XHE vs. IHI

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Health Care Equipment ETF (XHE) and iShares U.S. Medical Devices ETF (IHI).

XHE and IHI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XHE is a passively managed fund by State Street that tracks the performance of the S&P Health Care Equipment Select Industry Index. It was launched on Jan 26, 2011. IHI is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Medical Equipment Index. It was launched on May 5, 2006. Both XHE and IHI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XHE vs. IHI - Performance Comparison

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

XHE vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHE SPDR S&P Health Care Equipment ETF	-10.92%	-0.23%	5.08%	-6.23%	-23.34%	3.04%	32.91%	22.30%	8.90%	30.51%
IHI iShares U.S. Medical Devices ETF	-13.96%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%

Returns By Period

In the year-to-date period, XHE achieves a -10.92% return, which is significantly higher than IHI's -13.96% return. Over the past 10 years, XHE has underperformed IHI with an annualized return of 6.52%, while IHI has yielded a comparatively higher 10.42% annualized return.

XHE

• 1D: 0.46%
• 1M: -10.31%
• YTD: -10.92%
• 6M: -0.10%
• 1Y: -3.79%
• 3Y*: -5.61%
• 5Y*: -8.06%
• 10Y*: 6.52%

IHI

• 1D: 0.15%
• 1M: -10.33%
• YTD: -13.96%
• 6M: -10.09%
• 1Y: -10.56%
• 3Y*: 0.13%
• 5Y*: -0.17%
• 10Y*: 10.42%

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

XHE vs. IHI - Expense Ratio Comparison

XHE has a 0.35% expense ratio, which is lower than IHI's 0.43% expense ratio.

IHI

iShares U.S. Medical Devices ETF

XHE

SPDR S&P Health Care Equipment ETF

Return for Risk

XHE vs. IHI — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 8
XHE Sharpe Ratio Rank: 9
XHE Sortino Ratio Rank: 9
XHE Omega Ratio Rank: 9
XHE Calmar Ratio Rank: 8
XHE Martin Ratio Rank: 7

IHI

IHI Risk / Return Rank: 2
IHI Sharpe Ratio Rank: 3
IHI Sortino Ratio Rank: 3
IHI Omega Ratio Rank: 3
IHI Calmar Ratio Rank: 3
IHI Martin Ratio Rank: 0

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. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) and iShares U.S. Medical Devices ETF (IHI). 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.

	XHE	IHI	Difference
Sharpe ratio Return per unit of total volatility	-0.16	-0.56	+0.40
Sortino ratio Return per unit of downside risk	-0.06	-0.69	+0.63
Omega ratio Gain probability vs. loss probability	0.99	0.92	+0.08
Calmar ratio Return relative to maximum drawdown	-0.24	-0.60	+0.36
Martin ratio Return relative to average drawdown	-0.69	-1.88	+1.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHE vs. IHI - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is -0.16, which is higher than the IHI Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of XHE and IHI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XHE	IHI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	-0.56	+0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.33	-0.01	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.53	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.49	-0.08

Correlation

The correlation between XHE and IHI is 0.84, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XHE vs. IHI - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.09%, less than IHI's 0.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHE SPDR S&P Health Care Equipment ETF	0.09%	0.08%	0.04%	0.03%	0.04%	0.00%	0.00%	0.05%	0.09%	0.78%	0.17%	7.22%
IHI iShares U.S. Medical Devices ETF	0.42%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%

Drawdowns

XHE vs. IHI - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, roughly equal to the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for XHE and IHI.

Drawdown Indicators

	XHE	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-49.65%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-18.27%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	-33.12%	-16.80%
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	-33.25%	-16.67%
Current Drawdown Current decline from peak	-40.94%	-18.76%	-22.18%
Average Drawdown Average peak-to-trough decline	-12.97%	-8.20%	-4.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.24%	5.79%	+0.45%

Volatility

XHE vs. IHI - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) has a higher volatility of 7.01% compared to iShares U.S. Medical Devices ETF (IHI) at 5.24%. This indicates that XHE's price experiences larger fluctuations and is considered to be riskier than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHE	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	5.24%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	11.23%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.86%	18.89%	+4.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.25%	18.74%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.81%	19.63%	+3.18%