XHS vs. VGHAX

Last updated Aug 2, 2026

XHS (SPDR S&P Health Care Services ETF) and VGHAX (Vanguard Health Care Fund Admiral Shares) are both Health & Biotech Equities funds. XHS is passively managed, while VGHAX is actively managed. Over the past 10 years, XHS returned 9.25%/yr vs 9.23%/yr for VGHAX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. XHS charges 0.35%/yr vs 0.27%/yr for VGHAX.

Performance

XHS vs. VGHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Health Care Services ETF (XHS) and Vanguard Health Care Fund Admiral Shares (VGHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHS achieves a 24.28% return, which is significantly higher than VGHAX's 4.47% return. Both investments have delivered pretty close results over the past 10 years, with XHS having a 9.25% annualized return and VGHAX not far behind at 9.23%.

XHS

• 1D: -1.16%
• 1M: -3.65%
• 6M: 24.28%
• YTD: 24.28%
• 1Y: 51.18%
• 3Y*: 12.70%
• 5Y*: 3.72%
• 10Y*: 9.25%
• ALL TIME*: 12.63%

VGHAX

• 1D: -1.27%
• 1M: -2.83%
• 6M: 4.42%
• YTD: 4.47%
• 1Y: 28.66%
• 3Y*: 11.60%
• 5Y*: 7.96%
• 10Y*: 9.23%
• ALL TIME*: 10.07%

*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)
VGHAX Vanguard Health Care Fund Admiral Shares	$0.00	$0.00	$0.00
XHS SPDR S&P Health Care Services ETF	$3.02M	$3.88M	$2.90M

XHS vs. VGHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHS SPDR S&P Health Care Services ETF	24.28%	18.83%	1.76%	5.15%	-19.87%	9.76%	33.66%	18.81%	1.96%	17.65%
VGHAX Vanguard Health Care Fund Admiral Shares	4.47%	19.72%	9.10%	5.51%	-1.00%	12.82%	12.62%	22.99%	1.07%	19.64%

Correlation

The correlation between XHS and VGHAX is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011	0.70

Over the past year, the correlation between XHS and VGHAX has dropped to 0.50 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

XHS vs. VGHAX - Sectors Allocation Comparison

Sectors	XHS	VGHAX
Healthcare	98.3%	99.5%
Financial Services	1.7%	0.0%
Industrials	0.5%	-
Basic Materials	-	0.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	1.2%
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XHS vs. VGHAX — Risk / Return Rank

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

XHS

XHS Risk / Return Rank: 93
XHS Sharpe Ratio Rank: 95
XHS Sortino Ratio Rank: 94
XHS Omega Ratio Rank: 93
XHS Calmar Ratio Rank: 91
XHS Martin Ratio Rank: 90

VGHAX

VGHAX Risk / Return Rank: 76
VGHAX Sharpe Ratio Rank: 77
VGHAX Sortino Ratio Rank: 79
VGHAX Omega Ratio Rank: 72
VGHAX Calmar Ratio Rank: 86
VGHAX Martin Ratio Rank: 63

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.

XHS vs. VGHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Health Care Services ETF (XHS) and Vanguard Health Care Fund Admiral Shares (VGHAX). 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.

	XHS	VGHAX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.77	+0.98
Sortino ratio: Return per unit of downside risk	3.72	2.68	+1.03
Omega ratio: Gain probability vs. loss probability	1.47	1.31	+0.17
Calmar ratio: Return relative to maximum drawdown	4.03	2.96	+1.07
Martin ratio: Return relative to average drawdown	14.13	7.79	+6.33

XHS vs. VGHAX - Sharpe Ratio Comparison

The current XHS Sharpe Ratio is 2.75, which is higher than the VGHAX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of XHS and VGHAX, 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

XHS vs. VGHAX - Drawdown Comparison

The maximum XHS drawdown since its inception was -39.32%, which is greater than VGHAX's maximum drawdown of -36.85%. Use the drawdown chart below to compare losses from any high point for XHS and VGHAX.

Drawdown Indicators

	XHS	VGHAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.32%	-36.85%	-2.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-9.19%	-2.80%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-16.05%	-0.18%
Max Drawdown (5Y) Largest decline over 5 years	-31.30%	-16.92%	-14.38%
Max Drawdown (10Y) Largest decline over 10 years	-39.32%	-27.17%	-12.15%
Current Drawdown Current decline from peak	-3.65%	-3.46%	-0.19%
Average Drawdown Average peak-to-trough decline	-10.10%	-5.59%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	3.48%	-0.06%

Volatility

XHS vs. VGHAX - Volatility Comparison

The current volatility for SPDR S&P Health Care Services ETF (XHS) is 4.70%, while Vanguard Health Care Fund Admiral Shares (VGHAX) has a volatility of 5.44%. This indicates that XHS experiences smaller price fluctuations and is considered to be less risky than VGHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHS	VGHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	5.44%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	11.65%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	15.39%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	18.31%	+2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.42%	17.61%	+4.81%

XHS vs. VGHAX - Expense Ratio Comparison

XHS has a 0.35% expense ratio, which is higher than VGHAX's 0.27% expense ratio.

Dividends

XHS vs. VGHAX - Dividend Comparison

XHS's dividend yield for the trailing twelve months is around 0.20%, less than VGHAX's 6.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGHAX Vanguard Health Care Fund Admiral Shares	6.38%	6.07%	22.84%	7.22%	5.49%	7.05%	8.02%	11.87%	9.15%	7.36%	8.60%	8.21%
XHS SPDR S&P Health Care Services ETF	0.20%	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 VGHAX in my portfolio?

XHS and VGHAX have a correlation of 0.50, 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 VGHAX?

VGHAX has higher volatility (5.44%) compared to XHS (4.70%). In terms of maximum drawdown, XHS dropped -39.32% vs VGHAX's -36.85%.

Which has better risk-adjusted returns?

XHS currently has the higher Sharpe Ratio (2.75 vs 1.77), 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.