Performance

TMED vs. PRHSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Health Care ETF (TMED) and T. Rowe Price Health Sciences Fund (PRHSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMED achieves a 15.07% return, which is significantly higher than PRHSX's 7.71% return.

TMED

• 1D: -1.51%
• 1M: 7.82%
• 6M: 12.95%
• YTD: 15.07%
• 1Y: 36.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PRHSX

• 1D: -0.65%
• 1M: 8.32%
• 6M: 6.36%
• YTD: 7.71%
• 1Y: 29.70%
• 3Y*: 9.90%
• 5Y*: 4.15%
• 10Y*: 11.37%

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

TMED vs. PRHSX - Yearly Performance Comparison

	2026 (YTD)	2025
TMED T. Rowe Price Health Care ETF	15.07%	19.49%
PRHSX T. Rowe Price Health Sciences Fund	7.71%	21.56%

Correlation

The correlation between TMED and PRHSX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 12, 2025	0.94

The correlation between TMED and PRHSX has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

Return for Risk

TMED vs. PRHSX — Risk / Return Rank

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

TMED

TMED Risk / Return Rank: 78
TMED Sharpe Ratio Rank: 78
TMED Sortino Ratio Rank: 82
TMED Omega Ratio Rank: 73
TMED Calmar Ratio Rank: 79
TMED Martin Ratio Rank: 76

PRHSX

PRHSX Risk / Return Rank: 61
PRHSX Sharpe Ratio Rank: 71
PRHSX Sortino Ratio Rank: 74
PRHSX Omega Ratio Rank: 59
PRHSX Calmar Ratio Rank: 60
PRHSX Martin Ratio Rank: 39

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.

TMED vs. PRHSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Health Care ETF (TMED) and T. Rowe Price Health Sciences Fund (PRHSX). 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.

	TMED	PRHSX	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.86	+0.13
Sortino ratio: Return per unit of downside risk	2.90	2.74	+0.15
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	3.31	2.38	+0.93
Martin ratio: Return relative to average drawdown	11.19	6.67	+4.52

TMED vs. PRHSX - Sharpe Ratio Comparison

The current TMED Sharpe Ratio is 1.98, which is comparable to the PRHSX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of TMED and PRHSX, 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

TMED vs. PRHSX - Drawdown Comparison

The maximum TMED drawdown since its inception was -11.11%, smaller than the maximum PRHSX drawdown of -42.96%. Use the drawdown chart below to compare losses from any high point for TMED and PRHSX.

Drawdown Indicators

	TMED	PRHSX	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-42.96%	+31.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-12.81%	+1.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.97%	—
Current Drawdown Current decline from peak	-3.34%	-3.06%	-0.28%
Average Drawdown Average peak-to-trough decline	-2.39%	-8.72%	+6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	4.55%	-1.24%

Volatility

TMED vs. PRHSX - Volatility Comparison

The current volatility for T. Rowe Price Health Care ETF (TMED) is 5.12%, while T. Rowe Price Health Sciences Fund (PRHSX) has a volatility of 5.64%. This indicates that TMED experiences smaller price fluctuations and is considered to be less risky than PRHSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMED	PRHSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.64%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	12.93%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	16.43%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	17.45%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.22%	19.26%	-1.04%

TMED vs. PRHSX - Expense Ratio Comparison

TMED has a 0.44% expense ratio, which is lower than PRHSX's 0.80% expense ratio.

Dividends

TMED vs. PRHSX - Dividend Comparison

TMED's dividend yield for the trailing twelve months is around 0.47%, less than PRHSX's 11.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRHSX T. Rowe Price Health Sciences Fund	11.23%	12.09%	12.89%	5.21%	1.77%	7.46%	7.16%	12.29%	6.57%	7.43%	4.55%	11.34%
TMED T. Rowe Price Health Care ETF	0.47%	0.54%	0.00%	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 TMED and PRHSX in my portfolio?

With a correlation of 0.94, TMED and PRHSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TMED or PRHSX?

PRHSX has higher volatility (5.64%) compared to TMED (5.12%). In terms of maximum drawdown, TMED dropped -11.11% vs PRHSX's -42.96%.

Which has better risk-adjusted returns?

TMED currently has the higher Sharpe Ratio (1.98 vs 1.86), 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.