IRTR vs MHIG: Grades, Fees and Holdings Compared

iShares LifePath Retirement ETF

IRTRANYSE Arca

Milliman Healthcare Inflation Guard ETF

MHIGCNYSE Arca

Overlap

2.4%by weight

Expense ratio

IRTR −0.47pt a year

IRTR0.08%MHIG0.55%

Avg volume · 30D

IRTR 101.8×the volume

IRTR12.6KMHIG124

IRTR vs MHIG Performance

Aug 7, 2026 – Nov 9, 2026

−1.1%IRTR+2.3%MHIG

Expense ratio: IRTR 0.08%, better; MHIG 0.55%
Fund size: IRTR $59M; MHIG $1M
1Y total return: IRTR +5.9%; MHIG No data
Yield (12M): IRTR 3.18%; MHIG No data
Holdings: IRTR 29130; MHIG 87
Avg volume (30D): IRTR 12.6K sh, better; MHIG 124 sh
NAV per share: IRTR $31.23; MHIG $20.41
52W range

ETF.net Grade

Pillar letters and Scores for IRTR, MHIG, with each pillar’s weight
Pillar	IRTR	MHIG
Cost30% weight	A97Higher	C53
Mission25% weight	A100Higher	C53
Risk15% weight	A82Higher	A72
Tradability15% weight	B64Higher	F23
Holdings10% weight	A80Higher	F24
Durability5% weight	B56Higher	F22

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. IRTR and MHIG are both graded against the same 36 Multi-Asset Allocation funds, so their Grades compare head to head.

Multi-Asset Allocation⁠

Category · 36 funds

See all 36 ›

IRTR ranks 3rd and MHIG 26th of 36 funds in the Multi-Asset Allocation Category.

Rank 1AUCBGState Street SPDR UC Investments 90/10 Endowment Strategy Index ETFScore 95
Rank 2AAOAiShares Core 80/20 Aggressive Allocation ETFScore 88
Rank 3AIRTRiShares LifePath Retirement ETFScore 86
Rank 4AINCEFranklin Income Equity Focus ETFScore 74
Rank 26CHECAHedgeye Capital Allocation ETFScore 40
Rank 26CMHIGMilliman Healthcare Inflation Guard ETFScore 40
Rank 28DWTIPWisdomTree Inflation Plus FundScore 39

Our read on each fund

ETF.net Research

IRTRAiShares LifePath Retirement ETF

MHIGCMilliman Healthcare Inflation Guard ETF

In short

IRTR A whole retirement portfolio in one ticker: global stock and bond ETFs blended at the conservative end, for 0.08% a year. That is index-fund pricing on a job most allocation funds charge roughly ten times more to do.

MHIG Most of the health care aisle bets on drug and device stocks. MHIG aims at the bill instead, seeking returns that match the U.S. healthcare cost inflation rate through a quant-selected mix of equities, debt and commodities.

Stated mandate

IRTR The fund seeks conservative exposure through a broad portfolio of stock and bond ETFs spanning global asset classes.

MHIG The Fund seeks returns that generally match the U.S. healthcare cost inflation rate. It uses a combination of healthcare-related equities, debt, commodities, and other instruments selected through a proprietary quantitative model.

Why people hold it

IRTR Costs 0.08% a year against a 0.78% median for allocation funds. Roughly a tenth of the going rate for a portfolio-in-a-box.
One line item, global coverage. The fund holds a spread of stock and bond ETFs across asset classes, so the mixing happens inside the wrapper.ishares.com
Distributions come monthly rather than quarterly.
One of the strongest all-in-one allocation funds in its peer group, and the cheapest of that top tier: iShares' own AOA runs 0.19%.

MHIG The benchmark is a rate, not a stock index: the fund seeks returns that generally match the U.S. healthcare cost inflation rate.
Multi-asset by design: healthcare equities, debt, commodities and other instruments picked by a quantitative model, not a cap-weighted ladder of big pharma.
A genuinely unusual mandate in a cohort where the best-regarded names (VHT, FHLC, XLV) are all cap-weighted US healthcare equity index funds.
Standard 1940 Act ETF wrapper with a US focus, so the plumbing is conventional even though the strategy is not.

Worth knowing

IRTR Thinly traded. Spreads can run wider than on household-name ETFs, so limit orders matter more here.
Launched in 2023, so the track record is short and the fund is still building scale.
Conservative by construction: it is built to move less than an all-stock portfolio, and that cuts in both directions.ishares.com

MHIG At 0.55% it sits above the health care cohort median of 0.50%, and far above plain index trackers such as VHT (0.09%) and XLV (0.08%).
Launched in 2026, so the track record is short, and the selection model is proprietary: you get the holdings, not the recipe.
Small and thinly traded next to the aisle's heavyweights, which means spreads and execution costs carry more weight.

Full IRTR profile⁠

Full MHIG profile⁠

IRTR vs MHIG Holdings

How IRTR and MHIG differ

Overlap by weight

2.4%

Shared holdings make up 32.7% of MHIG and 2.4% of IRTR.

Level by level

Holdings80 in both2.4%
Sector12 Sectors18.4%
Countryby domicile83.7%

Sector

Sector weights in IRTR and MHIG, widest gap first
Sector	Gap	IRTR	MHIG
Government	MHIG +66.3 points	0.0%	66.3%
Technology	IRTR +25.4 points	29.3%	3.9%
Health Care	MHIG +15.3 points	8.8%	24.1%
Financials	IRTR +13.6 points	14.9%	1.3%
Industrials	IRTR +11.1 points	11.9%	0.8%
Consumer Discretionary	IRTR +7.1 points	8.1%	1.0%
Communication	IRTR +5.5 points	6.4%	0.9%
Energy	IRTR +4.7 points	5.1%	0.4%
Utilities	IRTR +4.0 points	4.2%	0.2%
Consumer Staples	IRTR +4.0 points	4.5%	0.5%
Materials	IRTR +3.2 points	3.4%	0.2%
Real Estate	IRTR +3.1 points	3.3%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in IRTR and MHIG, widest gap first
Country	Gap	IRTR	MHIG
United States	MHIG +16.3 points	83.6%	99.9%
Japan	IRTR +2.2 points	2.2%	0.0%
United Kingdom	IRTR +1.7 points	1.7%	0.0%
Canada	IRTR +1.5 points	1.5%	0.0%
Switzerland	IRTR +1.0 points	1.0%	0.0%
Taiwan	IRTR +1.0 points	1.0%	0.0%
France	IRTR +0.9 points	0.9%	0.0%
Germany	IRTR +0.8 points	0.8%	0.0%
Other countries (33)	IRTR +7.4 points	7.4%	0.0%

Concentration

Weight in the 10 largest Holdings

IRTR9.8%
MHIG81.6%

Securities held

IRTR29,034
MHIG85

Asset class

IRTR: Multi-Asset
MHIG: Stocks

Holdings

Only in IRTR28,954
In both80
Only in MHIG5

Only in IRTR

28,954 securities, 97.2% of IRTR by weight

Apple1.69%
NVIDIA1.49%
Microsoft1.35%
Treasury Note 1.38% 11/15/2031 (Tnote)1.29%
Amazon.com Inc0.86%
Treasury Note 2.63% 02/15/2029 (Tnote)0.77%
Alphabet Class A0.57%
Treasury Note 3.13% 11/15/2028 (Tnote)0.55%
Treasury (Cpi) Note 1.13% 10/15/2030 (Tips)0.54%
Treasury (Cpi) Note 1.25% 04/15/2031 (Tips)0.54%
Treasury (Cpi) Note 1.63% 04/15/2030 (Tips)0.53%
Treasury (Cpi) Note 1.63% 10/15/2029 (Tips)0.51%
Treasury Note 2.75% 02/15/2028 (Tnote)0.50%
Treasury (Cpi) Note 2.13% 04/15/2029 (Tips)0.49%
Treasury (Cpi) Note 2.38% 10/15/2028 (Tips)0.49%
Taiwan Semiconductor Manufacturing0.48%
Treasury (Cpi) Note 1.63% 10/15/2027 (Tips)0.48%
Treasury (Cpi) Note 1.25% 04/15/2028 (Tips)0.48%
Treasury (Cpi) Note 0.13% 04/15/2027 (Tips)0.47%
Broadcom Inc0.47%
Treasury (Cpi) Note 0.13% 01/15/2031 (Tips)0.46%
Alphabet Class C0.46%
Treasury (Cpi) Note 0.13% 07/15/2031 (Tips)0.46%
Meta Platforms Class A0.46%
Treasury (Cpi) Note 0.13% 07/15/2030 (Tips)0.44%
Treasury (Cpi) Note 0.38% 07/15/2027 (Tips)0.43%
Treasury (Cpi) Note 0.50% 01/15/2028 (Tips)0.43%
Treasury Bond 2.50% 05/15/2046 (Tbond)0.43%
Treasury Note 2.88% 05/15/2028 (Tnote)0.43%
Treasury Bond 3.75% 11/15/2043 (Tbond)0.41%
Treasury Bond 2.75% 11/15/2042 (Tbond)0.40%
Treasury (Cpi) Note 0.13% 01/15/2030 (Tips)0.40%
Treasury (Cpi) Note 0.38% 01/15/2027 (Tips)0.38%
Treasury Bond 6.13% 11/15/2027 (Tbond)0.37%
Treasury (Cpi) Note 0.75% 07/15/2028 (Tips)0.37%
Berkshire Hathaway Inc Class B0.36%
Treasury (Cpi) Note 0.25% 07/15/2029 (Tips)0.36%
Tesla Inc0.36%
Treasury Bond 1.88% 02/15/2051 (Tbond)0.35%
Treasury Note 4.00% 05/31/2028 (Tnote)0.32%
Treasury (Cpi) Note 0.88% 01/15/2029 (Tips)0.31%
JPMorgan Chase & Co0.31%
Treasury Note (Old) 4.38% 05/15/2036 (Tnote)0.29%
Treasury Note 2.38% 05/15/2029 (Tnote)0.28%
Micron Technology0.27%
Treasury Note 4.00% 05/31/2030 (Tnote)0.26%
Treasury Note 4.00% 02/29/2028 (Tnote)0.26%
Treasury Note 4.00% 02/15/2034 (Tnote)0.26%
Treasury Note 3.88% 03/31/2028 (Tnote)0.25%
Treasury Note 1.25% 09/30/2028 (Tnote)0.25%

Only in MHIG

5 securities, 67.1% of MHIG by weight

BondBloxx Bloomberg Five Year Target Duration US Treasury ETF23.13%
United States Treasury Bill 11/19/202620.11%
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF16.85%
State Street SPDR S&P 500 ETF Trust6.63%
4GLD Us 11/19/26 C372.46 Flx0.40%

Weight gaps

All 80 Holdings in both funds, largest gap first.

Holding weights in IRTR and MHIG, widest gap first
Holding	Gap	IRTR	MHIG
Eli LillyLLY	MHIG +5.73 points	0.37%	6.10%
Johnson & JohnsonJNJ	MHIG +3.05 points	0.23%	3.28%
AbbVieABBV	MHIG +1.59 points	0.18%	1.77%
Gilead SciencesGILD	MHIG +1.27 points	0.07%	1.34%
Thermo Fisher ScientificTMO	MHIG +1.14 points	0.09%	1.23%
Amgen IncAMGN	MHIG +1.05 points	0.08%	1.13%
DanaherDHR	MHIG +0.85 points	0.05%	0.90%
Mckesson CorpMCK	MHIG +0.79 points	0.04%	0.83%
PfizerPFE	MHIG +0.72 points	0.06%	0.78%
Intuitive SurgicalISRG	MHIG +0.70 points	0.05%	0.75%
NateraNTRA	MHIG +0.69 points	0.01%	0.70%
Bristol Myers SquibbBMY	MHIG +0.67 points	0.04%	0.71%
Cvs HealthCVS	MHIG +0.56 points	0.04%	0.60%
Hca HealthcareHCA	MHIG +0.51 points	0.02%	0.53%
StrykerSYK	MHIG +0.47 points	0.04%	0.51%
Abbott LaboratoriesABT	MHIG +0.46 points	0.07%	0.53%
HumanaHUM	MHIG +0.45 points	0.02%	0.47%
Waters CorpWAT	MHIG +0.43 points	0.02%	0.45%
Alnylam PharmaceuticalsALNY	MHIG +0.42 points	<0.01%	0.43%
ModernaMRNA	MHIG +0.42 points	0.03%	0.45%
Elevance Health IncELV	MHIG +0.39 points	0.03%	0.42%
CignaCI	MHIG +0.37 points	0.03%	0.40%
CencoraCOR	MHIG +0.37 points	0.02%	0.39%
Guardant HealthGH	MHIG +0.34 points	<0.01%	0.35%
Becton DickinsonBDX	MHIG +0.33 points	0.02%	0.35%
Centene CorpCNC	MHIG +0.32 points	0.01%	0.33%
Medtronic PLCMDT	MHIG +0.31 points	0.04%	0.35%
UnitedHealth GroupUNH	MHIG +0.30 points	0.12%	0.42%
Medline Class AMDLN	MHIG +0.30 points	<0.01%	0.31%
Merck & Co IncMRK	MHIG +0.30 points	0.12%	0.42%
Veeva Systems Class AVEEV	MHIG +0.25 points	0.02%	0.27%
Revolution MedicinesRVMD	MHIG +0.25 points	0.01%	0.26%
Iqvia Holdings IncIQV	MHIG +0.25 points	0.02%	0.27%
Boston ScientificBSX	MHIG +0.25 points	0.02%	0.27%
ResmedRMD	MHIG +0.22 points	0.01%	0.23%
Illumina IncILMN	MHIG +0.20 points	0.01%	0.21%
Dexcom IncDXCM	MHIG +0.19 points	0.01%	0.20%
RevvityRVTY	MHIG +0.19 points	<0.01%	0.20%
Agilent Technologies IncA	MHIG +0.19 points	0.02%	0.21%
Summit TherapeuticsSMMT	MHIG +0.17 points	<0.01%	0.17%
Quest Diagnostics IncDGX	MHIG +0.17 points	<0.01%	0.18%
Mettler ToledoMTD	MHIG +0.16 points	0.01%	0.17%
Edwards LifesciencesEW	MHIG +0.14 points	0.02%	0.16%
SterisSTE	MHIG +0.14 points	<0.01%	0.15%
Bio TechneTECH	MHIG +0.14 points	<0.01%	0.14%
Labcorp HoldingsLH	MHIG +0.13 points	0.01%	0.14%
Zimmer Biomet HoldingsZBH	MHIG +0.12 points	<0.01%	0.13%
Medpace HoldingsMEDP	MHIG +0.12 points	<0.01%	0.13%
Globus Medical Class AGMED	MHIG +0.13 points	<0.01%	0.13%
SolventumSOLV	MHIG +0.12 points	<0.01%	0.12%
Tenet Healthcare CorpTHC	MHIG +0.10 points	<0.01%	0.11%
Tempus Ai Class ATEM	MHIG +0.10 points	<0.01%	0.10%
Neurocrine BiosciencesNBIX	MHIG +0.09 points	<0.01%	0.10%
BiogenBIIB	MHIG +0.09 points	0.01%	0.10%
Align TechnologyALGN	MHIG +0.08 points	<0.01%	0.08%
CooperCOO	MHIG +0.08 points	<0.01%	0.08%
Davita IncDVA	MHIG +0.08 points	<0.01%	0.07%
West Pharmaceutical ServicesWST	MHIG +0.07 points	<0.01%	0.08%
Encompass HealthEHC	MHIG +0.07 points	<0.01%	0.07%
Charles River Laboratories InternaCRL	MHIG +0.06 points	<0.01%	0.07%
Vertex PharmaceuticalsVRTX	MHIG +0.06 points	0.05%	0.11%
Regeneron PharmaceuticalsREGN	MHIG +0.06 points	0.03%	0.09%
AvantorAVTR	MHIG +0.06 points	<0.01%	0.06%
Universal Health Services Class BUHS	MHIG +0.06 points	<0.01%	0.06%
InsmedINSM	MHIG +0.05 points	<0.01%	0.06%
Ge Healthcare TechnologiesGEHC	MHIG +0.05 points	0.01%	0.06%
Exelixis IncEXEL	MHIG +0.04 points	<0.01%	0.05%
Incyte CorpINCY	MHIG +0.04 points	<0.01%	0.05%
Brightspring Health Services IncBTSG	MHIG +0.04 points	<0.01%	0.04%
Madrigal PharmaceuticalsMDGL	MHIG +0.04 points	<0.01%	0.04%
Ensign GroupENSG	MHIG +0.04 points	<0.01%	0.04%
RepligenRGEN	MHIG +0.03 points	<0.01%	0.03%
ImmunitybioIBRX	MHIG +0.03 points	<0.01%	0.03%
PenumbraPEN	MHIG +0.03 points	<0.01%	0.03%
Royalty Pharma PLC Class ARPRX	MHIG +0.02 points	<0.01%	0.03%
Baxter InternationalBAX	MHIG +0.03 points	<0.01%	0.03%
Halozyme TherapeuticsHALO	MHIG +0.02 points	<0.01%	0.02%
Corcept TherapeuticsCORT	MHIG +0.01 points	<0.01%	0.01%
Biomarin PharmaceuticalBMRN	MHIG +0.01 points	<0.01%	<0.01%
ViatrisVTRS	Same weight	<0.01%	<0.01%

All IRTR holdings⁠All 87 MHIG 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.

IRTR vs MHIG Cost

Overpaying MHIG vs IRTR

$9,215

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

IRTR 0.08%
$1,689
MHIG 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

IRTR 0.08%
MHIG 0.55%
Overpaying

Year by year

Year	IRTR	MHIG	Overpaying
10	$147	$988	$841
20	$575	$3,790	$3,215
30	$1,689	$10,904	$9,215

Expense ratio

0.08%IRTR, cheaper
0.55%MHIG

IRTR0.08%MHIG0.55%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.61%

IRTR 2nd cheapest of 36 funds

MHIG 16th cheapest of 36 funds

IRTR vs MHIG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IRTR 3.18%; MHIG No data
Payout (12M): IRTR $1.00; MHIG None
Last payment: IRTR $0.07; MHIG No data
Ex-dividend: IRTR Nov 3, 2026; MHIG No data
Paid on: IRTR Nov 6, 2026; MHIG No data
Frequency: IRTR Monthly; MHIG No data

Distribution history

Per share, 2023 to 2026, same scale for both

IRTRMonthly · 36 paymentsAll IRTR payments⁠

MHIGAll MHIG payments⁠

No distribution history available.

IRTR vs MHIG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IRTR 7.3%MHIG No data
Return per unit of riskSharpe ratio, 3 years: IRTR 1.14MHIG No data
Worst fallMax drawdown, 5 years: IRTR −6.3%since Oct 2023MHIG No data
Market sensitivityBeta, 5 years: IRTR 0.46MHIG 0.33; Market = 1

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