XPH vs. UNH

Last updated Jun 4, 2026

XPH (SPDR S&P Pharmaceuticals ETF) is Health & Biotech Equities fund tracking the S&P Pharmaceuticals Select Industry Index, while UNH (UnitedHealth Group Incorporated) is a stock. Over the past 10 years, XPH returned 3.44%/yr vs 12.49%/yr for UNH. At a 0.40 correlation, their price movements are largely independent.

Performance

XPH vs. UNH - Performance Comparison

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

Returns By Period

In the year-to-date period, XPH achieves a 0.66% return, which is significantly lower than UNH's 15.09% return. Over the past 10 years, XPH has underperformed UNH with an annualized return of 3.44%, while UNH has yielded a comparatively higher 12.49% annualized return.

XPH

• 1D: 1.10%
• 1M: -4.74%
• YTD: 0.66%
• 6M: 4.44%
• 1Y: 37.98%
• 3Y*: 13.07%
• 5Y*: 3.50%
• 10Y*: 3.44%

UNH

• 1D: -0.24%
• 1M: 1.69%
• YTD: 15.09%
• 6M: 12.59%
• 1Y: 28.69%
• 3Y*: -7.15%
• 5Y*: 0.25%
• 10Y*: 12.49%

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

XPH vs. UNH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPH SPDR S&P Pharmaceuticals ETF	0.66%	31.60%	4.94%	2.97%	-9.83%	-10.54%	14.68%	25.61%	-15.32%	12.05%
UNH UnitedHealth Group Incorporated	15.09%	-33.14%	-2.41%	0.80%	6.94%	45.20%	21.25%	20.00%	14.52%	39.83%

Correlation

The correlation between XPH and UNH is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.40

Over the past year, the correlation between XPH and UNH has dropped to 0.16 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

XPH vs. UNH — Risk / Return Rank

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

XPH

XPH Risk / Return Rank: 55
XPH Sharpe Ratio Rank: 51
XPH Sortino Ratio Rank: 51
XPH Omega Ratio Rank: 46
XPH Calmar Ratio Rank: 64
XPH Martin Ratio Rank: 63

UNH

UNH Risk / Return Rank: 61
UNH Sharpe Ratio Rank: 64
UNH Sortino Ratio Rank: 57
UNH Omega Ratio Rank: 61
UNH Calmar Ratio Rank: 61
UNH Martin Ratio Rank: 60

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. UNH - Risk-Adjusted Trends Comparison

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

	XPH	UNH	Difference
Sharpe ratio: Return per unit of total volatility	1.77	0.72	+1.05
Sortino ratio: Return per unit of downside risk	2.51	1.17	+1.34
Omega ratio: Gain probability vs. loss probability	1.30	1.18	+0.12
Calmar ratio: Return relative to maximum drawdown	3.19	1.00	+2.19
Martin ratio: Return relative to average drawdown	11.37	2.18	+9.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPH vs. UNH - Sharpe Ratio Comparison

The current XPH Sharpe Ratio is 1.77, which is higher than the UNH Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of XPH and UNH, 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

	XPH	UNH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	0.72	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.01	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.42	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.63	-0.25

Drawdowns

XPH vs. UNH - Drawdown Comparison

The maximum XPH drawdown since its inception was -48.03%, smaller than the maximum UNH drawdown of -74.37%. Use the drawdown chart below to compare losses from any high point for XPH and UNH.

Drawdown Indicators

	XPH	UNH	Difference
Max Drawdown Largest peak-to-trough decline	-48.03%	-74.37%	+26.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.97%	-28.96%	+16.99%
Max Drawdown (3Y) Largest decline over 3 years	-23.57%	-61.39%	+37.82%
Max Drawdown (5Y) Largest decline over 5 years	-31.63%	-61.39%	+29.76%
Max Drawdown (10Y) Largest decline over 10 years	-35.97%	-61.39%	+25.42%
Current Drawdown Current decline from peak	-7.22%	-37.50%	+30.28%
Average Drawdown Average peak-to-trough decline	-17.25%	-14.76%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	13.19%	-9.84%

Volatility

XPH vs. UNH - Volatility Comparison

SPDR S&P Pharmaceuticals ETF (XPH) and UnitedHealth Group Incorporated (UNH) have volatilities of 7.03% and 6.91%, 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	UNH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.03%	6.91%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	30.81%	-14.04%
Volatility (1Y) Calculated over the trailing 1-year period	21.52%	39.86%	-18.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	31.78%	-10.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.10%	30.15%	-8.05%

Dividends

XPH vs. UNH - Dividend Comparison

XPH's dividend yield for the trailing twelve months is around 0.66%, less than UNH's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UNH UnitedHealth Group Incorporated	2.34%	2.64%	1.62%	1.38%	1.21%	1.12%	1.38%	1.41%	1.38%	1.30%	1.48%	1.59%
XPH SPDR S&P Pharmaceuticals ETF	0.66%	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 UNH in my portfolio?

XPH and UNH have a correlation of 0.16, 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 UNH?

XPH has higher volatility (7.03%) compared to UNH (6.91%). In terms of maximum drawdown, XPH dropped -48.03% vs UNH's -74.37%.

Which has better risk-adjusted returns?

XPH currently has the higher Sharpe Ratio (1.77 vs 0.72), 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.