XHE vs. THNR

Last updated Aug 4, 2026

XHE (SPDR S&P Health Care Equipment ETF) and THNR (Amplify Weight Loss Drug & Treatment ETF) are both Health & Biotech Equities funds - XHE tracks the S&P Health Care Equipment Select Industry Index while THNR tracks the VettaFi Weight Loss Drug & Treatment Index. Both are passively managed. Over the past year, XHE returned 21.90% vs 13.81% for THNR. Their 0.47 correlation means their historical movements had little consistent relationship. XHE charges 0.35%/yr vs 0.59%/yr for THNR.

Performance

XHE vs. THNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Equipment ETF (XHE) and Amplify Weight Loss Drug & Treatment ETF (THNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHE achieves a 5.60% return, which is significantly higher than THNR's 0.29% return.

XHE

• 1D: 4.05%
• 1M: 6.04%
• 6M: 7.88%
• YTD: 5.60%
• 1Y: 21.90%
• 3Y*: -0.09%
• 5Y*: -6.21%
• 10Y*: 6.33%
• ALL TIME*: 9.68%

THNR

• 1D: -0.40%
• 1M: -4.22%
• 6M: -4.09%
• YTD: 0.29%
• 1Y: 13.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.92%

*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)
THNR Amplify Weight Loss Drug & Treatment ETF	$30.02K	$44.27K	$50.07K
XHE SPDR S&P Health Care Equipment ETF	$2.26M	$2.20M	$2.39M

XHE vs. THNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XHE SPDR S&P Health Care Equipment ETF	5.60%	-0.23%	1.19%
THNR Amplify Weight Loss Drug & Treatment ETF	0.29%	13.65%	-10.47%

Correlation

The correlation between XHE and THNR is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since May 21, 2024	0.47

XHE vs. THNR - Sectors Allocation Comparison

Sectors	XHE	THNR
Healthcare	98.8%	98.6%
Technology	1.7%	-
Industrials	1.7%	-
Communication Services	1.5%	-
Financial Services	1.2%	1.2%
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XHE vs. THNR — Risk / Return Rank

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

XHE

XHE Risk / Return Rank: 35
XHE Sharpe Ratio Rank: 38
XHE Sortino Ratio Rank: 40
XHE Omega Ratio Rank: 35
XHE Calmar Ratio Rank: 35
XHE Martin Ratio Rank: 29

THNR

THNR Risk / Return Rank: 29
THNR Sharpe Ratio Rank: 29
THNR Sortino Ratio Rank: 29
THNR Omega Ratio Rank: 28
THNR Calmar Ratio Rank: 32
THNR Martin Ratio Rank: 28

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.

XHE vs. THNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Equipment ETF (XHE) and Amplify Weight Loss Drug & Treatment ETF (THNR). 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	THNR	Difference
Sharpe ratio: Return per unit of total volatility	0.96	0.73	+0.22
Sortino ratio: Return per unit of downside risk	1.52	1.19	+0.33
Omega ratio: Gain probability vs. loss probability	1.17	1.14	+0.03
Calmar ratio: Return relative to maximum drawdown	1.20	1.15	+0.05
Martin ratio: Return relative to average drawdown	2.55	2.57	-0.02

XHE vs. THNR - Sharpe Ratio Comparison

The current XHE Sharpe Ratio is 0.96, which is higher than the THNR Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of XHE and THNR, 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. THNR - Drawdown Comparison

The maximum XHE drawdown since its inception was -49.92%, which is greater than THNR's maximum drawdown of -32.51%. Use the drawdown chart below to compare losses from any high point for XHE and THNR.

Drawdown Indicators

	XHE	THNR	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-32.51%	-17.41%
Max Drawdown (1Y) Largest decline over 1 year	-18.29%	-12.06%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-28.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.92%	—	—
Current Drawdown Current decline from peak	-29.99%	-7.96%	-22.03%
Average Drawdown Average peak-to-trough decline	-13.50%	-11.90%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	5.39%	+3.22%

Volatility

XHE vs. THNR - Volatility Comparison

SPDR S&P Health Care Equipment ETF (XHE) has a higher volatility of 8.23% compared to Amplify Weight Loss Drug & Treatment ETF (THNR) at 4.17%. This indicates that XHE's price experiences larger fluctuations and is considered to be riskier than THNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHE	THNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	4.17%	+4.06%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	14.06%	+4.01%
Volatility (1Y) Calculated over the trailing 1-year period	23.01%	18.92%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.83%	19.27%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	19.27%	+3.87%

XHE vs. THNR - Expense Ratio Comparison

XHE has a 0.35% expense ratio, which is lower than THNR's 0.59% expense ratio.

Dividends

XHE vs. THNR - Dividend Comparison

XHE's dividend yield for the trailing twelve months is around 0.06%, less than THNR's 1.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
THNR Amplify Weight Loss Drug & Treatment ETF	1.63%	1.64%	0.98%	0.00%	0.00%	0.00%	0.00%	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 THNR in my portfolio?

XHE and THNR have a correlation of 0.42, 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 THNR?

XHE has higher volatility (8.23%) compared to THNR (4.17%). In terms of maximum drawdown, XHE dropped -49.92% vs THNR's -32.51%.

Which ETF is better, XHE or THNR?

On 1-year performance, XHE leads with 21.90% vs 13.81% for THNR. On fees, XHE is cheaper at 0.35% per year. On volatility, THNR has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHE or THNR?

Over the 1-year period, XHE has performed better with a 21.90% return vs 13.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHE or THNR?

XHE is cheaper with a 0.35% expense ratio, compared with 0.59% for THNR.

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

THNR has the higher dividend yield at 1.63%, compared with 0.06% for XHE.

What is the main difference between XHE and THNR?

XHE tracks S&P Health Care Equipment Select Industry Index, while THNR tracks VettaFi Weight Loss Drug & Treatment Index. They also come from different issuers: State Street and Amplify. Their fees differ too: 0.35% for XHE and 0.59% for THNR.

Which has better risk-adjusted returns?

XHE currently has the higher Sharpe Ratio (0.96 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.