FHLC vs IYH: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

iShares U.S. Healthcare ETF

IYHANYSE Arca

Overlap

84.4%by weight

Expense ratio

FHLC −0.29pt a year

FHLC0.08%IYH0.37%

Avg volume · 30D

IYH 3.2×the volume

FHLC246KIYH788K

10Y return · a year

FHLC +0.2pt

FHLC+12.4%IYH+12.2%

FHLC vs IYH Performance

Oct 29, 2021 – Oct 30, 2026

+42.8%FHLC+42.8%IYH

Expense ratio: FHLC 0.08%, better; IYH 0.37%
Fund size: FHLC $3.54B; IYH $4.64B
1Y total return: FHLC +28.9%; IYH +29.4%, better
Yield (12M): FHLC 1.15%, better; IYH 1.03%
Holdings: FHLC 345; IYH 102
Avg volume (30D): FHLC 246K sh; IYH 788K sh, better
NAV per share: FHLC $88.53; IYH $77.80
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, IYH, with each pillar’s weight
Pillar	FHLC	IYH
Cost30% weight	A98Higher	B69
Mission25% weight	A81	Not scored
Risk15% weight	A79Higher	A76
Tradability15% weight	A82	A91Higher
Holdings10% weight	C54Higher	D35
Durability5% weight	A77	A85Higher

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and IYH 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 IYH 5th 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 4AXHSState Street SPDR S&P Health Care Services ETFScore 74
Rank 5AIYHiShares U.S. Healthcare ETFScore 71
Rank 6BIXJiShares Global Healthcare ETFScore 69

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

IYHAiShares U.S. Healthcare 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.

IYH Healthcare in one ticker from the class of 2000: roughly 100 drug, biotech and device names drawn from the Russell 1000, with index caps that stop any single giant from running the show.

Stated mandate

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

IYH The fund is designed to follow a healthcare-sector equity index focused on U.S. companies, while providing diversified exposure to pharmaceuticals, biotechnology, and healthcare equipment.

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

IYH The index is a Russell 1000 subset covering large and mid caps, so the fund reaches past mega-cap pharma into smaller device and biotech issuers.sec.gov
Concentration has a documented ceiling: at each quarterly rebalance no single issuer tops 22.5%, and positions above 4.5% are capped at 45% combined.sec.gov
At 0.37% with no waiver in the mix, the fee sits below the healthcare category median, and the fund has traded since June 12, 2000.
A multi-billion-dollar, actively traded iShares sector fund that pays quarterly and holds the stocks outright rather than swapping for exposure.ishares.com

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.

IYH Cheaper routes to the same sector exist: XLV charges 0.08% and VHT 0.09%, neither relying on a waiver, against 0.37% here.
One sector, one country. Regulation, patent cycles and drug pricing drive it, with no bonds or foreign names in the mix to soften the ride.
Even with the caps, about 100 stocks means a handful of large pharma and device makers shape most of the movement.sec.gov

Full FHLC profile⁠

Full IYH profile⁠

FHLC vs IYH Holdings

How FHLC and IYH differ

Overlap by weight

84.4%

Shared holdings make up 95.4% of IYH and 84.4% of FHLC.

Level by level

Sector11 Sectors0.0%
Holdings93 in both84.4%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in FHLC and IYH, widest gap first
Sector	More in FHLCMore in IYH	FHLC	IYH
Health Care	FHLC +100.0 points	100.0%	0.0%
Pharmaceuticals	IYH +36.4 points	0.0%	36.4%
Biotechnology	IYH +23.9 points	0.0%	23.9%
Health Care Equipment	IYH +14.4 points	0.0%	14.4%
Life Sciences Tools & Services	IYH +10.9 points	0.0%	10.9%
Managed Health Care	IYH +8.2 points	0.0%	8.2%
Health Care Services	IYH +2.5 points	0.0%	2.5%
Health Care Facilities	IYH +2.1 points	0.0%	2.1%
Health Care Technology	IYH +0.8 points	0.0%	0.8%
Health Care Supplies	IYH +0.7 points	0.0%	0.7%
Health Care Distributors	IYH +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in FHLC and IYH, widest gap first
Country	More in FHLCMore in IYH	FHLC	IYH
United States	IYH +0.1 points	99.6%	99.7%
United Kingdom	Same weight	0.3%	0.3%
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%
IYH59.9%

Securities held

FHLC343
IYH100

Asset class

FHLC: Equity
IYH: Equity

Holdings

Only in FHLC250
In both93
Only in IYH7

Only in FHLC

250 securities, 16.4% of FHLC by weight

Medtronic PLC1.60%
Cvs Health Corp1.49%
Mckesson Corp1.48%
Elevance Health Inc1.18%
Securities Lending Cf0.93%
Cencora Inc0.79%
Cardinal Health Inc0.76%
Becton Dickinson & Co0.70%
Mettler-Toledo Intl Inc0.45%
Roivant Sciences Ltd0.25%
Glaukos Corp0.17%
State Street 60 Day Money Mark0.17%
Twist Bioscience Corp0.13%
Brightspring Hlth Services Inc0.13%
10X Genomics Inc0.11%
Healthequity Inc0.11%
Tg Therapeutics Inc0.11%
Cytokinetics Inc0.10%
Vaxcyte Inc0.10%
Protagonist Therapeutics Inc0.10%
Alkermes PLC0.09%
Krystal Biotech Inc0.09%
Praxis Precision Medicines Inc0.09%
Lantheus Hldgs Inc0.08%
Kymera Therapeutics Inc0.08%
Ligand Pharmaceuticals0.08%
Spyre Therapeutics Inc0.08%
Grail Inc0.08%
Hims & Hers Health Inc0.08%
Merit Medical Systems Inc0.07%
Haemonetics Corp Mass0.07%
Rhythm Pharmaceuticals Inc0.07%
Hinge Health Inc0.07%
Radnet Inc0.06%
Concentra Group Hld Parent Inc0.06%
Option Care Health Inc0.06%
Crispr Therapeutics AG0.06%
Ptc Therapeutics Inc0.06%
Livanova PLC0.06%
Integer Holdings Corp0.06%
Definium Therapeutics Inc0.06%
Travere Therapeutics Inc0.05%
Cogent Biosciences Inc0.05%
Irhythm Technologies Inc0.05%
Veracyte Inc0.05%
Heartflow Inc0.05%
Icu Medical Inc0.05%
Kiniksa Pharmaceuticals Intern0.05%
Mirum Pharmaceuticals Inc0.05%
Oruka Therapeutics Inc0.05%

Only in IYH

7 securities, 4.4% of IYH by weight

Medtronic PLC1.72%
Elevance Health Inc1.32%
Becton Dickinson0.79%
Roivant Sciences Ltd0.28%
Ascendis Pharma0.19%
Qiagen0.15%
Hologic Inc0.00%

Weight gaps

All 93 Holdings in both funds, largest gap first.

Holding weights in FHLC and IYH, widest gap first
Holding	More in FHLCMore in IYH	FHLC	IYH
Eli Lilly & CoLLY	IYH +2.24 points	14.17%	16.41%
Johnson & JohnsonJNJ	IYH +1.01 points	8.54%	9.55%
AbbVie IncABBV	IYH +0.95 points	6.62%	7.57%
Merck & Co Inc NewMRK	IYH +0.70 points	4.66%	5.36%
UnitedHealth Group IncUNH	IYH +0.52 points	4.81%	5.33%
Amgen IncAMGN	IYH +0.45 points	3.20%	3.65%
Gilead Sciences IncGILD	IYH +0.43 points	2.65%	3.08%
Thermo Fisher Scientific IncTMO	IYH +0.36 points	3.40%	3.76%
Abbott LaboratoriesABT	IYH +0.32 points	2.35%	2.67%
Pfizer IncPFE	IYH +0.32 points	2.20%	2.52%
Vertex Pharmaceuticals IncVRTX	IYH +0.29 points	1.77%	2.06%
Regeneron Pharmaceuticals IncREGN	IYH +0.25 points	1.09%	1.34%
Bristol-Myers Squibb CoBMY	IYH +0.23 points	1.62%	1.85%
Moderna IncMRNA	IYH +0.20 points	0.97%	1.17%
Danaher CorpDHR	IYH +0.18 points	1.95%	2.13%
Intuitive Surgical IncISRG	IYH +0.16 points	2.05%	2.21%
Revolution Medicines IncRVMD	IYH +0.11 points	0.42%	0.53%
Cigna Group (The)CI	IYH +0.11 points	1.02%	1.13%
Veeva Sys Inc Class AVEEV	IYH +0.10 points	0.58%	0.68%
Boston Scientific CorpBSX	IYH +0.08 points	0.82%	0.90%
Stryker CorpSYK	IYH +0.07 points	1.39%	1.46%
Humana IncHUM	IYH +0.07 points	0.65%	0.72%
United Therapeutics Corp DelUTHR	IYH +0.07 points	0.29%	0.36%
Biogen IncBIIB	IYH +0.06 points	0.47%	0.54%
Zoetis Inc Class AZTS	IYH +0.06 points	0.43%	0.49%
Edwards Lifesciences CorpEW	IYH +0.06 points	0.70%	0.76%
Agilent Technologies IncA	IYH +0.06 points	0.66%	0.72%
Ge Healthcare Technologies IncGEHC	IYH +0.05 points	0.45%	0.50%
Natera IncNTRA	IYH +0.06 points	0.76%	0.82%
Medline IncMDLN	IYH +0.06 points	0.15%	0.21%
Royalty Pharma PLCRPRX	IYH +0.05 points	0.35%	0.40%
Centene CorpCNC	IYH +0.05 points	0.44%	0.49%
Waters CorpWAT	IYH +0.05 points	0.61%	0.66%
Dexcom IncDXCM	IYH +0.05 points	0.40%	0.45%
Exelixis IncEXEL	IYH +0.05 points	0.20%	0.25%
Idexx Labs IncIDXX	IYH +0.04 points	0.59%	0.63%
Insmed IncINSM	IYH +0.05 points	0.30%	0.35%
Bridgebio Pharma IncBBIO	IYH +0.04 points	0.14%	0.18%
Hca Healthcare IncHCA	IYH +0.04 points	0.96%	1.00%
Quest Diagnostics IncDGX	IYH +0.04 points	0.36%	0.40%
Labcorp Holdings IncLH	IYH +0.04 points	0.39%	0.43%
Iqvia Holdings IncIQV	IYH +0.04 points	0.59%	0.63%
Guardant Health IncGH	IYH +0.04 points	0.29%	0.33%
West Pharmaceutical Svcs IncWST	IYH +0.04 points	0.38%	0.42%
Incyte CorpINCY	IYH +0.03 points	0.26%	0.29%
Viatris IncVTRS	IYH +0.03 points	0.29%	0.32%
Illumina IncILMN	FHLC +0.03 points	0.55%	0.52%
Jazz Pharma PLCJAZZ	IYH +0.03 points	0.16%	0.19%
Steris PLCSTE	IYH +0.03 points	0.29%	0.32%
Biomarin Pharmaceutical IncBMRN	IYH +0.03 points	0.13%	0.16%
Neurocrine Biosciences IncNBIX	IYH +0.03 points	0.18%	0.21%
Madrigal Pharmaceuticals IncMDGL	IYH +0.03 points	0.08%	0.11%
Encompass Health CorpEHC	IYH +0.02 points	0.17%	0.19%
Arrowhead Pharmaceuticals IncARWR	IYH +0.03 points	0.09%	0.12%
Halozyme Therapeutics IncHALO	IYH +0.02 points	0.20%	0.22%
Zimmer Biomet Hldgs IncZBH	IYH +0.03 points	0.24%	0.27%
Penumbra IncPEN	IYH +0.03 points	0.15%	0.18%
Alnylam Pharmaceuticals IncALNY	IYH +0.02 points	0.30%	0.32%
Caris Life Sciences IncCAI	IYH +0.02 points	0.04%	0.06%
Molina Healthcare IncMOH	IYH +0.02 points	0.13%	0.15%
Bio Techne CorpTECH	IYH +0.01 points	0.15%	0.16%
Cooper Companies IncCOO	IYH +0.02 points	0.15%	0.17%
Charles River Labs Intl IncCRL	IYH +0.02 points	0.23%	0.25%
Revvity IncRVTY	IYH +0.01 points	0.24%	0.25%
Tenet Healthcare CorpTHC	IYH +0.02 points	0.30%	0.32%
Solventum CorpSOLV	IYH +0.01 points	0.16%	0.17%
Elanco Animal Health IncELAN	IYH +0.02 points	0.15%	0.17%
Universal Health Svcs Inc Class BUHS	IYH +0.01 points	0.12%	0.13%
Baxter Intl IncBAX	IYH +0.01 points	0.16%	0.17%
Resmed IncRMD	IYH +0.01 points	0.47%	0.48%
Ionis Pharmaceuticals IncIONS	IYH +0.01 points	0.09%	0.10%
Medpace Holdings IncMEDP	IYH +0.01 points	0.20%	0.21%
Henry Schein IncHSIC	IYH +0.01 points	0.11%	0.12%
Insulet CorpPODD	IYH +0.01 points	0.14%	0.15%
Axsome Therapeutics IncAXSM	IYH +0.01 points	0.08%	0.09%
Davita IncDVA	IYH +0.01 points	0.08%	0.09%
Ensign Group IncENSG	IYH +0.01 points	0.14%	0.15%
RepligenRGEN	IYH +0.01 points	0.14%	0.15%
Avantor IncAVTR	IYH +0.01 points	0.14%	0.15%
Align Technology IncALGN	IYH +0.02 points	0.13%	0.15%
Chemed CorpCHE	IYH +0.01 points	0.09%	0.10%
Bio Rad Labs Class ABIO	IYH +0.01 points	0.09%	0.10%
Viking Therapeutics IncVKTX	IYH +0.01 points	0.04%	0.05%
Teleflex IncTFX	IYH +0.01 points	0.08%	0.09%
Doximity IncDOCS	IYH +0.01 points	0.05%	0.06%
Tempus Ai IncTEM	IYH +0.01 points	0.10%	0.11%
Sotera Health CoSHC	Same weight	0.07%	0.07%
Globus Medical IncGMED	IYH +0.01 points	0.12%	0.13%
Bruker CorpBRKR	Same weight	0.09%	0.09%
Organon & CoOGN	Same weight	0.05%	0.05%
Corcept Therapeutics IncCORT	Same weight	0.11%	0.11%
Summit Therapeutics IncSMMT	Same weight	0.03%	0.03%
Envista Holdings CorpNVST	IYH +0.01 points	0.05%	0.06%

All 365 FHLC holdings⁠All 100 IYH 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 IYH Cost

Overpaying IYH vs FHLC

$5,740

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

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

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
IYH 0.37%
Overpaying

Year by year

Year	FHLC	IYH	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%IYH

FHLC0.08%IYH0.37%

0.08%0.85%

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

FHLC 2nd cheapest of 25 funds

IYH 7th cheapest of 25 funds

FHLC vs IYH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FHLC 1.15%, better; IYH 1.03%
Payout (12M): FHLC $1.02; IYH $0.80
Last payment: FHLC $0.25; IYH $0.19
Ex-dividend: FHLC Sep 18, 2026; IYH Sep 15, 2026
Paid on: FHLC Sep 22, 2026; IYH Sep 18, 2026
Frequency: FHLC Quarterly; IYH Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

IYHQuarterly · 40 paymentsAll IYH payments⁠

FHLC vs IYH Risk

Fall from peak · 5 years

FHLC
IYH

Risk facts

VolatilityStd dev, 3 years: FHLC 14.5%IYH 14.4%, better
Return per unit of riskSharpe ratio, 3 years: FHLC 0.83, betterIYH 0.78
Worst fallMax drawdown, 5 years: FHLC −17.7%, betterIYH −17.9%
Market sensitivityBeta, 5 years: FHLC 0.59IYH 0.57; Market = 1

FHLC and IYH in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026FHLCIYH
Deep Dive
Health care's 1.8% week was four large caps, not a biotech rally
Sep 19, 2026FHLC
Deep Dive
Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide
Sep 14, 2026IYH

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