MHIG vs UCBG: Grades, Fees and Holdings Compared

Milliman Healthcare Inflation Guard ETF

MHIGCNYSE Arca

State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF

UCBGANYSE Arca

Overlap

8.9%by weight

Expense ratio

UCBG −0.49pt a year

MHIG0.55%UCBG0.06%

Avg volume · 30D

UCBG 33478.7×the volume

MHIG124UCBG4.15M

MHIG vs UCBG Performance

Oct 9, 2026 – Nov 9, 2026

+3.0%MHIG−2.9%UCBG

Expense ratio: MHIG 0.55%; UCBG 0.06%, better
Fund size: MHIG $1M; UCBG $2.42B
Holdings: MHIG 87; UCBG 886
Avg volume (30D): MHIG 124 sh; UCBG 4.15M sh, better
NAV per share: MHIG $20.41; UCBG $48.56
52W range

ETF.net Grade

Pillar letters and Scores for MHIG, UCBG, with each pillar’s weight
Pillar	MHIG	UCBG
Cost30% weight	C53	A100Higher
Mission25% weight	C53	A99Higher
Risk15% weight	A72	Not scored
Tradability15% weight	F23	A99Higher
Holdings10% weight	F24	A79Higher
Durability5% weight	F22	B66Higher

Rank among Multi-Asset Allocation funds

How we build Categories ›

Same Category. MHIG and UCBG 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 ›

UCBG ranks 1st 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 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

MHIGCMilliman Healthcare Inflation Guard ETF

UCBGAState Street SPDR UC Investments 90/10 Endowment Strategy Index ETF

In short

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.

UCBG No data

Stated mandate

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.

UCBG No data

Why people hold it

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.

UCBG No data

Worth knowing

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.

UCBG No data

Full MHIG profile⁠

Full UCBG profile⁠

MHIG vs UCBG Holdings

How MHIG and UCBG differ

Overlap by weight

8.9%

Shared holdings make up 29.4% of MHIG and 9.2% of UCBG.

Level by level

Holdings55 in both8.9%
Sector12 Sectors19.8%
Countryby domicile96.0%

Sector

Sector weights in MHIG and UCBG, widest gap first
Sector	Gap	MHIG	UCBG
Government	MHIG +66.3 points	66.3%	0.0%
Technology	UCBG +34.3 points	3.9%	38.2%
Health Care	MHIG +13.8 points	24.1%	10.3%
Financials	UCBG +10.8 points	1.3%	12.1%
Consumer Discretionary	UCBG +8.2 points	1.0%	9.2%
Communication	UCBG +7.5 points	0.9%	8.4%
Industrials	UCBG +6.8 points	0.8%	7.6%
Consumer Staples	UCBG +4.4 points	0.5%	4.9%
Energy	UCBG +3.5 points	0.4%	3.9%
Utilities	UCBG +1.9 points	0.2%	2.1%
Real Estate	UCBG +1.6 points	0.2%	1.8%
Materials	UCBG +1.4 points	0.2%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in MHIG and UCBG, widest gap first
Country	Gap	MHIG	UCBG
United States	MHIG +4.0 points	99.9%	95.9%
Ireland	UCBG +1.2 points	0.0%	1.2%
United Kingdom	UCBG +0.9 points	0.0%	0.9%
Other countries (17)	UCBG +1.8 points	0.1%	1.9%

Concentration

Weight in the 10 largest Holdings

MHIG81.6%
UCBG33.7%

Securities held

MHIG85
UCBG884

Asset class

MHIG: Stocks
UCBG: Multi-Asset

Holdings

Only in MHIG30
In both55
Only in UCBG829

Only in MHIG

30 securities, 70.4% 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%
Natera Inc0.70%
Alnylam Pharmaceuticals Inc0.43%
4GLD Us 11/19/26 C372.46 Flx0.40%
Guardant Health Inc0.35%
Medline Inc0.31%
Revolution Medicines Inc0.26%
Summit Therapeutics Inc0.17%
Medpace Holdings Inc0.13%
Globus Medical Inc0.13%
Tenet Healthcare Corp0.11%
Tempus AI Inc0.10%
Neurocrine Biosciences Inc0.10%
Encompass Health Corp0.07%
Avantor Inc0.06%
Insmed Inc0.06%
Exelixis Inc0.05%
BrightSpring Health Services Inc0.04%
Madrigal Pharmaceuticals Inc0.04%
Ensign Group Inc/The0.04%
Repligen Corp0.03%
Royalty Pharma PLC0.03%
Penumbra Inc0.03%
ImmunityBio Inc0.03%
Halozyme Therapeutics Inc0.02%
Corcept Therapeutics Inc0.01%
BioMarin Pharmaceutical Inc<0.01%

Only in UCBG

829 securities, 90.6% of UCBG by weight

Apple Inc7.04%
NVIDIA Corp6.36%
Microsoft Corp5.55%
Amazon.com Inc3.58%
Alphabet Inc Class A2.35%
Broadcom Inc1.96%
Alphabet Inc Class C1.90%
Meta Platforms Inc Class A1.89%
Berkshire Hathaway Inc Class B1.50%
Tesla Inc1.42%
JPMorgan Chase & Co1.25%
Micron Technology Inc1.10%
Advanced Micro Devices1.03%
Visa Inc Class A Shares1.01%
Exxonmobil Holdings Corp0.96%
Walmart Inc0.79%
Mastercard Inc A0.74%
Costco Wholesale Corp0.66%
Chevron Corp0.59%
Procter & Gamble Co/The0.54%
Coca Cola Co/The0.52%
Cisco Systems Inc0.52%
Palantir Technologies Inc A0.52%
Home Depot Inc0.48%
General Electric0.47%
Bank of America Corp0.45%
Philip Morris International0.44%
Intel Corp0.39%
Applied Materials Inc0.37%
Netflix Inc0.37%
Caterpillar Inc0.36%
Rtx Corp0.36%
Palo Alto Networks Inc0.36%
Wells Fargo & Co0.36%
Texas Instruments Inc0.36%
Goldman Sachs Group Inc0.36%
Lam Research Corp0.35%
Linde PLC0.33%
Intl Business Machines Corp0.33%
Oracle Corp0.32%
Crowdstrike Holdings Inc A0.31%
Morgan Stanley0.30%
Ge Vernova Inc0.29%
Walt Disney Co/The0.28%
Citigroup Inc0.28%
McDonald’s Corp0.28%
Pepsico Inc0.27%
Verizon Communications Inc0.27%
Nextera Energy Inc0.26%
Kla Corp0.26%

Weight gaps

All 55 Holdings in both funds, largest gap first.

Holding weights in MHIG and UCBG, widest gap first
Holding	Gap	MHIG	UCBG
Eli Lilly & CoLLY	MHIG +4.57 points	6.10%	1.53%
Johnson & JohnsonJNJ	MHIG +2.34 points	3.28%	0.94%
Gilead Sciences IncGILD	MHIG +1.05 points	1.34%	0.29%
AbbVie IncABBV	MHIG +1.04 points	1.77%	0.73%
Thermo Fisher Scientific IncTMO	MHIG +0.87 points	1.23%	0.36%
Amgen IncAMGN	MHIG +0.78 points	1.13%	0.35%
Danaher CorpDHR	MHIG +0.70 points	0.90%	0.20%
McKesson CorpMCK	MHIG +0.66 points	0.83%	0.17%
Pfizer IncPFE	MHIG +0.54 points	0.78%	0.24%
Bristol-Myers Squibb CoBMY	MHIG +0.53 points	0.71%	0.18%
Intuitive Surgical IncISRG	MHIG +0.52 points	0.75%	0.23%
CVS Health CorpCVS	MHIG +0.45 points	0.60%	0.15%
HCA Healthcare IncHCA	MHIG +0.43 points	0.53%	0.10%
Humana IncHUM	MHIG +0.40 points	0.47%	0.07%
Waters CorpWAT	MHIG +0.39 points	0.45%	0.06%
Stryker CorpSYK	MHIG +0.35 points	0.51%	0.16%
Moderna IncMRNA	MHIG +0.32 points	0.45%	0.13%
Cencora IncCOR	MHIG +0.30 points	0.39%	0.09%
Cigna Group/TheCI	MHIG +0.29 points	0.40%	0.11%
Elevance Health IncELV	MHIG +0.29 points	0.42%	0.13%
Centene CorpCNC	MHIG +0.28 points	0.33%	0.05%
Becton Dickinson & CoBDX	MHIG +0.27 points	0.35%	0.08%
Abbott LaboratoriesABT	MHIG +0.26 points	0.53%	0.27%
Veeva Systems IncVEEV	MHIG +0.21 points	0.27%	0.06%
IQVIA Holdings IncIQV	MHIG +0.21 points	0.27%	0.06%
Boston Scientific CorpBSX	MHIG +0.18 points	0.27%	0.09%
ResMed IncRMD	MHIG +0.18 points	0.23%	0.05%
Revvity IncRVTY	MHIG +0.18 points	0.20%	0.02%
Medtronic PLCMDT	MHIG +0.17 points	0.35%	0.18%
Illumina IncILMN	MHIG +0.17 points	0.21%	0.04%
Dexcom IncDXCM	MHIG +0.16 points	0.20%	0.04%
Agilent Technologies IncA	MHIG +0.14 points	0.21%	0.07%
Quest Diagnostics IncDGX	MHIG +0.14 points	0.18%	0.04%
Bio-Techne CorpTECH	MHIG +0.12 points	0.14%	0.02%
Mettler-Toledo International IncMTD	MHIG +0.12 points	0.17%	0.05%
Steris PLCSTE	MHIG +0.12 points	0.15%	0.03%
Zimmer Biomet Holdings IncZBH	MHIG +0.10 points	0.13%	0.03%
Labcorp Holdings IncLH	MHIG +0.10 points	0.14%	0.04%
Solventum CorpSOLV	MHIG +0.10 points	0.12%	0.02%
Merck & Co IncMRK	UCBG +0.09 points	0.42%	0.51%
Vertex Pharmaceuticals IncVRTX	UCBG +0.09 points	0.11%	0.20%
Edwards Lifesciences CorpEW	MHIG +0.08 points	0.16%	0.08%
UnitedHealth Group IncUNH	UCBG +0.08 points	0.42%	0.50%
Davita IncDVA	MHIG +0.07 points	0.07%	<0.01%
Align Technology IncALGN	MHIG +0.06 points	0.08%	0.02%
Cooper Cos Inc/TheCOO	MHIG +0.06 points	0.08%	0.02%
Biogen IncBIIB	MHIG +0.05 points	0.10%	0.05%
Charles River Laboratories International IncCRL	MHIG +0.05 points	0.07%	0.02%
Universal Health Services IncUHS	MHIG +0.05 points	0.06%	0.01%
West Pharmaceutical Services IncWST	MHIG +0.04 points	0.08%	0.04%
Regeneron Pharmaceuticals IncREGN	UCBG +0.03 points	0.09%	0.12%
Viatris IncVTRS	UCBG +0.02 points	<0.01%	0.03%
Incyte CorpINCY	MHIG +0.02 points	0.05%	0.03%
Baxter International IncBAX	MHIG +0.01 points	0.03%	0.02%
GE HealthCare Technologies IncGEHC	MHIG +0.01 points	0.06%	0.05%

All 87 MHIG holdings⁠All 503 UCBG 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.

MHIG vs UCBG Cost

Overpaying MHIG vs UCBG

$9,634

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

MHIG 0.55%
$10,904
UCBG 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

MHIG 0.55%
UCBG 0.06%
Overpaying

Year by year

Year	MHIG	UCBG	Overpaying
10	$988	$110	$878
20	$3,790	$432	$3,358
30	$10,904	$1,270	$9,634

Expense ratio

0.55%MHIG
0.06%UCBG, cheaper

UCBG0.06%MHIG0.55%

0.06%1.36%

Middle half of Multi-Asset Allocation funds
Median 0.61%

UCBG cheapest of 36 funds

MHIG 16th cheapest of 36 funds

MHIG vs UCBG Dividends

Last 12 months to Nov 9, 2026

Payout (12M): MHIG None; UCBG No data
Last payment: MHIG No data; UCBG $0.04
Ex-dividend: MHIG No data; UCBG Sep 21, 2026
Paid on: MHIG No data; UCBG Sep 23, 2026
Frequency: MHIG No data; UCBG Irregular

Distribution history

Per share, 2026, same scale for both

MHIGAll MHIG payments⁠

No distribution history available.

UCBGIrregular · 1 paymentAll UCBG payments⁠

MHIG vs UCBG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

Market sensitivityBeta, 5 years: MHIG 0.33UCBG 0.00; Market = 1

MHIG and UCBG in the news

All news⁠

Category Review
The fund built to limit losses had the category's worst return
Sep 25, 2026UCBG
ETF Filings
Leverage Shares files 2x shorts on ByteDance and Canva
Sep 6, 2026UCBG

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MHIG vs UCBG

In short

Stated mandate

Why people hold it

Worth knowing

How MHIG and UCBG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MHIG

Only in UCBG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

The fund built to limit losses had the category's worst return

Leverage Shares files 2x shorts on ByteDance and Canva