FHLC vs IHF: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

iShares U.S. Healthcare Providers ETF

IHFBNYSE Arca

Overlap

13.3%by weight

Expense ratio

FHLC −0.29pt a year

FHLC0.08%IHF0.37%

Avg volume · 30D

IHF 2.5×the volume

FHLC246KIHF604K

10Y return · a year

FHLC +1.4pt

FHLC+12.4%IHF+11.0%

FHLC vs IHF Performance

Oct 29, 2021 – Oct 30, 2026

+42.8%FHLC+12.1%IHF

Expense ratio: FHLC 0.08%, better; IHF 0.37%
Fund size: FHLC $3.54B; IHF $1.47B
1Y total return: FHLC +28.9%, better; IHF +25.1%
Yield (12M): FHLC 1.15%, better; IHF 0.91%
Holdings: FHLC 345; IHF 64
Avg volume (30D): FHLC 246K sh; IHF 604K sh, better
NAV per share: FHLC $88.53; IHF $59.89
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, IHF, with each pillar’s weight
Pillar	FHLC	IHF
Cost30% weight	A98Higher	B69
Mission25% weight	A81	Not scored
Risk15% weight	A79Higher	D32
Tradability15% weight	A82	A82
Holdings10% weight	C54Higher	F12
Durability5% weight	A77	A77

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and IHF are both graded against the same 25 Health Care (Broad) funds, so their Grades compare head to head.

Health Care (Broad)⁠

Category · 25 funds

See all 25 ›

FHLC ranks 2nd and IHF 11th of 25 funds in the Health Care (Broad) Category.

Rank 1AXLVState Street Health Care Select Sector SPDR ETFScore 85
Rank 2AFHLCFidelity MSCI Health Care Index ETFScore 83
Rank 3AVHTVanguard Health Care ETFScore 77
Rank 10BFXHFirst Trust Health Care AlphaDEX FundScore 58
Rank 11BIHFiShares U.S. Healthcare Providers ETFScore 56
Rank 12BIHIiShares U.S. Medical Devices ETFScore 55

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

IHFBiShares U.S. Healthcare Providers ETF

In short

FHLC Health care, whole market. FHLC tracks an MSCI index that runs from mega-cap pharma down to small-cap biotech and device makers, roughly 400 names, for 0.08% a year.

IHF Healthcare without the drug labs. IHF tracks a US health care providers index, the insurers, hospitals and care networks that deliver and pay for care rather than invent the medicine, and it has been doing that job since 2006.

Stated mandate

FHLC The fund seeks to track the performance of the MSCI USA IMI Health Care Index before fees and expenses.

IHF The Fund seeks to track the investment results of an index made up of U.S. equities in the healthcare providers sector. Its stated strategy is to track the Dow Jones U.S. Select Health Care Providers Index before fund fees and expenses.

Why people hold it

FHLC Charges 0.08% a year against a 0.50% median for broad health care ETFs. Only XLV matches that sticker; VHT sits a hair above.
The IMI index it follows reaches for about 99% of US free-float market value, so smaller biotech and device names ride along with the pharma giants.msci.com
Mirrors its benchmark closely, one of the tighter tracking jobs among broad health care funds. Distributions come quarterly.
Fidelity has run it since 2013, and it has grown into a multi-billion-dollar fund with a plain vanilla index mandate.fidelity.com

IHF Owns the delivery-and-payment side of healthcare, not the drug pipeline. That is a genuinely different slice than a whole-sector fund, run off one index since 2006.
Costs 0.37% a year, under the 0.50% median for health care sector ETFs.
A multi-billion-dollar iShares fund with moderate volume: a real market on both sides of the trade.
Lands in the upper half of the broad health care ETFs we grade, a solid showing for such a targeted mandate.

Worth knowing

FHLC One sector, one country. Drug-pricing politics, patent cliffs and FDA rulings move the whole portfolio at once.
Free-float cap weighting means a handful of mega-cap insurers and drugmakers carry most of the weight; that long tail of small names counts for less than it looks.msci.com
Moderately traded rather than the category's volume leader, so spreads matter more on large or hurried orders.

IHF About 60 stocks inside one corner of one sector. A narrow lineup like this can swing harder than a diversified healthcare fund.
Broad healthcare rivals are far cheaper (VHT at 0.09%, XLV and FHLC at 0.08%). The focused mandate is what the extra fee buys.
Distributions land quarterly. This is a growth-oriented equity slice, so income is a byproduct rather than the design.

Full FHLC profile⁠

Full IHF profile⁠

FHLC vs IHF Holdings

How FHLC and IHF differ

Overlap by weight

13.3%

Shared holdings make up 90.0% of IHF and 13.3% of FHLC.

Level by level

Sector5 Sectors0.0%
Holdings55 in both13.3%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FHLC and IHF, widest gap first
Sector	More in FHLCMore in IHF	FHLC	IHF
Health Care	FHLC +100.0 points	100.0%	0.0%
Managed Health Care	IHF +43.1 points	0.0%	43.1%
Health Care Services	IHF +35.9 points	0.0%	35.9%
Health Care Facilities	IHF +13.6 points	0.0%	13.6%
Health Care Technology	IHF +7.5 points	0.0%	7.5%

Country, concentration and asset class

Country by domicile

Country weights in FHLC and IHF, widest gap first
Country	More in FHLCMore in IHF	FHLC	IHF
United States	IHF +0.4 points	99.6%	100.0%
United Kingdom	FHLC +0.3 points	0.3%	0.0%
Switzerland	FHLC +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
Netherlands	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

FHLC52.6%
IHF73.3%

Securities held

FHLC343
IHF61

Asset class

FHLC: Equity
IHF: Equity

Holdings

Only in FHLC288
In both55
Only in IHF6

Only in FHLC

288 securities, 87.5% of FHLC by weight

Eli Lilly & Co14.17%
Johnson & Johnson8.54%
AbbVie Inc6.62%
Merck & Co Inc New4.66%
Thermo Fisher Scientific Inc3.40%
Amgen Inc3.20%
Gilead Sciences Inc2.65%
Abbott Laboratories2.35%
Pfizer Inc2.20%
Intuitive Surgical Inc2.05%
Danaher Corp1.95%
Vertex Pharmaceuticals Inc1.77%
Bristol-Myers Squibb Co1.62%
Medtronic PLC1.60%
Mckesson Corp1.48%
Stryker Corp1.39%
Elevance Health Inc1.18%
Regeneron Pharmaceuticals Inc1.09%
Moderna Inc0.97%
Securities Lending Cf0.93%
Boston Scientific Corp0.82%
Cencora Inc0.79%
Natera Inc0.76%
Cardinal Health Inc0.76%
Becton Dickinson & Co0.70%
Edwards Lifesciences Corp0.70%
Agilent Technologies Inc0.66%
Waters Corp0.61%
Iqvia Holdings Inc0.59%
Idexx Labs Inc0.59%
Illumina Inc0.55%
Biogen Inc0.47%
Resmed Inc0.47%
Mettler-Toledo Intl Inc0.45%
Ge Healthcare Technologies Inc0.45%
Zoetis Inc Class A0.43%
Revolution Medicines Inc0.42%
Dexcom Inc0.40%
West Pharmaceutical Svcs Inc0.38%
Royalty Pharma PLC0.35%
Insmed Inc0.30%
Alnylam Pharmaceuticals Inc0.30%
United Therapeutics Corp Del0.29%
Steris PLC0.29%
Viatris Inc0.29%
Incyte Corp0.26%
Roivant Sciences Ltd0.25%
Zimmer Biomet Hldgs Inc0.24%
Revvity Inc0.24%
Charles River Labs Intl Inc0.23%

Only in IHF

6 securities, 10.0% of IHF by weight

Elevance Health Inc9.32%
Billiontoone Class A0.31%
Astrana Health0.19%
Evolent Health Class A0.06%
Fulgent Genetics0.04%
Community Health Systems Inc0.03%

Weight gaps

All 55 Holdings in both funds, largest gap first.

Holding weights in FHLC and IHF, widest gap first
Holding	More in FHLCMore in IHF	FHLC	IHF
UnitedHealth Group IncUNH	IHF +17.26 points	4.81%	22.07%
Cvs Health CorpCVS	IHF +10.34 points	1.49%	11.83%
Veeva Sys Inc Class AVEEV	IHF +4.54 points	0.58%	5.12%
Hca Healthcare IncHCA	IHF +3.82 points	0.96%	4.78%
Humana IncHUM	IHF +3.77 points	0.65%	4.42%
Centene CorpCNC	IHF +3.71 points	0.44%	4.15%
Cigna Group (The)CI	IHF +3.55 points	1.02%	4.57%
Labcorp Holdings IncLH	IHF +3.21 points	0.39%	3.60%
Quest Diagnostics IncDGX	IHF +3.05 points	0.36%	3.41%
Guardant Health IncGH	IHF +2.65 points	0.29%	2.94%
Tenet Healthcare CorpTHC	IHF +2.40 points	0.30%	2.70%
Encompass Health CorpEHC	IHF +1.48 points	0.17%	1.65%
Brightspring Hlth Services IncBTSG	IHF +1.27 points	0.13%	1.40%
Molina Healthcare IncMOH	IHF +1.18 points	0.13%	1.31%
Ensign Group IncENSG	IHF +1.15 points	0.14%	1.29%
Universal Health Svcs Inc Class BUHS	IHF +1.00 points	0.12%	1.12%
Healthequity IncHQY	IHF +0.94 points	0.11%	1.05%
Chemed CorpCHE	IHF +0.77 points	0.09%	0.86%
Hinge Health IncHNGE	IHF +0.76 points	0.07%	0.83%
Davita IncDVA	IHF +0.70 points	0.08%	0.78%
Hims & Hers Health IncHIMS	IHF +0.64 points	0.08%	0.72%
Radnet IncRDNT	IHF +0.58 points	0.06%	0.64%
Concentra Group Hld Parent IncCON	IHF +0.53 points	0.06%	0.59%
Option Care Health IncOPCH	IHF +0.53 points	0.06%	0.59%
Doximity IncDOCS	IHF +0.46 points	0.05%	0.51%
Heartflow IncHTFL	IHF +0.44 points	0.05%	0.49%
Lifestance Health Group IncLFST	IHF +0.40 points	0.04%	0.44%
Waystar Holding CorpWAY	IHF +0.38 points	0.04%	0.42%
Acadia Healthcare Co IncACHC	IHF +0.31 points	0.03%	0.34%
Privia Health Group IncPRVA	IHF +0.31 points	0.03%	0.34%
National Healthcare CorpNHC	IHF +0.29 points	0.03%	0.32%
Corvel CorpCRVL	IHF +0.28 points	0.03%	0.31%
Brookdale Senior Living IncBKD	IHF +0.27 points	0.03%	0.30%
Pediatrix Medical Group IncMD	IHF +0.26 points	0.03%	0.29%
Addus Homecare CorpADUS	IHF +0.25 points	0.03%	0.28%
Pacs Group IncPACS	IHF +0.25 points	0.03%	0.28%
Progyny IncPGNY	IHF +0.24 points	0.03%	0.27%
Neogenomics IncNEO	IHF +0.24 points	0.03%	0.27%
Clover Health Investements CorCLOV	IHF +0.22 points	0.02%	0.24%
Amn Healthcare Services IncAMN	IHF +0.20 points	0.02%	0.22%
Surgery Partners IncSGRY	IHF +0.20 points	0.02%	0.22%
Genedx Holdings Corp-AWGS	IHF +0.17 points	0.02%	0.19%
Aveanna Healthcare Hldgs IncAVAH	IHF +0.18 points	0.01%	0.19%
Teladoc Health IncTDOC	IHF +0.17 points	0.02%	0.19%
Schrodinger IncSDGR	IHF +0.17 points	0.02%	0.19%
Pennant Group IncPNTG	IHF +0.16 points	0.02%	0.18%
Alignment Healthcare IncALHC	IHF +0.15 points	0.02%	0.17%
Us Physical Therapy IncUSPH	IHF +0.14 points	0.02%	0.16%
Certara IncCERT	IHF +0.13 points	0.02%	0.15%
Castle Biosciences IncCSTL	IHF +0.13 points	0.01%	0.14%
Agilon Health IncAGL	IHF +0.12 points	0.01%	0.13%
Omada Health IncOMDA	IHF +0.11 points	0.01%	0.12%
Healthstream IncHSTM	IHF +0.09 points	0.01%	0.10%
Opko Health IncOPK	IHF +0.08 points	<0.01%	0.09%
Phreesia IncPHR	IHF +0.07 points	<0.01%	0.08%

All 365 FHLC holdings⁠All 61 IHF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FHLC vs IHF Cost

Overpaying IHF vs FHLC

$5,740

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FHLC 0.084%
$1,773
IHF 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
IHF 0.37%
Overpaying

Year by year

Year	FHLC	IHF	Overpaying
10	$154	$670	$516
20	$603	$2,590	$1,987
30	$1,773	$7,513	$5,740

Expense ratio

0.08%FHLC, cheaper
0.37%IHF

FHLC0.08%IHF0.37%

0.08%0.85%

Middle half of Health Care (Broad) funds
Median 0.50%

FHLC 2nd cheapest of 25 funds

IHF 7th cheapest of 25 funds

FHLC vs IHF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FHLC 1.15%, better; IHF 0.91%
Payout (12M): FHLC $1.02; IHF $0.54
Last payment: FHLC $0.25; IHF $0.13
Ex-dividend: FHLC Sep 18, 2026; IHF Sep 15, 2026
Paid on: FHLC Sep 22, 2026; IHF Sep 18, 2026
Frequency: FHLC Quarterly; IHF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

IHFQuarterly · 40 paymentsAll IHF payments⁠

FHLC vs IHF Risk

Fall from peak · 5 years

FHLC
IHF

Risk facts

VolatilityStd dev, 3 years: FHLC 14.5%, betterIHF 23.0%
Return per unit of riskSharpe ratio, 3 years: FHLC 0.83, betterIHF 0.23
Worst fallMax drawdown, 5 years: FHLC −17.7%, betterIHF −29.8%
Market sensitivityBeta, 5 years: FHLC 0.59IHF 0.85; Market = 1

FHLC and IHF in the news

All news⁠

Deep Dive
Health care's 1.8% week was four large caps, not a biotech rally
Sep 19, 2026FHLCIHF
Top Movers
T-Mobile falls 13.3% and tower stocks rise on the SpaceX spectrum deal
Oct 9, 2026IHF
Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026FHLC
Deep Dive
Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide
Sep 14, 2026IHF

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