XPH vs. IHI

Last updated Jul 14, 2026

XPH (SPDR S&P Pharmaceuticals ETF) and IHI (iShares U.S. Medical Devices ETF) are both Health & Biotech Equities funds - XPH tracks the S&P Pharmaceuticals Select Industry Index while IHI tracks the Dow Jones U.S. Select Medical Equipment Index. Both are passively managed. Over the past 10 years, XPH returned 5.22%/yr vs 8.61%/yr for IHI. A 0.66 correlation means they provide meaningful diversification when combined. XPH charges 0.35%/yr vs 0.38%/yr for IHI.

Performance

XPH vs. IHI - Performance Comparison

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

Returns By Period

In the year-to-date period, XPH achieves a 19.55% return, which is significantly higher than IHI's -17.20% return. Over the past 10 years, XPH has underperformed IHI with an annualized return of 5.22%, while IHI has yielded a comparatively higher 8.61% annualized return.

XPH

• 1D: -2.37%
• 1M: 10.98%
• 6M: 20.41%
• YTD: 19.55%
• 1Y: 59.80%
• 3Y*: 18.81%
• 5Y*: 7.00%
• 10Y*: 5.22%

IHI

• 1D: 0.00%
• 1M: 3.52%
• 6M: -18.57%
• YTD: -17.20%
• 1Y: -15.43%
• 3Y*: -2.86%
• 5Y*: -2.90%
• 10Y*: 8.61%

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

XPH vs. IHI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPH SPDR S&P Pharmaceuticals ETF	19.55%	31.60%	4.94%	2.97%	-9.83%	-10.54%	14.68%	25.61%	-15.32%	12.05%
IHI iShares U.S. Medical Devices ETF	-17.20%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%

Correlation

The correlation between XPH and IHI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.66

Over the past year, the correlation between XPH and IHI has dropped to 0.42 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

XPH vs. IHI - Sectors Allocation Comparison

Sectors	XPH	IHI
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	0.2%
Real Estate	-	-
Technology	-	0.3%
Utilities	-	-

Return for Risk

XPH vs. IHI — Risk / Return Rank

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

XPH

XPH Risk / Return Rank: 91
XPH Sharpe Ratio Rank: 93
XPH Sortino Ratio Rank: 92
XPH Omega Ratio Rank: 87
XPH Calmar Ratio Rank: 93
XPH Martin Ratio Rank: 92

IHI

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

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.

XPH vs. IHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Pharmaceuticals ETF (XPH) 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.

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.

	XPH	IHI	Difference
Sharpe ratio: Return per unit of total volatility	2.68	-0.85	+3.53
Sortino ratio: Return per unit of downside risk	3.56	-1.14	+4.70
Omega ratio: Gain probability vs. loss probability	1.43	0.87	+0.56
Calmar ratio: Return relative to maximum drawdown	5.02	-0.59	+5.61
Martin ratio: Return relative to average drawdown	17.95	-1.25	+19.20

XPH vs. IHI - Sharpe Ratio Comparison

The current XPH Sharpe Ratio is 2.68, which is higher than the IHI Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of XPH and IHI, 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

XPH vs. IHI - Drawdown Comparison

The maximum XPH drawdown since its inception was -48.03%, roughly equal to the maximum IHI drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for XPH and IHI.

Drawdown Indicators

	XPH	IHI	Difference
Max Drawdown Largest peak-to-trough decline	-48.03%	-49.65%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-26.11%	+14.14%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-26.64%	+3.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-33.12%	+1.49%
Max Drawdown (10Y) Largest decline over 10 years	-35.97%	-33.25%	-2.72%
Current Drawdown Current decline from peak	-4.61%	-21.82%	+17.21%
Average Drawdown Average peak-to-trough decline	-17.17%	-8.39%	-8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	12.34%	-9.00%

Volatility

XPH vs. IHI - Volatility Comparison

SPDR S&P Pharmaceuticals ETF (XPH) and iShares U.S. Medical Devices ETF (IHI) have volatilities of 7.24% and 7.03%, 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

	XPH	IHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.24%	7.03%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	17.37%	14.56%	+2.81%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	18.25%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.10%	19.23%	+1.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	19.86%	+2.24%

XPH vs. IHI - Expense Ratio Comparison

XPH has a 0.35% expense ratio, which is lower than IHI's 0.38% expense ratio.

Dividends

XPH vs. IHI - Dividend Comparison

XPH's dividend yield for the trailing twelve months is around 0.50%, more than IHI's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHI iShares U.S. Medical Devices ETF	0.47%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%
XPH SPDR S&P Pharmaceuticals ETF	0.50%	0.83%	1.58%	1.28%	1.64%	0.95%	0.47%	0.64%	0.65%	0.67%	0.63%	7.15%

Frequently Asked Questions

Can I hold both XPH and IHI in my portfolio?

XPH and IHI 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, XPH or IHI?

XPH has higher volatility (7.24%) compared to IHI (7.03%). In terms of maximum drawdown, XPH dropped -48.03% vs IHI's -49.65%.

Which ETF is better, XPH or IHI?

On 10-year performance, IHI leads with 8.61% vs 5.22% for XPH. On fees, XPH is cheaper at 0.35% per year. On volatility, IHI has been the lower-risk option at 7.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPH or IHI?

Over the 10-year period, IHI has performed better with a 8.61% return vs 5.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPH or IHI?

XPH is cheaper with a 0.35% expense ratio, compared with 0.38% for IHI.

Which ETF pays a higher dividend yield, XPH or IHI?

XPH has the higher dividend yield at 0.50%, compared with 0.47% for IHI.

What is the main difference between XPH and IHI?

XPH tracks S&P Pharmaceuticals Select Industry Index, while IHI tracks Dow Jones U.S. Select Medical Equipment Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XPH and 0.38% for IHI.

Which has better risk-adjusted returns?

XPH currently has the higher Sharpe Ratio (2.68 vs -0.85), 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.