XHS vs. GDOC

Last updated Jun 4, 2026

XHS (SPDR S&P Health Care Services ETF) and GDOC (Goldman Sachs Future Health Care Equity ETF) are both Health & Biotech Equities funds. XHS is passively managed, while GDOC is actively managed. Over the past 3 years, XHS returned 8.47%/yr vs 0.05%/yr for GDOC. A 0.71 correlation means they provide meaningful diversification when combined. XHS charges 0.35%/yr vs 0.75%/yr for GDOC.

Performance

XHS vs. GDOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Services ETF (XHS) and Goldman Sachs Future Health Care Equity ETF (GDOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHS achieves a 6.32% return, which is significantly higher than GDOC's -7.76% return.

XHS

• 1D: 0.28%
• 1M: 2.77%
• YTD: 6.32%
• 6M: 5.39%
• 1Y: 16.58%
• 3Y*: 8.47%
• 5Y*: 0.44%
• 10Y*: 7.46%

GDOC

• 1D: 0.41%
• 1M: 1.93%
• YTD: -7.76%
• 6M: -9.87%
• 1Y: 5.18%
• 3Y*: 0.05%
• 5Y*: —
• 10Y*: —

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

XHS vs. GDOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XHS SPDR S&P Health Care Services ETF	6.32%	18.83%	1.76%	5.15%	-19.87%	-3.84%
GDOC Goldman Sachs Future Health Care Equity ETF	-7.76%	10.74%	-1.66%	4.60%	-17.12%	-2.77%

Correlation

The correlation between XHS and GDOC is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021	0.71

Over the past year, the correlation between XHS and GDOC has dropped to 0.47 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

XHS vs. GDOC - Sectors Allocation Comparison

Sectors	XHS	GDOC
Healthcare	98.0%	97.3%
Financial Services	2.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	1.0%
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XHS vs. GDOC — Risk / Return Rank

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

XHS

XHS Risk / Return Rank: 26
XHS Sharpe Ratio Rank: 26
XHS Sortino Ratio Rank: 25
XHS Omega Ratio Rank: 26
XHS Calmar Ratio Rank: 28
XHS Martin Ratio Rank: 27

GDOC

GDOC Risk / Return Rank: 13
GDOC Sharpe Ratio Rank: 14
GDOC Sortino Ratio Rank: 14
GDOC Omega Ratio Rank: 13
GDOC Calmar Ratio Rank: 13
GDOC Martin Ratio Rank: 13

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.

XHS vs. GDOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Services ETF (XHS) and Goldman Sachs Future Health Care Equity ETF (GDOC). 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.

	XHS	GDOC	Difference
Sharpe ratio: Return per unit of total volatility	0.95	0.33	+0.62
Sortino ratio: Return per unit of downside risk	1.39	0.60	+0.79
Omega ratio: Gain probability vs. loss probability	1.18	1.07	+0.11
Calmar ratio: Return relative to maximum drawdown	1.39	0.33	+1.06
Martin ratio: Return relative to average drawdown	3.83	0.76	+3.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHS vs. GDOC - Sharpe Ratio Comparison

The current XHS Sharpe Ratio is 0.95, which is higher than the GDOC Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of XHS and GDOC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XHS	GDOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.33	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	-0.19	+0.76

Drawdowns

XHS vs. GDOC - Drawdown Comparison

The maximum XHS drawdown since its inception was -39.32%, which is greater than GDOC's maximum drawdown of -31.01%. Use the drawdown chart below to compare losses from any high point for XHS and GDOC.

Drawdown Indicators

	XHS	GDOC	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-31.01%	-8.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-15.67%	+3.68%
Max Drawdown (3Y) Largest decline over 3 years	-17.81%	-22.51%	+4.70%
Max Drawdown (5Y) Largest decline over 5 years	-32.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	—	—
Current Drawdown Current decline from peak	-1.78%	-15.53%	+13.75%
Average Drawdown Average peak-to-trough decline	-10.20%	-15.90%	+5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.33%	6.83%	-2.50%

Volatility

XHS vs. GDOC - Volatility Comparison

SPDR S&P Health Care Services ETF (XHS) and Goldman Sachs Future Health Care Equity ETF (GDOC) have volatilities of 4.80% and 4.90%, 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

	XHS	GDOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.90%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	11.61%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	15.64%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	18.79%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	18.79%	+3.61%

XHS vs. GDOC - Expense Ratio Comparison

XHS has a 0.35% expense ratio, which is lower than GDOC's 0.75% expense ratio.

Dividends

XHS vs. GDOC - Dividend Comparison

XHS's dividend yield for the trailing twelve months is around 0.25%, less than GDOC's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDOC Goldman Sachs Future Health Care Equity ETF	0.35%	0.32%	0.02%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XHS SPDR S&P Health Care Services ETF	0.25%	0.27%	0.38%	0.23%	0.19%	0.20%	0.23%	2.37%	0.34%	0.22%	0.28%	0.93%

Frequently Asked Questions

Can I hold both XHS and GDOC in my portfolio?

XHS and GDOC have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XHS or GDOC?

GDOC has higher volatility (4.90%) compared to XHS (4.80%). In terms of maximum drawdown, XHS dropped -39.32% vs GDOC's -31.01%.

Which ETF is better, XHS or GDOC?

On 3-year performance, XHS leads with 8.47% vs 0.05% for GDOC. On fees, XHS is cheaper at 0.35% per year. On volatility, XHS has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XHS or GDOC?

Over the 3-year period, XHS has performed better with a 8.47% return vs 0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XHS or GDOC?

XHS is cheaper with a 0.35% expense ratio, compared with 0.75% for GDOC.

Which ETF pays a higher dividend yield, XHS or GDOC?

GDOC has the higher dividend yield at 0.35%, compared with 0.25% for XHS.

What is the main difference between XHS and GDOC?

They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.35% for XHS and 0.75% for GDOC.

Which has better risk-adjusted returns?

XHS currently has the higher Sharpe Ratio (0.95 vs 0.33), 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.