At a glance
IHI charges 0.37% a year, below the 0.57% average of the 4 funds most like it (the 2nd cheapest of 5). It has $3.02B in assets, the largest of that group; it paid 0.48% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −12.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +7.5% a year. At its worst it fell 32.9% in the 2020 crash (S&P 500: 33.7%) and 27.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 28 months after the lows. Its ten largest positions make up 74.6% of the fund, out of 46 in all.
The short version
iShares U.S. Medical Devices ETF (IHI) is a BlackRock index fund that tracks the Dow Jones U.S. Select Medical Equipment Index. The index holds U.S. companies that make or distribute devices such as pacemakers, prosthetics and MRI scanners. IHI charges 0.37% a year. With $3.0 billion in net assets as of June 30, 2026, it was the largest of its closest peers. It is also concentrated: its top 10 holdings made up 74.6% of the fund.
Price history
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IHI -12.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IHI official prospectus, to Dec 31, 2025 | — | +6.88% | — | +3.09% | +12.22% | — |
| S And P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| Dow Jones U S Select Medical Equipment Index index, same period | — | +7.28% | — | +3.47% | +12.67% | — |
| IHI price data to Oct 27, 2026 | -11.9% | -12.2% | +7.5% | -2.9% | +9.7% | +10.0% |
- Over the year to Oct 27, 2026, IHI returned -12.2%, 5th of 5 among similar funds.
- Its 5-year annualized return was -2.9% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 32.9% and regained its old high 3.7 months after the low.
- Its worst full calendar year was 2008 (-36.8%); its best was 2009 (+38.4%).
- The deepest fall in its price history was 49.7% (Aug 15, 2008 to Mar 9, 2009), recovered by Feb 11, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.9% | — |
| 2025 | +6.9% | +6.88% |
| 2024 | +8.6% | +8.61% |
| 2023 | +3.3% | +3.21% |
| 2022 | -19.8% | -19.72% |
| 2021 | +21.0% | +21.03% |
| 2020 | +24.2% | +24.18% |
| 2019 | +32.8% | +32.72% |
| 2018 | +15.4% | +15.47% |
| 2017 | +30.8% | +30.93% |
| 2016 | +9.3% | +9.18% |
| 2015 | +9.7% | — |
| 2014 | +22.4% | — |
| 2013 | +37.4% | — |
| 2012 | +15.2% | — |
| 2011 | -0.2% | — |
| 2010 | +11.2% | — |
| 2009 | +38.4% | — |
| 2008 | -36.8% | — |
| 2007 | +18.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48.9% over that stretch · deepest drop along the way 49.7%, back to its old high 23.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.9% over that stretch · deepest drop along the way 32.9%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27.4% over that stretch · deepest drop along the way 27.8%, back to its old high 28.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2000 | |
| 2025 | $0.2100 | -22.2% |
| 2024 | $0.2700 | -6.9% |
| 2023 | $0.2900 | +20.8% |
| 2022 | $0.2400 | +45.5% |
| 2021 | $0.1650 | +20.7% |
| 2020 | $0.1367 | -6.8% |
| 2019 | $0.1467 | +69.2% |
| 2018 | $0.0867 | -18.7% |
| 2017 | $0.1067 | -11.1% |
| 2016 | $0.1200 | -53.8% |
| 2015 | $0.2600 | +225.8% |
| 2014 | $0.0798 | +850.0% |
| 2013 | $0.0084 | -30.0% |
| 2012 | $0.0120 | +179.1% |
| 2011 | $0.0043 | +87.0% |
| 2010 | $0.0023 | +130.0% |
| 2009 | $0.0010 | -9.1% |
| 2008 | $0.0011 |
What's inside
As of Jun 30, 2026, the fund held 46 securities; the ten largest made up 74.62% of assets, and 2.29% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ABBOTT LABORATORIES | 16.93% | |
| INTUITIVE SURGICAL, INC. | 15.09% | |
| STRYKER CORPORATION | 11.64% | |
| EDWARDS LIFESCIENCES CORPORATION | 4.75% | |
| BECTON, DICKINSON AND COMPANY | 4.63% | |
| GE HEALTHCARE TECHNOLOGIES INC. | 4.51% | |
| MEDTRONIC PUBLIC LIMITED COMPANY | 4.40% | |
| RESMED INC. | 4.38% | |
| IDEXX LABORATORIES, INC. | 4.27% | |
| DEXCOM, INC. | 4.02% | |
| BOSTON SCIENTIFIC CORPORATION | 3.99% | |
| STERIS PUBLIC LIMITED COMPANY | 3.20% | |
| ZIMMER BIOMET HOLDINGS, INC. | 2.58% | |
| PENUMBRA, INC. | 1.92% | |
| BAXTER INTERNATIONAL INC. | 1.71% |
By country
United States 91.25%Ireland 7.6%United Kingdom 0.7%Jersey 0.25%By asset type
Stocks 99.8%By sector
Sectors of the companies held, for the 71.6% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $96.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.30%, -4.09%, +1.06%.
How it works
IHI tracks the Dow Jones U.S. Select Medical Equipment Index from S&P Dow Jones Indices, which is independent of BlackRock. The index covers medical equipment companies of any size. These include makers and distributors of MRI scanners, X-ray machines, pacemakers, prosthetics and other devices that are not thrown away after one use. The index provider, not the fund, decides which companies are in the index and how much each one counts. The fund tries to match the index's return before fees.
BlackRock Fund Advisors uses "representative sampling." This means the fund holds a group of stocks picked to behave like the index as a whole. It may not own every index stock, but it must keep at least 80% of its assets in index stocks. As of June 30, 2026, the fund held 46 companies. Abbott Laboratories made up 16.9% of the fund, Intuitive Surgical 15.1% and Stryker 11.6%. The fund is "non-diversified," so it can put large amounts into a few companies.
A few other details matter. The fund may use derivatives, which are contracts whose value follows other assets. On June 30, 2026, it held two tiny derivative positions and 2.29% in cash. It can also lend out up to one-third of its assets to earn extra income. Portfolio turnover was 12%, which means it trades fairly little.
What it really costs
- IHI charges 0.37% a year, versus an average of 0.57% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IHI | $38 | $119 | $208 | $468 |
In a retirement portfolio
IHI is a concentrated, non-diversified bet on one industry that has fallen by nearly half in a crisis, so it fits better as a small add-on than as a foundation.
IHI can add focused exposure to medical-device makers alongside a broad stock fund. But it has fallen hard in downturns. From August 2008 to March 2009 it lost 49.7%. Its worst calendar year was 2008, at -36.8%, and it took about 23 months after the low to recover. It fell 32.9% in the 2020 COVID crash and recovered in less than four months. Its 27.8% drop in 2022 did not recover until January 2025, about 28 months after the low. Someone forced to sell shares during a slump like these could lock in losses. Income is small: the yield over the past 12 months was 0.48% as of October 27, 2026, paid quarterly. The SEC's standard example puts costs at $38 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a large, low-cost fund focused on U.S. medical-device makers: 0.37% a year, against a 0.57% average for similar funds.
- People comfortable with a concentrated position: Abbott, Intuitive Surgical and Stryker each made up more than 11% of the fund as of June 30, 2026.
- Long-term holders who can wait out deep drops, like the 49.7% fall in 2008–09, which took about 23 months after the low to recover.
Look elsewhere if
- Retirees looking for income: the yield over the past 12 months was only 0.48% as of October 27, 2026, paid quarterly.
- Investors who want broad diversification: the fund is non-diversified, held just 46 companies, and its top 10 made up 74.6% of assets.
- Anyone expecting returns like the broad market: over 10 years through December 31, 2025, IHI returned 12.22% a year, versus 14.22% for the S&P Total Market Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IHI this fund | — | 0.37% | $3.02B | -12.2% | +7.5% |
| XHE SPDR S&P Health Care Equipment ETF | 36% | 0.35% | $151.4M | +14.1% | +11.7% |
| MDEV First Trust Indxx Medical Devices ETF | 31% | 0.7% | $1.9M | +4.2% | +10.3% |
| LGHT Langar Global HealthTech ETF | 28% | 0.85% | $2.5M | +4.3% | — |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 25% | 0.4% | $766.9M | +28.4% | +16.6% |
Questions investors ask
Is IHI good for a retirement portfolio?
IHI may suit a small, higher-risk slice of a retirement portfolio rather than the core. It owns one industry and is non-diversified. It lost 49.7% in the 2008–09 crisis and 27.8% in 2022, and the 2022 drop took until January 2025 to recover. Its yield over the past 12 months was only 0.48% as of October 27, 2026. Its annual cost is 0.37%, which is lower than most similar funds.
What are IHI's top holdings?
As of June 30, 2026, IHI's largest holdings were Abbott Laboratories (16.9%), Intuitive Surgical (15.1%) and Stryker (11.6%). Next came Edwards Lifesciences, Becton Dickinson, GE HealthCare, Medtronic, ResMed, IDEXX Laboratories and DexCom, each between about 4% and 5%. The top 10 together made up 74.6% of the fund. That means a few companies drive much of its return.
IHI vs XHE: what's the difference?
Both funds hold U.S. medical equipment stocks, but they follow different indexes and share only about 36% of their holdings. XHE, the SPDR S&P Health Care Equipment ETF, costs 0.35% a year, compared with 0.37% for IHI. IHI is far larger, with $3.0 billion in net assets versus about $151 million for XHE as of June 30, 2026. As of October 27, 2026, XHE had returned 14.1% over one year, while IHI had lost 12.2%.
Does IHI pay dividends?
Yes, IHI pays dividends quarterly, but they are small. Over the 12 months to October 27, 2026, it paid $0.26 per share, a yield of 0.48%. Medical-device companies tend to put their cash back into research and growth rather than paying large dividends. So most of this fund's return has come from share-price changes, not income.
How has IHI performed over 10 years?
IHI returned 12.22% a year over the 10 years through December 31, 2025. Its index returned 12.67% and the broad S&P Total Market Index returned 14.22%. The five-year record was weaker: 3.09% a year, against 13.07% for the broad market. Using share prices through October 27, 2026, IHI's 10-year return was 9.7% a year, and it was down 11.9% so far in 2026.