XHE vs. HEAL

Last updated Jun 24, 2026

XHE (SPDR S&P Health Care Equipment ETF) and HEAL (Global X HealthTech ETF) are both Health & Biotech Equities funds - XHE tracks the S&P Health Care Equipment Select Industry Index while HEAL tracks the Global X HealthTech Index. Both are passively managed. Over the past 5 years, XHE returned -8.83%/yr vs -14.64%/yr for HEAL. Their correlation of 0.80 suggests significant overlap in exposure. XHE charges 0.35%/yr vs 0.50%/yr for HEAL.

Performance

XHE vs. HEAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Equipment ETF (XHE) and Global X HealthTech ETF (HEAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHE achieves a -7.82% return, which is significantly higher than HEAL's -10.37% return.

XHE

• 1D: 1.19%
• 1M: 0.26%
• YTD: -7.82%
• 6M: -9.00%
• 1Y: 2.70%
• 3Y*: -5.45%
• 5Y*: -8.83%
• 10Y*: 6.15%

HEAL

• 1D: 1.49%
• 1M: 5.54%
• YTD: -10.37%
• 6M: -12.67%
• 1Y: -16.13%
• 3Y*: -8.12%
• 5Y*: -14.64%
• 10Y*: —

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

XHE vs. HEAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XHE SPDR S&P Health Care Equipment ETF	-7.82%	-0.23%	5.08%	-6.23%	-23.34%	3.04%	17.92%
HEAL Global X HealthTech ETF	-10.37%	-0.62%	-2.87%	-12.61%	-29.99%	-14.21%	16.89%

Correlation

The correlation between XHE and HEAL is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 30, 2020	0.80

The correlation between XHE and HEAL has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

XHE vs. HEAL - Sectors Allocation Comparison

Sectors	XHE	HEAL
Healthcare	98.2%	96.5%
Financial Services	1.8%	-
Industrials	1.7%	-
Communication Services	1.4%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Technology	-	2.9%
Utilities	-	-

Return for Risk

XHE vs. HEAL — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 10
XHE Sharpe Ratio Rank: 10
XHE Sortino Ratio Rank: 10
XHE Omega Ratio Rank: 10
XHE Calmar Ratio Rank: 10
XHE Martin Ratio Rank: 10

HEAL

HEAL Risk / Return Rank: 4
HEAL Sharpe Ratio Rank: 3
HEAL Sortino Ratio Rank: 3
HEAL Omega Ratio Rank: 4
HEAL Calmar Ratio Rank: 5
HEAL Martin Ratio Rank: 4

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.

XHE vs. HEAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) and Global X HealthTech ETF (HEAL). 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.

	XHE	HEAL	Difference
Sharpe ratio: Return per unit of total volatility	0.12	-0.73	+0.85
Sortino ratio: Return per unit of downside risk	0.34	-0.95	+1.29
Omega ratio: Gain probability vs. loss probability	1.04	0.90	+0.14
Calmar ratio: Return relative to maximum drawdown	0.15	-0.53	+0.68
Martin ratio: Return relative to average drawdown	0.32	-1.01	+1.33

XHE vs. HEAL - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is 0.12, which is higher than the HEAL Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of XHE and HEAL, 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

XHE vs. HEAL - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, smaller than the maximum HEAL drawdown of -65.76%. Use the drawdown chart below to compare losses from any high point for XHE and HEAL.

Drawdown Indicators

	XHE	HEAL	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-65.76%	+15.84%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-30.71%	+12.42%
Max Drawdown (3Y) Largest decline over 3 years	-32.62%	-35.78%	+3.16%
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	-60.36%	+10.44%
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	—	—
Current Drawdown Current decline from peak	-38.89%	-61.31%	+22.42%
Average Drawdown Average peak-to-trough decline	-13.35%	-43.20%	+29.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	15.98%	-7.52%

Volatility

XHE vs. HEAL - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) and Global X HealthTech ETF (HEAL) have volatilities of 7.50% and 7.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHE	HEAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.50%	7.26%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	16.55%	16.63%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	22.11%	22.43%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.56%	26.46%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	26.28%	-3.29%

XHE vs. HEAL - Expense Ratio Comparison

XHE has a 0.35% expense ratio, which is lower than HEAL's 0.50% expense ratio.

Dividends

XHE vs. HEAL - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.06%, less than HEAL's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEAL Global X HealthTech ETF	0.37%	0.33%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
XHE SPDR S&P Health Care Equipment ETF	0.06%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%

Frequently Asked Questions

Can I hold both XHE and HEAL in my portfolio?

XHE and HEAL have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHE or HEAL?

XHE has higher volatility (7.50%) compared to HEAL (7.26%). In terms of maximum drawdown, XHE dropped -49.92% vs HEAL's -65.76%.

Which ETF is better, XHE or HEAL?

On 5-year performance, XHE leads with -8.83% vs -14.64% for HEAL. On fees, XHE is cheaper at 0.35% per year. On volatility, HEAL has been the lower-risk option at 7.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHE or HEAL?

Over the 5-year period, XHE has performed better with a -8.83% return vs -14.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHE or HEAL?

XHE is cheaper with a 0.35% expense ratio, compared with 0.50% for HEAL.

Which ETF pays a higher dividend yield, XHE or HEAL?

HEAL has the higher dividend yield at 0.37%, compared with 0.06% for XHE.

What is the main difference between XHE and HEAL?

XHE tracks S&P Health Care Equipment Select Industry Index, while HEAL tracks Global X HealthTech Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.35% for XHE and 0.50% for HEAL.

Which has better risk-adjusted returns?

XHE currently has the higher Sharpe Ratio (0.12 vs -0.73), 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.