FHLC vs VHT: Grades, Fees and Holdings Compared

Fidelity MSCI Health Care Index ETF

FHLCANYSE Arca

Vanguard Health Care ETF

VHTANYSE Arca

Overlap

92.8%by weight

Expense ratio

FHLC −0.01pt a year

FHLC0.08%VHT0.09%

Avg volume · 30D

FHLC 1.04×the volume

FHLC246KVHT237K

10Y return · a year

FHLC+12.4%VHT+12.4%

FHLC vs VHT Performance

Oct 29, 2021 – Oct 30, 2026

+42.8%FHLC+42.5%VHT

Expense ratio: FHLC 0.08%, better; VHT 0.09%
Fund size: FHLC $3.54B; VHT $21.8B
1Y total return: FHLC +28.9%, better; VHT +28.7%
Yield (12M): FHLC 1.15%; VHT 1.35%, better
Holdings: FHLC 345; VHT 413
Avg volume (30D): FHLC 246K sh, better; VHT 237K sh
NAV per share: FHLC $88.53; VHT $342.46
52W range

ETF.net Grade

Pillar letters and Scores for FHLC, VHT, with each pillar’s weight
Pillar	FHLC	VHT
Cost30% weight	A98Higher	A92
Mission25% weight	A81	A82Higher
Risk15% weight	A79	A79
Tradability15% weight	A82Higher	B57
Holdings10% weight	C54	B58Higher
Durability5% weight	A77	A92Higher

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. FHLC and VHT 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 VHT 3rd 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

Our read on each fund

ETF.net Research

FHLCAFidelity MSCI Health Care Index ETF

VHTAVanguard 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.

VHT The whole US health care sector in one ticket: roughly 400 stocks, an index that reaches well past the megacaps, and a nine-basis-point fee. Trading since 2004, it is one of the category's originals.

Stated mandate

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

VHT The fund seeks to track a benchmark index measuring the investment return of health care stocks.

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

VHT Costs 0.09% a year while the typical fund in its health care peer group charges 0.50%. Same sector, a fraction of the toll.
Roughly 400 holdings drawn from an investable-market index, so mid and small health care companies count too, not just the sector's giants.vanguard.com
Two decades old, now a multi-billion-dollar fund, moderately traded, and it has hugged its benchmark closely. Pays out quarterly.
On cost, tracking and tradability together, it stands among the strongest builds in a 24-fund health care cohort.

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.

VHT FHLC and XLV each shave a basis point off the fee. If the fee line is your only tiebreaker, VHT is not the final word.
One sector, one news cycle. Drug pricing rules, patent expirations and regulatory decisions can move the entire basket at once.vanguard.com
Cap-weighted with a 25/50 diversification rule, so no single name can dominate outright, but the largest pharma and insurer positions still steer most of the ride.vanguard.com

Full FHLC profile⁠

Full VHT profile⁠

FHLC vs VHT Holdings

How FHLC and VHT differ

Overlap by weight

92.8%

Shared holdings make up 95.5% of VHT and 95.3% of FHLC.

Level by level

Holdings309 in both92.8%
Asset classEquity100%
Countryby domicile99.6%
Sector4 Sectors100%

Sector

Sector weights in FHLC and VHT, widest gap first
Sector	More in FHLCMore in VHT	FHLC	VHT
Health Care	Same weight	100.0%	100.0%
Financials	Same weight	0.0%	0.0%
Industrials	Same weight	0.0%	0.0%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FHLC and VHT, widest gap first
Country	More in FHLCMore in VHT	FHLC	VHT
United States	VHT +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%
VHT51.8%

Securities held

FHLC343
VHT411

Asset class

FHLC: Equity
VHT: Equity

Holdings

Only in FHLC34
In both309
Only in VHT102

Only in FHLC

34 securities, 5.6% of FHLC by weight

Medtronic PLC1.60%
Elevance Health Inc1.18%
Securities Lending Cf0.93%
Becton Dickinson & Co0.70%
Royalty Pharma PLC0.35%
Roivant Sciences Ltd0.25%
State Street 60 Day Money Mark0.17%
Crispr Therapeutics AG0.06%
Caris Life Sciences Inc0.04%
Xenon Pharmaceuticals Inc0.04%
Perrigo Co PLC0.03%
Veradermics Inc0.03%
Azenta Inc0.02%
Absci Corp0.02%
Astrana Health Inc0.02%
Xav Health Care Ft DEC26 IXCZ60.02%
Uniqure N.v.0.02%
Eton Pharmaceuticals Inc0.02%
Nutex Health Inc0.01%
Sonida Senior Living Inc0.01%
Lb Pharmaceuticals Inc<0.01%
Hemab Therapeutics Holdings In<0.01%
Damora Therapeutics Inc<0.01%
Alto Neuroscience Inc<0.01%
Kailera Therapeutics Inc<0.01%
Avalyn Pharma Inc<0.01%
Avalo Therapeutics Inc<0.01%
Bioage Labs Inc<0.01%
Omniab Inc - 12.5 Earnout0.00%
Tpg Inc Cvr Rt0.00%
Omniab Inc - 15.00 Earnout0.00%
Akouos Inc Cvr0.00%
Novartis AG Cvr Rt0.00%
Novo-Nordisk As Cvr0.00%

Only in VHT

102 securities, 4.3% of VHT by weight

Medtronic PLC1.54%
Elevance Health Inc1.15%
Becton Dickinson & Co0.69%
Roivant Sciences Ltd0.27%
SLBBH11420.14%
Perrigo Co PLC0.03%
BioLife Solutions Inc0.02%
Astrana Health Inc0.02%
Azenta Inc0.02%
uniQure NV0.02%
Rigel Pharmaceuticals Inc0.01%
CryoPort Inc0.01%
Varex Imaging Corp0.01%
Replimune Group Inc0.01%
Mesa Laboratories Inc<0.01%
Cytek Biosciences Inc<0.01%
Ironwood Pharmaceuticals Inc<0.01%
Pacific Biosciences of California Inc<0.01%
Bioventus Inc<0.01%
AngioDynamics Inc<0.01%
Ceribell Inc<0.01%
MiMedx Group Inc<0.01%
4D Molecular Therapeutics Inc<0.01%
Aura Biosciences Inc<0.01%
Tactile Systems Technology Inc<0.01%
Shattuck Labs Inc<0.01%
Aclaris Therapeutics Inc<0.01%
Cerus Corp<0.01%
Altimmune Inc<0.01%
Verastem Inc<0.01%
Starling Oncology Inc<0.01%
Fulgent Genetics Inc<0.01%
Allogene Therapeutics Inc<0.01%
REGENXBIO Inc<0.01%
OmniAb Inc<0.01%
Myriad Genetics Inc<0.01%
Solid Biosciences Inc<0.01%
OrthoPediatrics Corp<0.01%
Evolus Inc<0.01%
Editas Medicine Inc<0.01%
Prothena Corp PLC<0.01%
Arcturus Therapeutics Holdings Inc<0.01%
Evolent Health Inc<0.01%
Ocugen Inc<0.01%
Community Health Systems Inc<0.01%
Emergent BioSolutions Inc<0.01%
Embecta Corp<0.01%
Simulations Plus Inc<0.01%
Relmada Therapeutics Inc<0.01%
Orthofix Medical Inc<0.01%

Weight gaps

The 100 widest of 309 Holdings in both funds.

Holding weights in FHLC and VHT, widest gap first
Holding	More in FHLCMore in VHT	FHLC	VHT
Eli Lilly & CoLLY	FHLC +1.22 points	14.17%	12.95%
Merck & Co Inc NewMRK	VHT +0.36 points	4.66%	5.02%
Johnson & JohnsonJNJ	VHT +0.25 points	8.54%	8.79%
Bristol-Myers Squibb CoBMY	VHT +0.16 points	1.62%	1.78%
Alnylam Pharmaceuticals IncALNY	VHT +0.16 points	0.30%	0.46%
AbbVie IncABBV	FHLC +0.16 points	6.62%	6.46%
UnitedHealth Group IncUNH	FHLC +0.15 points	4.81%	4.66%
Thermo Fisher Scientific IncTMO	VHT +0.11 points	3.40%	3.51%
Boston Scientific CorpBSX	VHT +0.09 points	0.82%	0.91%
Vertex Pharmaceuticals IncVRTX	VHT +0.09 points	1.77%	1.86%
Mckesson CorpMCK	FHLC +0.08 points	1.48%	1.40%
Pfizer IncPFE	VHT +0.07 points	2.20%	2.27%
Revolution Medicines IncRVMD	VHT +0.07 points	0.42%	0.49%
Dexcom IncDXCM	VHT +0.07 points	0.40%	0.47%
Gilead Sciences IncGILD	FHLC +0.06 points	2.65%	2.59%
Moderna IncMRNA	FHLC +0.06 points	0.97%	0.91%
Abbott LaboratoriesABT	VHT +0.06 points	2.35%	2.41%
Stryker CorpSYK	FHLC +0.06 points	1.39%	1.33%
Corcept Therapeutics IncCORT	VHT +0.05 points	0.11%	0.16%
Glaukos CorpGKOS	FHLC +0.04 points	0.17%	0.13%
Cvs Health CorpCVS	VHT +0.04 points	1.49%	1.53%
Labcorp Holdings IncLH	FHLC +0.04 points	0.39%	0.35%
Iqvia Holdings IncIQV	VHT +0.04 points	0.59%	0.63%
Intuitive Surgical IncISRG	FHLC +0.04 points	2.05%	2.01%
Charles River Labs Intl IncCRL	FHLC +0.03 points	0.23%	0.20%
Insmed IncINSM	VHT +0.04 points	0.30%	0.34%
Incyte CorpINCY	VHT +0.03 points	0.26%	0.29%
Jazz Pharma PLCJAZZ	VHT +0.03 points	0.16%	0.19%
Ge Healthcare Technologies IncGEHC	FHLC +0.03 points	0.45%	0.42%
Iovance Biotherapeutics IncIOVA	VHT +0.03 points	0.05%	0.08%
Hca Healthcare IncHCA	FHLC +0.03 points	0.96%	0.93%
Axsome Therapeutics IncAXSM	VHT +0.03 points	0.08%	0.11%
Cardinal Health IncCAH	FHLC +0.03 points	0.76%	0.73%
Danaher CorpDHR	VHT +0.02 points	1.95%	1.97%
Twist Bioscience CorpTWST	VHT +0.03 points	0.13%	0.16%
Medline IncMDLN	VHT +0.03 points	0.15%	0.18%
Resmed IncRMD	FHLC +0.02 points	0.47%	0.45%
Amgen IncAMGN	FHLC +0.02 points	3.20%	3.18%
Solventum CorpSOLV	VHT +0.02 points	0.16%	0.18%
10X Genomics IncTXG	VHT +0.02 points	0.11%	0.13%
Madrigal Pharmaceuticals IncMDGL	VHT +0.03 points	0.08%	0.11%
Natera IncNTRA	VHT +0.03 points	0.76%	0.79%
Mettler-Toledo Intl IncMTD	FHLC +0.02 points	0.45%	0.43%
Agilent Technologies IncA	VHT +0.02 points	0.66%	0.68%
Halozyme Therapeutics IncHALO	FHLC +0.02 points	0.20%	0.18%
Biomarin Pharmaceutical IncBMRN	VHT +0.02 points	0.13%	0.15%
Baxter Intl IncBAX	VHT +0.01 points	0.16%	0.17%
Zoetis Inc Class AZTS	FHLC +0.02 points	0.43%	0.41%
Arrowhead Pharmaceuticals IncARWR	VHT +0.02 points	0.09%	0.11%
Tempus Ai IncTEM	VHT +0.02 points	0.10%	0.12%
Travere Therapeutics IncTVTX	VHT +0.02 points	0.05%	0.07%
Option Care Health IncOPCH	FHLC +0.01 points	0.06%	0.05%
West Pharmaceutical Svcs IncWST	FHLC +0.01 points	0.38%	0.37%
Guardant Health IncGH	VHT +0.02 points	0.29%	0.31%
Cytokinetics IncCYTK	VHT +0.01 points	0.10%	0.11%
Illumina IncILMN	VHT +0.01 points	0.55%	0.56%
Viking Therapeutics IncVKTX	VHT +0.01 points	0.04%	0.05%
Cigna Group (The)CI	FHLC +0.01 points	1.02%	1.01%
Bio Techne CorpTECH	VHT +0.01 points	0.15%	0.16%
Penumbra IncPEN	VHT +0.02 points	0.15%	0.17%
Cencora IncCOR	FHLC +0.01 points	0.79%	0.78%
Bruker CorpBRKR	VHT +0.01 points	0.09%	0.10%
Liquidia CorpLQDA	FHLC +0.01 points	0.04%	0.03%
Nektar TherapeuticsNKTR	VHT +0.02 points	0.01%	0.03%
Transmedics Group IncTMDX	VHT +0.01 points	0.03%	0.04%
Arcus Biosciences IncRCUS	VHT +0.01 points	0.02%	0.03%
Idexx Labs IncIDXX	FHLC +0.01 points	0.59%	0.58%
Krystal Biotech IncKRYS	VHT +0.01 points	0.09%	0.10%
Ideaya BiosciencesIDYA	VHT +0.01 points	0.04%	0.05%
Insulet CorpPODD	FHLC +0.01 points	0.14%	0.13%
Neurocrine Biosciences IncNBIX	VHT +0.01 points	0.18%	0.19%
Surgery Partners IncSGRY	Same weight	0.02%	0.02%
Biogen IncBIIB	FHLC +0.01 points	0.47%	0.47%
Scholar Rock Holding CorpSRRK	Same weight	0.05%	0.05%
Kiniksa Pharmaceuticals InternKNSA	FHLC +0.01 points	0.05%	0.04%
Ionis Pharmaceuticals IncIONS	VHT +0.01 points	0.09%	0.10%
Exelixis IncEXEL	FHLC +0.01 points	0.20%	0.19%
Cg Oncology IncCGON	VHT +0.01 points	0.04%	0.05%
Sellas Life Sciences Group IncSLS	Same weight	0.03%	0.03%
Universal Health Svcs Inc Class BUHS	Same weight	0.12%	0.12%
Centene CorpCNC	FHLC +0.01 points	0.44%	0.43%
Praxis Precision Medicines IncPRAX	Same weight	0.09%	0.09%
Tenet Healthcare CorpTHC	VHT +0.01 points	0.30%	0.31%
Immunitybio IncIBRX	VHT +0.01 points	0.04%	0.05%
Hims & Hers Health IncHIMS	Same weight	0.08%	0.08%
Precigen IncPGEN	Same weight	0.02%	0.02%
Rhythm Pharmaceuticals IncRYTM	Same weight	0.07%	0.07%
Elanco Animal Health IncELAN	VHT +0.01 points	0.15%	0.16%
Lantheus Hldgs IncLNTH	VHT +0.01 points	0.08%	0.09%
Hinge Health IncHNGE	FHLC +0.01 points	0.07%	0.06%
Immunovant IncIMVT	Same weight	0.03%	0.03%
Immunome IncIMNM	VHT +0.01 points	0.02%	0.03%
Dianthus Therapeutics IncDNTH	VHT +0.01 points	0.04%	0.05%
Bio Rad Labs Class ABIO	Same weight	0.09%	0.09%
Syndax Pharmaceuticals IncSNDX	VHT +0.01 points	0.01%	0.02%
Concentra Group Hld Parent IncCON	Same weight	0.06%	0.06%
Novocure LtdNVCR	Same weight	0.02%	0.02%
Edwards Lifesciences CorpEW	FHLC +0.01 points	0.70%	0.69%
Arrivent Biopharma IncAVBP	Same weight	<0.01%	0.01%
Henry Schein IncHSIC	Same weight	0.11%	0.11%

All 365 FHLC holdings⁠All 411 VHT 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 VHT Cost

Overpaying VHT vs FHLC

$125

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

FHLC 0.084%
$1,773
VHT 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

FHLC 0.084%
VHT 0.09%
Overpaying

Year by year

Year	FHLC	VHT	Overpaying
10	$154	$165	$11
20	$603	$646	$43
30	$1,773	$1,898	$125

Expense ratio

0.08%FHLC, cheaper
0.09%VHT

FHLC0.08%VHT0.09%

0.08%0.85%

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

FHLC 2nd cheapest of 25 funds

VHT 3rd cheapest of 25 funds

FHLC vs VHT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FHLC 1.15%; VHT 1.35%, better
Payout (12M): FHLC $1.02; VHT $4.61
Last payment: FHLC $0.25; VHT $0.97
Ex-dividend: FHLC Sep 18, 2026; VHT Sep 23, 2026
Paid on: FHLC Sep 22, 2026; VHT Sep 25, 2026
Frequency: FHLC Quarterly; VHT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FHLCQuarterly · 40 paymentsAll FHLC payments⁠

VHTQuarterly · 39 paymentsAll VHT payments⁠

FHLC vs VHT Risk

Fall from peak · 5 years

FHLC
VHT

Risk facts

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

FHLC and VHT in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026FHLCVHT
Deep Dive
Eli Lilly is 15% of the biggest health care ETF
Sep 25, 2026VHT
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, 2026VHT

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FHLC vs VHT

In short

Stated mandate

Why people hold it

Worth knowing

How FHLC and VHT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in VHT

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

Eli Lilly is 15% of the biggest health care ETF

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

Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide

How FHLC and VHT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FHLC

Only in VHT

Weight gaps