FHLC vs MHIP: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

Milliman Healthcare Inflation Plus ETF

MHIPCNYSE Arca

Overlap

58.3%by weight

Expense ratio

FHLC −0.47pt a year

FHLC0.08%MHIP0.55%

Avg volume · 30D

FHLC 1673.9×the volume

FHLC246KMHIP147

FHLC vs MHIP Performance

Jul 31, 2026 – Nov 2, 2026

+12.4%FHLC+6.7%MHIP

Expense ratio: FHLC 0.08%, better; MHIP 0.55%
Fund size: FHLC $3.54B; MHIP $2M
1Y total return: FHLC +28.5%; MHIP No data
Yield (12M): FHLC 1.15%; MHIP No data
Holdings: FHLC 344; MHIP 87
Avg volume (30D): FHLC 246K sh, better; MHIP 147 sh
NAV per share: FHLC $88.53; MHIP $21.46
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, MHIP, with each pillar’s weight
Pillar	FHLC	MHIP
Cost30% weight	A98Higher	C42
Mission25% weight	A81Higher	A79
Risk15% weight	A79	A82Higher
Tradability15% weight	A79Higher	D27
Holdings10% weight	C54Higher	D28
Durability5% weight	A77Higher	F21

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and MHIP 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 MHIP 16th 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 16CHTECROBO Global Healthcare Technology and Innovation ETFScore 40
Rank 16CMHIPMilliman Healthcare Inflation Plus ETFScore 40
Rank 18CHEALGlobal X HealthTech ETFScore 39

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

MHIPCMilliman Healthcare Inflation Plus 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.

MHIP Most health-care ETFs track the sector's stocks. MHIP aims at its bills: a multi-asset, US-focused portfolio whose stated goal is returns above U.S. healthcare cost inflation. Different yardstick, different fund.

Stated mandate

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

MHIP The Fund seeks to generate returns before fees and expenses that, over time, exceed U.S. healthcare cost inflation.

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

MHIP The benchmark is a cost, not a stock index. The prospectus goal is returns, before fees, above U.S. healthcare cost inflation, a yardstick the sector's big index trackers don't use.
Multi-asset by design. The mandate isn't limited to healthcare equities and runs an advertised factor approach rather than a market-cap ladder, with a US focus.
The paperwork is specific: sector, geography and objective are all pinned down in SEC filings, and the portfolio has matched the mission it advertises.

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.

MHIP Costs 0.55% a year, above the typical health-care sector fund and several times what plain index trackers such as VHT, XLV and FHLC charge.
Launched in 2026, still small and thinly traded, so spreads and fill quality matter more here than with the sector's household-name funds.
Short history. There's no full-cycle record yet showing how the strategy behaves when markets and healthcare costs move in opposite directions.

Full FHLC profile⁠

Full MHIP profile⁠

FHLC vs MHIP Holdings

How FHLC and MHIP differ

Overlap by weight

58.3%

Shared holdings make up 86.8% of FHLC and 59.7% of MHIP.

Level by level

Holdings77 in both58.3%
Countryby domicile98.5%
Asset classEquity100%

Sector

No Sector split for MHIP.

Country, concentration and asset class

Country by domicile

Country weights in FHLC and MHIP, widest gap first
Country	More in FHLCMore in MHIP	FHLC	MHIP
Ireland	MHIP +1.5 points	0.0%	1.5%
United States	FHLC +1.2 points	99.6%	98.4%
Other countries (6)	FHLC +0.3 points	0.4%	0.1%

Concentration

Weight in the 10 largest Holdings

FHLC53.3%
MHIP67.6%

Securities held

FHLC343
MHIP85

Asset class

FHLC: Equity
MHIP: Equity

Holdings

Only in FHLC266
In both77
Only in MHIP8

Only in FHLC

266 securities, 14.6% of FHLC by weight

Medtronic PLC1.59%
Securities Lending Cf1.28%
Elevance Health Inc1.17%
Becton Dickinson & Co0.70%
Idexx Labs Inc0.56%
Zoetis Inc Class A0.43%
United Therapeutics Corp Del0.29%
Roivant Sciences Ltd0.25%
Halozyme Therapeutics Inc0.20%
State Street 60 Day Money Mark0.19%
Glaukos Corp0.17%
Elanco Animal Health Inc0.15%
Molina Healthcare Inc0.14%
Insulet Corp0.13%
Repligen0.13%
Twist Bioscience Corp0.11%
Tg Therapeutics Inc0.11%
Healthequity Inc0.11%
Henry Schein Inc0.11%
Cytokinetics Inc0.10%
Vaxcyte Inc0.10%
Protagonist Therapeutics Inc0.10%
10X Genomics Inc0.09%
Alkermes PLC0.09%
Arrowhead Pharmaceuticals Inc0.09%
Chemed Corp0.09%
Ionis Pharmaceuticals Inc0.09%
Krystal Biotech Inc0.09%
Bio Rad Labs Class A0.09%
Praxis Precision Medicines Inc0.09%
Lantheus Hldgs Inc0.08%
Kymera Therapeutics Inc0.08%
Madrigal Pharmaceuticals Inc0.08%
Ligand Pharmaceuticals0.08%
Teleflex Inc0.08%
Bruker Corp0.08%
Axsome Therapeutics Inc0.08%
Spyre Therapeutics Inc0.08%
Hims & Hers Health Inc0.07%
Grail Inc0.07%
Haemonetics Corp Mass0.07%
Merit Medical Systems Inc0.07%
Rhythm Pharmaceuticals Inc0.07%
Sotera Health Co0.07%
Hinge Health Inc0.06%
Radnet Inc0.06%
Concentra Group Hld Parent Inc0.06%
Option Care Health Inc0.06%
Livanova PLC0.06%
Crispr Therapeutics AG0.06%

Only in MHIP

8 securities, 40.2% of MHIP by weight

United States Treasury Bill 11/19/202618.93%
State Street SPDR Portfolio S&P 500 ETF11.64%
BondBloxx Bloomberg Five Year Target Duration US Treasury ETF3.36%
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF3.03%
Medtronic PLC1.28%
Elevance Health Inc0.73%
4GLD Us 11/19/26 C351.76 Flx0.67%
Becton Dickinson & Co0.54%

Weight gaps

All 77 Holdings in both funds, largest gap first.

Holding weights in FHLC and MHIP, widest gap first
Holding	More in FHLCMore in MHIP	FHLC	MHIP
Merck & Co Inc NewMRK	FHLC +4.05 points	4.76%	0.71%
Johnson & JohnsonJNJ	FHLC +3.44 points	8.48%	5.04%
UnitedHealth Group IncUNH	FHLC +3.19 points	4.76%	1.57%
AbbVie IncABBV	FHLC +2.02 points	6.71%	4.69%
Vertex Pharmaceuticals IncVRTX	FHLC +1.73 points	1.83%	0.10%
Eli Lilly & CoLLY	FHLC +1.67 points	14.62%	12.95%
Regeneron Pharmaceuticals IncREGN	FHLC +1.11 points	1.23%	0.12%
Amgen IncAMGN	FHLC +1.01 points	3.24%	2.23%
Pfizer IncPFE	FHLC +0.79 points	2.24%	1.45%
Moderna IncMRNA	FHLC +0.75 points	0.96%	0.21%
Cardinal Health IncCAH	FHLC +0.74 points	0.76%	0.02%
Abbott LaboratoriesABT	FHLC +0.69 points	2.38%	1.69%
Mckesson CorpMCK	FHLC +0.51 points	1.50%	0.99%
Intuitive Surgical IncISRG	FHLC +0.49 points	1.97%	1.48%
Bristol-Myers Squibb CoBMY	FHLC +0.47 points	1.64%	1.17%
Cvs Health CorpCVS	FHLC +0.39 points	1.48%	1.09%
Cencora IncCOR	FHLC +0.36 points	0.79%	0.43%
Thermo Fisher Scientific IncTMO	FHLC +0.35 points	3.34%	2.99%
Biogen IncBIIB	FHLC +0.34 points	0.48%	0.14%
Medline IncMDLN	MHIP +0.33 points	0.15%	0.48%
Cigna Group (The)CI	FHLC +0.32 points	1.02%	0.70%
Royalty Pharma PLCRPRX	FHLC +0.31 points	0.36%	0.05%
Ge Healthcare Technologies IncGEHC	FHLC +0.30 points	0.45%	0.15%
Viatris IncVTRS	FHLC +0.28 points	0.29%	0.01%
Insmed IncINSM	FHLC +0.27 points	0.31%	0.04%
Mettler-Toledo Intl IncMTD	FHLC +0.23 points	0.44%	0.21%
Centene CorpCNC	MHIP +0.21 points	0.44%	0.65%
Incyte CorpINCY	FHLC +0.19 points	0.26%	0.07%
Natera IncNTRA	MHIP +0.17 points	0.73%	0.90%
Stryker CorpSYK	FHLC +0.18 points	1.30%	1.12%
West Pharmaceutical Svcs IncWST	FHLC +0.17 points	0.38%	0.21%
Edwards Lifesciences CorpEW	FHLC +0.17 points	0.68%	0.51%
Jazz Pharma PLCJAZZ	FHLC +0.15 points	0.16%	0.01%
Agilent Technologies IncA	FHLC +0.15 points	0.64%	0.49%
Bridgebio Pharma IncBBIO	FHLC +0.15 points	0.15%	<0.01%
Biomarin Pharmaceutical IncBMRN	FHLC +0.12 points	0.13%	<0.01%
Revolution Medicines IncRVMD	FHLC +0.12 points	0.42%	0.30%
Exelixis IncEXEL	FHLC +0.12 points	0.21%	0.09%
Alnylam Pharmaceuticals IncALNY	FHLC +0.12 points	0.28%	0.16%
Boston Scientific CorpBSX	FHLC +0.11 points	0.80%	0.69%
Illumina IncILMN	FHLC +0.10 points	0.45%	0.35%
Corcept Therapeutics IncCORT	FHLC +0.09 points	0.10%	<0.01%
Baxter Intl IncBAX	FHLC +0.08 points	0.15%	0.07%
Tenet Healthcare CorpTHC	FHLC +0.08 points	0.30%	0.22%
Guardant Health IncGH	MHIP +0.08 points	0.28%	0.36%
Ensign Group IncENSG	FHLC +0.06 points	0.13%	0.07%
Tempus Ai IncTEM	MHIP +0.06 points	0.10%	0.16%
Quest Diagnostics IncDGX	MHIP +0.06 points	0.36%	0.42%
Summit Therapeutics IncSMMT	MHIP +0.06 points	0.03%	0.09%
Zimmer Biomet Hldgs IncZBH	FHLC +0.06 points	0.24%	0.18%
Steris PLCSTE	FHLC +0.05 points	0.28%	0.23%
Resmed IncRMD	MHIP +0.06 points	0.43%	0.49%
Dexcom IncDXCM	MHIP +0.06 points	0.41%	0.47%
Hca Healthcare IncHCA	MHIP +0.05 points	0.95%	1.00%
Labcorp Holdings IncLH	MHIP +0.05 points	0.38%	0.43%
Iqvia Holdings IncIQV	FHLC +0.05 points	0.58%	0.53%
Danaher CorpDHR	MHIP +0.04 points	1.91%	1.95%
Waters CorpWAT	FHLC +0.04 points	0.59%	0.55%
Davita IncDVA	MHIP +0.04 points	0.08%	0.12%
Encompass Health CorpEHC	FHLC +0.03 points	0.17%	0.14%
Penumbra IncPEN	FHLC +0.03 points	0.15%	0.12%
Neurocrine Biosciences IncNBIX	FHLC +0.03 points	0.18%	0.15%
Brightspring Hlth Services IncBTSG	FHLC +0.03 points	0.14%	0.11%
Immunitybio IncIBRX	MHIP +0.03 points	0.04%	0.07%
Gilead Sciences IncGILD	FHLC +0.03 points	2.73%	2.70%
Align Technology IncALGN	MHIP +0.03 points	0.13%	0.16%
Humana IncHUM	FHLC +0.02 points	0.64%	0.62%
Charles River Labs Intl IncCRL	FHLC +0.02 points	0.22%	0.20%
Cooper Companies IncCOO	MHIP +0.02 points	0.15%	0.17%
Universal Health Svcs Inc Class BUHS	FHLC +0.01 points	0.11%	0.10%
Veeva Sys Inc Class AVEEV	MHIP +0.01 points	0.59%	0.60%
Revvity IncRVTY	FHLC +0.02 points	0.23%	0.21%
Medpace Holdings IncMEDP	MHIP +0.01 points	0.19%	0.20%
Globus Medical IncGMED	MHIP +0.01 points	0.11%	0.12%
Bio Techne CorpTECH	FHLC +0.01 points	0.15%	0.14%
Avantor IncAVTR	FHLC +0.01 points	0.14%	0.13%
Solventum CorpSOLV	MHIP +0.01 points	0.15%	0.16%

All 365 FHLC holdings⁠All 87 MHIP 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 MHIP Cost

Overpaying MHIP vs FHLC

$9,131

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

FHLC 0.084%
$1,773
MHIP 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
MHIP 0.55%
Overpaying

Year by year

Year	FHLC	MHIP	Overpaying
10	$154	$988	$834
20	$603	$3,790	$3,187
30	$1,773	$10,904	$9,131

Expense ratio

0.08%FHLC, cheaper
0.55%MHIP

FHLC0.08%MHIP0.55%

0.08%0.85%

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

FHLC 2nd cheapest of 25 funds

MHIP 15th cheapest of 25 funds

FHLC vs MHIP Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FHLC 1.15%; MHIP No data
Payout (12M): FHLC $1.02; MHIP None
Last payment: FHLC $0.25; MHIP No data
Ex-dividend: FHLC Sep 18, 2026; MHIP No data
Paid on: FHLC Sep 22, 2026; MHIP No data
Frequency: FHLC Quarterly; MHIP No data

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

MHIPAll MHIP payments⁠

No distribution history available.

FHLC vs MHIP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FHLC 14.5%MHIP No data
Return per unit of riskSharpe ratio, 3 years: FHLC 0.83MHIP No data
Worst fallMax drawdown, 5 years: FHLC −17.7%MHIP No data
Market sensitivityBeta, 5 years: FHLC 0.59MHIP 0.27; Market = 1

FHLC and MHIP in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026FHLC
Deep Dive
Health care's 1.8% week was four large caps, not a biotech rally
Sep 19, 2026FHLC

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