FHLC vs PSCH: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

Invesco S&P SmallCap Health Care ETF

PSCHBNasdaq

Overlap

2.4%by weight

Expense ratio

FHLC −0.21pt a year

FHLC0.08%PSCH0.29%

Avg volume · 30D

FHLC 9.5×the volume

FHLC246KPSCH25.8K

10Y return · a year

FHLC +2.7pt

FHLC+12.5%PSCH+9.8%

FHLC vs PSCH Performance

Nov 2, 2021 – Nov 2, 2026

+41.1%FHLC−10.0%PSCH

Expense ratio: FHLC 0.08%, better; PSCH 0.29%
Fund size: FHLC $3.54B; PSCH $179M
1Y total return: FHLC +28.5%; PSCH +30.7%, better
Yield (12M): FHLC 1.15%, better; PSCH 0.00%
Holdings: FHLC 344; PSCH 72
Avg volume (30D): FHLC 246K sh, better; PSCH 25.8K sh
NAV per share: FHLC $88.53; PSCH $55.73
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, PSCH, with each pillar’s weight
Pillar	FHLC	PSCH
Cost30% weight	A98Higher	A88
Mission25% weight	A81	Not scored
Risk15% weight	A79Higher	C49
Tradability15% weight	A79Higher	C45
Holdings10% weight	C54	A73Higher
Durability5% weight	A77Higher	B62

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and PSCH 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 PSCH 8th 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 7BRSPHInvesco S&P 500 Equal Weight Health Care ETFScore 68
Rank 8BPSCHInvesco S&P SmallCap Health Care ETFScore 67
Rank 9BXHEState Street SPDR S&P Health Care Equipment ETFScore 64

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

PSCHBInvesco S&P SmallCap Health Care 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.

PSCH Health care, minus the mega-cap pharma giants. PSCH tracks a capped small-cap health care index from the S&P SmallCap 600: roughly 70 companies, same sector as the household-name funds, opposite end of the size spectrum, for 0.29% a year.

Stated mandate

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

PSCH The Fund is based on the S&P SmallCap 600® Capped Health Care Index and normally invests at least 90% of its assets in securities represented by that Index.

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

PSCH Charges 0.29% a year, well below the median fee in its broad health care peer group. Cheap access to the small-cap corner of the sector.
Rules-based and plain: normally at least 90% of assets in the securities of the S&P SmallCap 600 Capped Health Care Index, roughly 70 names, with index caps limiting how large any one position gets.
Running since 2010, through multiple biotech boom-and-bust cycles, and one of the stronger builds among the two dozen broad health care ETFs we track.

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.

PSCH Trades lightly next to the mega-cap sector funds, so bid-ask spreads and market impact matter more here, particularly in size or in a fast-moving market.
Small-cap health care is the jumpy end of the sector, and a roughly 70-stock lineup means single-company news lands harder than in a sprawling mega-cap fund.
Distributions come once or twice a year, not monthly. This is a sector equity sleeve, not an income-first holding.

Full FHLC profile⁠

Full PSCH profile⁠

FHLC vs PSCH Holdings

How FHLC and PSCH differ

Overlap by weight

2.4%

Shared holdings make up 98.9% of PSCH and 2.4% of FHLC.

Level by level

Holdings68 in both2.4%
Sector2 Sectors98.8%
Asset classEquity100%
Countryby domicile99.6%

Sector

Sector weights in FHLC and PSCH, widest gap first
Sector	More in FHLCMore in PSCH	FHLC	PSCH
Health Care	FHLC +1.2 points	100.0%	98.8%
Financials	PSCH +1.2 points	0.0%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in FHLC and PSCH, widest gap first
Country	More in FHLCMore in PSCH	FHLC	PSCH
United States	PSCH +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

FHLC53.3%
PSCH36.6%

Securities held

FHLC343
PSCH71

Asset class

FHLC: Equity
PSCH: Equity

Holdings

Only in FHLC275
In both68
Only in PSCH3

Only in FHLC

275 securities, 99.0% of FHLC by weight

Eli Lilly & Co14.62%
Johnson & Johnson8.48%
AbbVie Inc6.71%
UnitedHealth Group Inc4.76%
Merck & Co Inc New4.76%
Thermo Fisher Scientific Inc3.34%
Amgen Inc3.24%
Gilead Sciences Inc2.73%
Abbott Laboratories2.38%
Pfizer Inc2.24%
Intuitive Surgical Inc1.97%
Danaher Corp1.91%
Vertex Pharmaceuticals Inc1.83%
Bristol-Myers Squibb Co1.64%
Medtronic PLC1.59%
Mckesson Corp1.50%
Cvs Health Corp1.48%
Stryker Corp1.30%
Securities Lending Cf1.28%
Regeneron Pharmaceuticals Inc1.23%
Elevance Health Inc1.17%
Cigna Group (The)1.02%
Moderna Inc0.96%
Hca Healthcare Inc0.95%
Boston Scientific Corp0.80%
Cencora Inc0.79%
Cardinal Health Inc0.76%
Natera Inc0.73%
Becton Dickinson & Co0.70%
Edwards Lifesciences Corp0.68%
Humana Inc0.64%
Agilent Technologies Inc0.64%
Veeva Sys Inc Class A0.59%
Waters Corp0.59%
Iqvia Holdings Inc0.58%
Idexx Labs Inc0.56%
Biogen Inc0.48%
Ge Healthcare Technologies Inc0.45%
Illumina Inc0.45%
Mettler-Toledo Intl Inc0.44%
Centene Corp0.44%
Zoetis Inc Class A0.43%
Resmed Inc0.43%
Revolution Medicines Inc0.42%
Dexcom Inc0.41%
Labcorp Holdings Inc0.38%
West Pharmaceutical Svcs Inc0.38%
Quest Diagnostics Inc0.36%
Royalty Pharma PLC0.36%
Insmed Inc0.31%

Only in PSCH

3 securities, 1.1% of PSCH by weight

Perrigo Co PLC1.11%
Invesco Government & Agency Portfolio0.04%
Securities Lending - Bnym0.00%

Weight gaps

All 68 Holdings in both funds, largest gap first.

Holding weights in FHLC and PSCH, widest gap first
Holding	More in FHLCMore in PSCH	FHLC	PSCH
Glaukos CorpGKOS	PSCH +6.93 points	0.17%	7.10%
Protagonist Therapeutics IncPTGX	PSCH +4.65 points	0.10%	4.75%
Tg Therapeutics IncTGTX	PSCH +4.29 points	0.11%	4.40%
Alkermes PLCALKS	PSCH +3.76 points	0.09%	3.85%
Ligand PharmaceuticalsLGND	PSCH +3.18 points	0.08%	3.26%
Teleflex IncTFX	PSCH +2.92 points	0.08%	3.00%
Radnet IncRDNT	PSCH +2.58 points	0.06%	2.64%
Merit Medical Systems IncMMSI	PSCH +2.54 points	0.07%	2.61%
Ptc Therapeutics IncPTCT	PSCH +2.49 points	0.05%	2.54%
Concentra Group Hld Parent IncCON	PSCH +2.37 points	0.06%	2.43%
Integer Holdings CorpITGR	PSCH +2.12 points	0.06%	2.18%
Indivior Pharmaceuticals IncINDV	PSCH +2.06 points	0.05%	2.11%
Icu Medical IncICUI	PSCH +2.02 points	0.05%	2.07%
Veracyte IncVCYT	PSCH +1.98 points	0.05%	2.03%
Amneal Pharmaceuticals IncAMRX	PSCH +1.97 points	0.04%	2.01%
Arcutis Biotherapeutics IncARQT	PSCH +1.81 points	0.05%	1.86%
Organon & CoOGN	PSCH +1.79 points	0.05%	1.84%
Lifestance Health Group IncLFST	PSCH +1.79 points	0.04%	1.83%
Waystar Holding CorpWAY	PSCH +1.67 points	0.04%	1.71%
Liquidia CorpLQDA	PSCH +1.66 points	0.04%	1.70%
Atricure IncATRC	PSCH +1.54 points	0.04%	1.58%
Acadia Healthcare Co IncACHC	PSCH +1.38 points	0.03%	1.41%
Privia Health Group IncPRVA	PSCH +1.36 points	0.03%	1.39%
Acadia Pharmaceuticals IncACAD	PSCH +1.32 points	0.03%	1.35%
National Healthcare CorpNHC	PSCH +1.30 points	0.03%	1.33%
Neogen CorpNEOG	PSCH +1.28 points	0.03%	1.31%
Adma Biologics IncADMA	PSCH +1.27 points	0.03%	1.30%
Corvel CorpCRVL	PSCH +1.25 points	0.03%	1.28%
Supernus Pharmaceuticals IncSUPN	PSCH +1.21 points	0.03%	1.24%
Pediatrix Medical Group IncMD	PSCH +1.17 points	0.03%	1.20%
Prestige Consumer Healthca IncPBH	PSCH +1.15 points	0.03%	1.18%
Addus Homecare CorpADUS	PSCH +1.13 points	0.03%	1.16%
Transmedics Group IncTMDX	PSCH +1.13 points	0.03%	1.16%
Progyny IncPGNY	PSCH +1.11 points	0.03%	1.14%
Neogenomics IncNEO	PSCH +1.10 points	0.03%	1.13%
Ufp Technologies IncUFPT	PSCH +1.09 points	0.03%	1.12%
Vericel CorpVCEL	PSCH +1.02 points	0.03%	1.05%
Xencor IncXNCR	PSCH +1.01 points	0.02%	1.03%
Fortrea Holdings IncFTRE	PSCH +1.01 points	0.02%	1.03%
Inspire Medical Systems IncINSP	PSCH +0.98 points	0.02%	1.00%
Sarepta Therapeutics IncSRPT	PSCH +0.98 points	0.02%	1.00%
Harmony Biosciences Hldgs IncHRMY	PSCH +0.95 points	0.02%	0.97%
Arcus Biosciences IncRCUS	PSCH +0.95 points	0.02%	0.97%
Amn Healthcare Services IncAMN	PSCH +0.90 points	0.02%	0.92%
Lemaitre Vascular IncLMAT	PSCH +0.85 points	0.02%	0.87%
Omnicell IncOMCL	PSCH +0.83 points	0.02%	0.85%
Schrodinger IncSDGR	PSCH +0.77 points	0.02%	0.79%
Azenta IncBRKS	PSCH +0.76 points	0.02%	0.78%
Innoviva IncINVA	PSCH +0.76 points	0.02%	0.78%
Astrana Health IncAMEH	PSCH +0.76 points	0.02%	0.78%
Ani Pharmaceuticals IncANIP	PSCH +0.71 points	0.02%	0.73%
Pacira Biosciences IncPCRX	PSCH +0.72 points	0.02%	0.74%
Vir Biotechnology IncVIR	PSCH +0.71 points	0.02%	0.73%
Alignment Healthcare IncALHC	PSCH +0.67 points	0.02%	0.69%
Tandem Diabetes Care IncTNDM	PSCH +0.65 points	0.02%	0.67%
Conmed CorpCNMD	PSCH +0.65 points	0.02%	0.67%
Us Physical Therapy IncUSPH	PSCH +0.63 points	0.02%	0.65%
Certara IncCERT	PSCH +0.61 points	0.02%	0.63%
Enovis CorpENOV	PSCH +0.57 points	0.01%	0.58%
Artivion IncAORT	PSCH +0.55 points	0.01%	0.56%
Quidelortho CorpQDEL	PSCH +0.45 points	0.01%	0.46%
Amphastar Pharmaceuticals IncAMPH	PSCH +0.43 points	0.01%	0.44%
Integra Lifesciences Hlds CorpIART	PSCH +0.42 points	0.01%	0.43%
Phibro Animal Health Corp Class APAHC	PSCH +0.41 points	0.01%	0.42%
Healthstream IncHSTM	PSCH +0.39 points	0.01%	0.40%
Collegium Pharmaceutical IncCOLL	PSCH +0.38 points	<0.01%	0.39%
Staar Surgical Co NewSTAA	PSCH +0.36 points	<0.01%	0.37%
Adapthealth CorpAHCO	PSCH +0.30 points	<0.01%	0.31%

All 365 FHLC holdings⁠All 70 PSCH 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 PSCH Cost

Overpaying PSCH vs FHLC

$4,179

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

FHLC 0.084%
$1,773
PSCH 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
PSCH 0.29%
Overpaying

Year by year

Year	FHLC	PSCH	Overpaying
10	$154	$527	$373
20	$603	$2,044	$1,441
30	$1,773	$5,952	$4,179

Expense ratio

0.08%FHLC, cheaper
0.29%PSCH

FHLC0.08%PSCH0.29%

0.08%0.85%

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

FHLC 2nd cheapest of 25 funds

PSCH 4th cheapest of 25 funds

FHLC vs PSCH Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FHLC 1.15%, better; PSCH 0.00%
Payout (12M): FHLC $1.02; PSCH $0.00033
Last payment: FHLC $0.25; PSCH $0.00033
Ex-dividend: FHLC Sep 18, 2026; PSCH Mar 23, 2026
Paid on: FHLC Sep 22, 2026; PSCH Mar 27, 2026
Frequency: FHLC Quarterly; PSCH Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

PSCHTwice a year · 9 paymentsAll PSCH payments⁠

FHLC vs PSCH Risk

Fall from peak · 5 years

FHLC
PSCH

Risk facts

VolatilityStd dev, 3 years: FHLC 14.5%, betterPSCH 21.3%
Return per unit of riskSharpe ratio, 3 years: FHLC 0.83, betterPSCH 0.61
Worst fallMax drawdown, 5 years: FHLC −17.7%, betterPSCH −45.8%
Market sensitivityBeta, 5 years: FHLC 0.59PSCH 0.96; Market = 1

FHLC and PSCH 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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FHLC vs PSCH

In short

Stated mandate

Why people hold it

Worth knowing

How FHLC and PSCH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in PSCH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Health care funds trail the S&P 500 this year

Health care's 1.8% week was four large caps, not a biotech rally

How FHLC and PSCH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in PSCH

Weight gaps