TMED vs. XLVI

Last updated Aug 1, 2026

TMED (T. Rowe Price Health Care ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - TMED is a Health & Biotech Equities fund actively managed by T. Rowe Price, while XLVI is a Derivative Income fund actively managed by State Street. Both are actively managed. Over the past year, TMED returned 41.29% vs 23.20% for XLVI. Their correlation of 0.84 means they have usually moved in the same direction. TMED charges 0.44%/yr vs 0.35%/yr for XLVI.

Performance

TMED vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Health Care ETF (TMED) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMED achieves a 13.99% return, which is significantly higher than XLVI's 7.10% return.

TMED

• 1D: -0.97%
• 1M: -3.17%
• 6M: 14.67%
• YTD: 13.99%
• 1Y: 41.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 31.33%

XLVI

• 1D: -0.18%
• 1M: 1.17%
• 6M: 6.83%
• YTD: 7.10%
• 1Y: 23.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.35%

*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)
TMED T. Rowe Price Health Care ETF	$582.74K	$386.19K	$172.00K
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$951.77K	$684.72K	$477.94K

TMED vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
TMED T. Rowe Price Health Care ETF	13.99%	21.72%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	7.10%	12.41%

Correlation

The correlation between TMED and XLVI is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.84

The correlation between TMED and XLVI has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

TMED vs. XLVI — Risk / Return Rank

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

TMED

TMED Risk / Return Rank: 89
TMED Sharpe Ratio Rank: 90
TMED Sortino Ratio Rank: 91
TMED Omega Ratio Rank: 87
TMED Calmar Ratio Rank: 89
TMED Martin Ratio Rank: 87

XLVI

XLVI Risk / Return Rank: 84
XLVI Sharpe Ratio Rank: 90
XLVI Sortino Ratio Rank: 92
XLVI Omega Ratio Rank: 90
XLVI Calmar Ratio Rank: 81
XLVI Martin Ratio Rank: 68

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.

TMED vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Health Care ETF (TMED) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.25	+0.05
Sortino ratio: Return per unit of downside risk	3.32	3.37	-0.05
Omega ratio: Gain probability vs. loss probability	1.39	1.42	-0.03
Calmar ratio: Return relative to maximum drawdown	3.78	2.96	+0.81
Martin ratio: Return relative to average drawdown	12.89	8.37	+4.52

TMED vs. XLVI - Sharpe Ratio Comparison

The current TMED Sharpe Ratio is 2.30, which is comparable to the XLVI Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TMED and XLVI, 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. XLVI - Drawdown Comparison

The maximum TMED drawdown since its inception was -11.11%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for TMED and XLVI.

Drawdown Indicators

	TMED	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-11.11%	-8.14%	-2.97%
Max Drawdown (1Y) Largest decline over 1 year	-11.11%	-8.14%	-2.97%
Current Drawdown Current decline from peak	-4.25%	-1.46%	-2.79%
Average Drawdown Average peak-to-trough decline	-2.42%	-1.78%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.87%	+0.38%

Volatility

TMED vs. XLVI - Volatility Comparison

T. Rowe Price Health Care ETF (TMED) has a higher volatility of 5.29% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.38%. This indicates that TMED's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMED	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	3.38%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	14.06%	8.73%	+5.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.41%	11.07%	+7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.15%	11.05%	+7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.15%	11.05%	+7.10%

TMED vs. XLVI - Expense Ratio Comparison

TMED has a 0.44% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

TMED vs. XLVI - Dividend Comparison

TMED's dividend yield for the trailing twelve months is around 0.48%, less than XLVI's 11.80% yield.

Position	TTM	2025
TMED T. Rowe Price Health Care ETF	0.48%	0.54%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.80%	5.73%

Frequently Asked Questions

Can I hold both TMED and XLVI in my portfolio?

TMED and XLVI have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMED or XLVI?

TMED has higher volatility (5.29%) compared to XLVI (3.38%). In terms of maximum drawdown, TMED dropped -11.11% vs XLVI's -8.14%.

Which ETF is better, TMED or XLVI?

On 1-year performance, TMED leads with 41.29% vs 23.20% for XLVI. On fees, XLVI is cheaper at 0.35% per year. On volatility, XLVI has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMED or XLVI?

Over the 1-year period, TMED has performed better with a 41.29% return vs 23.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMED or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.44% for TMED.

Which ETF pays a higher dividend yield, TMED or XLVI?

XLVI has the higher dividend yield at 11.80%, compared with 0.48% for TMED.

What is the main difference between TMED and XLVI?

TMED is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.44% for TMED and 0.35% for XLVI.

Which has better risk-adjusted returns?

TMED currently has the higher Sharpe Ratio (2.30 vs 2.25), 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.