MHIP vs VHT: Grades, Fees and Holdings Compared

Milliman Healthcare Inflation Plus ETF

MHIPCNYSE Arca

Vanguard Health Care ETF

VHTANYSE Arca

Overlap

60.9%by weight

Expense ratio

VHT −0.46pt a year

MHIP0.55%VHT0.09%

Avg volume · 30D

VHT 1610.4×the volume

MHIP147VHT237K

MHIP vs VHT Performance

Jul 31, 2026 – Nov 2, 2026

+6.7%MHIP+12.3%VHT

Expense ratio: MHIP 0.55%; VHT 0.09%, better
Fund size: MHIP $2M; VHT $21.8B
1Y total return: MHIP No data; VHT +28.3%
Yield (12M): MHIP No data; VHT 1.35%
Holdings: MHIP 87; VHT 416
Avg volume (30D): MHIP 147 sh; VHT 237K sh, better
NAV per share: MHIP $21.46; VHT $342.46
52W range

ETF.net Grade

Pillar letters and Scores for MHIP, VHT, with each pillar’s weight
Pillar	MHIP	VHT
Cost30% weight	C42	A92Higher
Mission25% weight	A79	A82Higher
Risk15% weight	A82Higher	A79
Tradability15% weight	D27	B57Higher
Holdings10% weight	D28	B58Higher
Durability5% weight	F21	A92Higher

Rank among Health Care (Broad) funds

How we build Categories ›

Same Category. MHIP 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 ›

VHT ranks 3rd 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 4AXHSState Street SPDR S&P Health Care Services ETFScore 74
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

MHIPCMilliman Healthcare Inflation Plus ETF

VHTAVanguard Health Care ETF

In short

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.

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

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

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

Why people hold it

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.

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

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.

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 MHIP profile⁠

Full VHT profile⁠

MHIP vs VHT Holdings

How MHIP and VHT differ

Overlap by weight

60.9%

Shared holdings make up 89.1% of VHT and 62.2% of MHIP.

Level by level

Holdings79 in both60.9%
Countryby domicile98.4%
Asset classEquity100%

Sector

No Sector split for MHIP.

Country, concentration and asset class

Country by domicile

Country weights in MHIP and VHT, widest gap first
Country	More in MHIPMore in VHT	MHIP	VHT
United States	VHT +1.6 points	98.4%	100.0%
Ireland	MHIP +1.5 points	1.5%	0.0%
Other countries (5)	MHIP +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

MHIP67.6%
VHT51.8%

Securities held

MHIP85
VHT414

Asset class

MHIP: Equity
VHT: Equity

Holdings

Only in MHIP6
In both79
Only in VHT335

Only in MHIP

6 securities, 37.7% 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%
4GLD Us 11/19/26 C351.76 Flx0.67%
Royalty Pharma PLC0.05%

Only in VHT

335 securities, 10.6% of VHT by weight

IDEXX Laboratories Inc0.57%
Zoetis Inc0.41%
United Therapeutics Corp0.29%
Roivant Sciences Ltd0.27%
Halozyme Therapeutics Inc0.18%
Elanco Animal Health Inc0.16%
Twist Bioscience Corp0.16%
Repligen Corp0.14%
Molina Healthcare Inc0.14%
SLBBH11420.14%
10X Genomics Inc0.13%
Glaukos Corp0.13%
Insulet Corp0.13%
TRS:JOHNSON & JOHNSON USD 2027-Jan-290.12%
Henry Schein Inc0.11%
Cytokinetics Inc0.11%
TG Therapeutics Inc0.11%
Arrowhead Pharmaceuticals Inc0.11%
Axsome Therapeutics Inc0.11%
Madrigal Pharmaceuticals Inc0.11%
HealthEquity Inc0.10%
Protagonist Therapeutics Inc0.10%
Ionis Pharmaceuticals Inc0.10%
Vaxcyte Inc0.10%
Bruker Corp0.10%
Krystal Biotech Inc0.10%
Bio-Rad Laboratories Inc0.09%
Praxis Precision Medicines Inc0.09%
Chemed Corp0.09%
Lantheus Holdings Inc0.09%
Alkermes PLC0.09%
Ligand Pharmaceuticals Inc0.09%
Hims & Hers Health Inc0.08%
Kymera Therapeutics Inc0.08%
Iovance Biotherapeutics Inc0.08%
Teleflex Inc0.08%
Spyre Therapeutics Inc0.08%
GRAIL Inc0.07%
Rhythm Pharmaceuticals Inc0.07%
Merit Medical Systems Inc0.07%
Sotera Health Co0.07%
Travere Therapeutics Inc0.07%
Haemonetics Corp0.07%
RadNet Inc0.06%
PTC Therapeutics Inc0.06%
Definium Therapeutics Inc0.06%
Integer Holdings Corp0.06%
Hinge Health Inc0.06%
Cogent Biosciences Inc0.06%
LivaNova PLC0.06%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in MHIP and VHT, widest gap first
Holding	More in MHIPMore in VHT	MHIP	VHT
Merck & Co IncMRK	VHT +4.30 points	0.71%	5.01%
Johnson & JohnsonJNJ	VHT +3.74 points	5.04%	8.78%
UnitedHealth Group IncUNH	VHT +3.08 points	1.57%	4.65%
AbbVie IncABBV	VHT +1.76 points	4.69%	6.45%
Vertex Pharmaceuticals IncVRTX	VHT +1.75 points	0.10%	1.85%
Regeneron Pharmaceuticals IncREGN	VHT +0.97 points	0.12%	1.09%
Amgen IncAMGN	VHT +0.95 points	2.23%	3.18%
Pfizer IncPFE	VHT +0.82 points	1.45%	2.27%
Abbott LaboratoriesABT	VHT +0.71 points	1.69%	2.40%
Cardinal Health IncCAH	VHT +0.71 points	0.02%	0.73%
Moderna IncMRNA	VHT +0.70 points	0.21%	0.91%
Bristol-Myers Squibb CoBMY	VHT +0.61 points	1.17%	1.78%
Intuitive Surgical IncISRG	VHT +0.53 points	1.48%	2.01%
Thermo Fisher Scientific IncTMO	VHT +0.51 points	2.99%	3.50%
CVS Health CorpCVS	VHT +0.44 points	1.09%	1.53%
Elevance Health IncELV	VHT +0.41 points	0.73%	1.14%
McKesson CorpMCK	VHT +0.41 points	0.99%	1.40%
Cencora IncCOR	VHT +0.34 points	0.43%	0.77%
Biogen IncBIIB	VHT +0.33 points	0.14%	0.47%
Medline IncMDLN	MHIP +0.30 points	0.48%	0.18%
Insmed IncINSM	VHT +0.30 points	0.04%	0.34%
Cigna Group/TheCI	VHT +0.30 points	0.70%	1.00%
Alnylam Pharmaceuticals IncALNY	VHT +0.30 points	0.16%	0.46%
Viatris IncVTRS	VHT +0.28 points	0.01%	0.29%
GE HealthCare Technologies IncGEHC	VHT +0.27 points	0.15%	0.42%
Medtronic PLCMDT	VHT +0.26 points	1.28%	1.54%
Centene CorpCNC	MHIP +0.22 points	0.65%	0.43%
Mettler-Toledo International IncMTD	VHT +0.22 points	0.21%	0.43%
Incyte CorpINCY	VHT +0.22 points	0.07%	0.29%
Boston Scientific CorpBSX	VHT +0.22 points	0.69%	0.91%
Illumina IncILMN	VHT +0.21 points	0.35%	0.56%
Stryker CorpSYK	VHT +0.21 points	1.12%	1.33%
Agilent Technologies IncA	VHT +0.19 points	0.49%	0.68%
Revolution Medicines IncRVMD	VHT +0.19 points	0.30%	0.49%
Edwards Lifesciences CorpEW	VHT +0.18 points	0.51%	0.69%
Jazz Pharmaceuticals PLCJAZZ	VHT +0.18 points	0.01%	0.19%
West Pharmaceutical Services IncWST	VHT +0.16 points	0.21%	0.37%
Corcept Therapeutics IncCORT	VHT +0.15 points	<0.01%	0.16%
Becton Dickinson & CoBDX	VHT +0.15 points	0.54%	0.69%
BioMarin Pharmaceutical IncBMRN	VHT +0.14 points	<0.01%	0.15%
Bridgebio Pharma IncBBIO	VHT +0.14 points	<0.01%	0.14%
Gilead Sciences IncGILD	MHIP +0.12 points	2.70%	2.58%
Natera IncNTRA	MHIP +0.11 points	0.90%	0.79%
Exelixis IncEXEL	VHT +0.10 points	0.09%	0.19%
Baxter International IncBAX	VHT +0.10 points	0.07%	0.17%
IQVIA Holdings IncIQV	VHT +0.10 points	0.53%	0.63%
Tenet Healthcare CorpTHC	VHT +0.09 points	0.22%	0.31%
HCA Healthcare IncHCA	MHIP +0.07 points	1.00%	0.93%
Labcorp Holdings IncLH	MHIP +0.08 points	0.43%	0.35%
Ensign Group Inc/TheENSG	VHT +0.07 points	0.07%	0.14%
Zimmer Biomet Holdings IncZBH	VHT +0.06 points	0.18%	0.24%
Quest Diagnostics IncDGX	MHIP +0.06 points	0.42%	0.36%
Steris PLCSTE	VHT +0.06 points	0.23%	0.29%
Summit Therapeutics IncSMMT	MHIP +0.06 points	0.09%	0.03%
Waters CorpWAT	VHT +0.05 points	0.55%	0.60%
Guardant Health IncGH	MHIP +0.05 points	0.36%	0.31%
Penumbra IncPEN	VHT +0.05 points	0.12%	0.17%
Neurocrine Biosciences IncNBIX	VHT +0.04 points	0.15%	0.19%
Tempus AI IncTEM	MHIP +0.04 points	0.16%	0.12%
ResMed IncRMD	MHIP +0.04 points	0.49%	0.45%
Davita IncDVA	MHIP +0.04 points	0.12%	0.08%
Encompass Health CorpEHC	VHT +0.03 points	0.14%	0.17%
Universal Health Services IncUHS	VHT +0.02 points	0.10%	0.12%
Solventum CorpSOLV	VHT +0.02 points	0.16%	0.18%
Revvity IncRVTY	VHT +0.03 points	0.21%	0.24%
Danaher CorpDHR	VHT +0.02 points	1.95%	1.97%
Humana IncHUM	VHT +0.02 points	0.62%	0.64%
BrightSpring Health Services IncBTSG	VHT +0.02 points	0.11%	0.13%
Align Technology IncALGN	MHIP +0.02 points	0.16%	0.14%
ImmunityBio IncIBRX	MHIP +0.02 points	0.07%	0.05%
Veeva Systems IncVEEV	MHIP +0.02 points	0.60%	0.58%
Bio-Techne CorpTECH	VHT +0.02 points	0.14%	0.16%
Cooper Cos Inc/TheCOO	MHIP +0.02 points	0.17%	0.15%
Eli Lilly & CoLLY	MHIP +0.02 points	12.95%	12.93%
Avantor IncAVTR	VHT +0.01 points	0.13%	0.14%
Medpace Holdings IncMEDP	Same weight	0.20%	0.20%
Globus Medical IncGMED	Same weight	0.12%	0.12%
Charles River Laboratories International IncCRL	Same weight	0.20%	0.20%
Dexcom IncDXCM	MHIP +0.01 points	0.47%	0.46%

All 87 MHIP 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.

MHIP vs VHT Cost

Overpaying MHIP vs VHT

$9,006

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

MHIP 0.55%
$10,904
VHT 0.09%
$1,898

Amount$10,000

Years30 years

Cost over time

MHIP 0.55%
VHT 0.09%
Overpaying

Year by year

Year	MHIP	VHT	Overpaying
10	$988	$165	$823
20	$3,790	$646	$3,144
30	$10,904	$1,898	$9,006

Expense ratio

0.55%MHIP
0.09%VHT, cheaper

VHT0.09%MHIP0.55%

0.08%0.85%

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

VHT 3rd cheapest of 25 funds

MHIP 15th cheapest of 25 funds

MHIP vs VHT Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MHIP No data; VHT 1.35%
Payout (12M): MHIP None; VHT $4.61
Last payment: MHIP No data; VHT $0.97
Ex-dividend: MHIP No data; VHT Sep 23, 2026
Paid on: MHIP No data; VHT Sep 25, 2026
Frequency: MHIP No data; VHT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MHIPAll MHIP payments⁠

No distribution history available.

VHTQuarterly · 39 paymentsAll VHT payments⁠

MHIP vs VHT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MHIP No dataVHT 14.5%
Return per unit of riskSharpe ratio, 3 years: MHIP No dataVHT 0.83
Worst fallMax drawdown, 5 years: MHIP No dataVHT −17.7%
Market sensitivityBeta, 5 years: MHIP 0.27VHT 0.58; Market = 1

MHIP and VHT in the news

All news⁠

Category Review
Health care funds trail the S&P 500 this year
Updated Oct 7, 2026VHT
Deep Dive
Eli Lilly is 15% of the biggest health care ETF
Sep 25, 2026VHT
Deep Dive
Health care ETFs spent 2026 between a 28% biotech rally and a 16% device slide
Sep 14, 2026VHT

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