At a glance
PPH charges 0.36% a year, the same as the average of the 8 funds most like it (the 4th cheapest of 9). It has $879.5M in assets, the 7th largest of that group; it paid 1.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.4% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +17.9% a year. At its worst it fell 28.6% in the 2020 crash (S&P 500: 33.7%) and 20.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 10 months after the lows. Its ten largest positions make up 72.7% of the fund, out of 25 in all.
The short version
VanEck Pharmaceutical ETF (PPH) tracks the MVIS US Listed Pharmaceutical 25 Index, a basket of 25 drug companies listed on US exchanges, including big European drugmakers. It is highly concentrated: Eli Lilly alone made up 20.2% of the fund as of June 30, 2026. Its 0.36% expense ratio matches the average for similar funds, but broad health care funds such as XLV charge 0.08%.
Price history
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PPH +26.4% 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 | |
|---|---|---|---|---|---|---|
| PPH official prospectus, to Dec 31, 2025 | — | +21.92% | — | +11.34% | +6.74% | — |
| MVIS US Listed Pharmaceutical 25 Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +21.58% | — | +10.88% | +6.49% | — |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| PPH price data to Oct 27, 2026 | +13.0% | +26.4% | +17.9% | +11.5% | +9.8% | +10.9% |
- Over the year to Oct 27, 2026, PPH returned +26.4%, 5th of 9 among similar funds.
- Its 5-year annualized return was +11.5% and its 10-year +9.8%.
- In the 2020 COVID crash it fell 28.6% and regained its old high 8.3 months after the low.
- Its worst full calendar year was 2016 (-17.8%); its best was 2013 (+36.8%).
- The deepest fall in its price history was 30.2% (Aug 5, 2015 to Mar 23, 2020), recovered by Jan 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.0% | — |
| 2025 | +22.0% | +21.92% |
| 2024 | +8.1% | +8.13% |
| 2023 | +7.0% | +6.89% |
| 2022 | +2.6% | +2.64% |
| 2021 | +17.8% | +18.30% |
| 2020 | +5.5% | +5.20% |
| 2019 | +19.4% | +19.14% |
| 2018 | -5.9% | -5.66% |
| 2017 | +15.2% | +15.40% |
| 2016 | -17.8% | -17.76% |
| 2015 | +3.5% | — |
| 2014 | +23.2% | — |
| 2013 | +36.8% | — |
| 2012 | +19.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.5% over that stretch · deepest drop along the way 28.6%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.8% over that stretch · deepest drop along the way 20.3%, back to its old high 10.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8200 | |
| 2025 | $1.8300 | +7.0% |
| 2024 | $1.7100 | +0.6% |
| 2023 | $1.7000 | +41.7% |
| 2022 | $1.2000 | -4.8% |
| 2021 | $1.2600 | +13.5% |
| 2020 | $1.1100 | -1.8% |
| 2019 | $1.1300 | +5.6% |
| 2018 | $1.0700 | -6.1% |
| 2017 | $1.1400 | -10.2% |
| 2016 | $1.2700 | +0.8% |
| 2015 | $1.2600 | +15.6% |
| 2014 | $1.0900 | -0.3% |
| 2013 | $1.0930 | -68.8% |
| 2012 | $3.5003 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 72.72% of assets.
| Holding | Weight | |
|---|---|---|
| Eli Lilly & Co | 20.23% | |
| Novartis AG | 10.63% | |
| Merck & Co Inc | 9.85% | |
| Novo Nordisk A/S | 5.37% | |
| AbbVie Inc | 4.57% | |
| Pfizer Inc | 4.51% | |
| Bristol-Myers Squibb Co | 4.47% | |
| GSK PLC | 4.42% | |
| Johnson & Johnson | 4.35% | |
| AstraZeneca PLC | 4.33% | |
| McKesson Corp | 4.12% | |
| Sanofi SA | 4.00% | |
| Cencora Inc | 3.36% | |
| Haleon PLC | 3.09% | |
| Teva Pharmaceutical Industries Ltd | 3.06% |
By country
United States 60.51%United Kingdom 11.84%Switzerland 10.63%Denmark 5.37%France 4%By asset type
Stocks 99.51%By sector
Sectors of the companies held, for the 57.6% 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 withdrew a net $448.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.47%, +2.86%, +4.42%.
How it works
VanEck Pharmaceutical ETF (PPH) is an index fund. It tries to match the MVIS US Listed Pharmaceutical 25 Index before fees, rather than beat it. It does not move into cash or other defensive positions when markets fall. It generally holds the index's stocks and keeps at least 80% of its assets in them.
The index chooses from companies listed on U.S. exchanges. That includes foreign drugmakers that trade in the U.S. as depositary receipts, which are certificates that represent shares of a non-U.S. company. To join, a company must earn at least 50% of its revenue from pharmaceuticals. That covers drug research, development, production, marketing and sales, but not pharmacies. The index starts with the 50 largest pharmaceutical stocks. It keeps the top 25, ranked by free-float market value (counting only shares readily available to trade) and by three-month average trading volume. As of December 31, 2025, its members ranged from about $1.86 billion to $1.01 trillion in market value.
The fund is classified as non-diversified, which means it may put a larger share of its assets in one company. As of June 30, 2026, Eli Lilly made up about 20.2% of the fund, Novartis 10.6% and Merck 9.8%. The 10 largest holdings totaled 72.7%. The fund owned the stocks directly and held no derivatives, with 0.28% in cash. The prospectus summary does not explain how the index weights its stocks or how often it rebalances.
What it really costs
- PPH charges 0.36% a year, versus an average of 0.36% for the similar funds below (4th of 9, cheapest first).
- Of that, 0.35% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $37 in the first year and $456 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PPH | $37 | $116 | $202 | $456 |
In a retirement portfolio
PPH is a non-diversified fund that holds 25 companies in one industry, and one stock makes up about a fifth of it, so it fits best as a small add-on beside broad holdings.
PPH gives a portfolio a concentrated position in drug stocks, but it has not protected investors in downturns. It launched in 2011, so it has no record from 2008. In the 2020 COVID crash it fell 28.6% and had recovered by December 2020. In 2022 it fell 20.3% between April and September and took about 10.3 months to get back to its peak. Its worst calendar year was 2016, when it lost 17.76%. Its deepest drop was 30.2%, from August 2015 to March 2020, and it did not regain that 2015 peak until January 2021. Someone who had to sell shares during a stretch like that would have locked in losses. The fund pays dividends quarterly, with a trailing 12-month yield of 1.86% as of October 27, 2026. Under the SEC's standard example, it costs $37 in the first year on a $10,000 investment. 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 targeted position in 25 drugmakers such as Eli Lilly, Novartis and Merck, held as a small slice beside broad funds.
- Investors who want foreign drugmakers such as Novo Nordisk, GSK, AstraZeneca and Sanofi, bought through one US-listed fund.
- Investors willing to pay 0.36%, in line with the 0.36% average for similar funds, to own drug companies only rather than all of health care.
Look elsewhere if
- Investors who want broad, low-cost health care exposure: XLV charges 0.08% and VHT charges 0.09%, compared with 0.36% for PPH.
- Investors uneasy with one stock dominating: Eli Lilly was 20.2% of assets, and the top 10 holdings were 72.7%, as of June 30, 2026.
- Investors who may need to sell in a downturn: PPH fell 28.6% in the 2020 crash and 20.3% in 2022, and lost 17.76% in 2016.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PPH this fund | — | 0.36% | $879.5M | +26.4% | +17.9% |
| MEDX Horizon Kinetics Medical ETF | 53% | 0.85% | $19.1M | +19.1% | +13.9% |
| IHE iShares U.S. Pharmaceuticals ETF | 44% | 0.39% | $1.14B | +39.8% | +25.0% |
| XLV Health Care Select Sector SPDR Fund | 39% | 0.08% | $40.60B | +30.2% | +16.2% |
| IYH iShares U.S. Healthcare ETF | 36% | 0.39% | $3.56B | +23.8% | +15.0% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 36% | 0.6% | $36.2M | +46.9% | +23.4% |
| FHLC Fidelity MSCI Health Care Index ETF | 35% | 0.084% | $3.29B | +23.8% | +16.0% |
| VHT Vanguard Health Care ETF | 35% | 0.09% | $22.04B | +28.9% | +16.9% |
Questions investors ask
What are the top holdings in PPH?
As of June 30, 2026, PPH's largest holdings were Eli Lilly (20.2%), Novartis (10.6%), Merck (9.8%), Novo Nordisk (5.4%) and AbbVie (4.6%). Pfizer, Bristol-Myers Squibb, GSK, Johnson & Johnson and AstraZeneca each made up about 4.3% to 4.5%. Together, the top 10 holdings were 72.7% of the fund's assets. That means a handful of companies drive most of its results.
Does PPH pay dividends?
Yes. PPH pays dividends quarterly. In the 12 months to October 27, 2026, it paid $2.13 per share, a trailing yield of 1.86%. The money comes from dividends paid by the drug companies it holds, so the amount can change from one quarter to the next. Some holdings are foreign companies, and the prospectus notes that taxes charged by foreign governments can reduce what the fund receives.
What's the difference between PPH and IHE?
Both funds hold pharmaceutical stocks, but they follow different indexes and have performed differently. PPH tracks the MVIS US Listed Pharmaceutical 25 Index and holds 25 stocks, including foreign firms such as Novartis and Novo Nordisk. Its expense ratio is 0.36%, compared with 0.39% for the iShares U.S. Pharmaceuticals ETF (IHE). About 44% of their holdings overlap. In the year to October 27, 2026, IHE returned 39.8% and PPH returned 26.4%.
Is PPH a good investment for retirement?
It depends on the role it would play. PPH holds a concentrated group of companies in one industry, so it may suit a small add-on position better than a core holding. It fell 28.6% in the 2020 COVID crash and 20.3% in 2022, and its worst calendar year was 2016, when it lost 17.76%. As of December 31, 2025, its 10-year average annual return was 6.74%. The MSCI ACWI Net TR Index, a global stock benchmark, returned 11.72% a year over the same period.
Is PPH cheaper than XLV?
No. PPH's expense ratio is 0.36%, while the Health Care Select Sector SPDR Fund (XLV) charges 0.08%. Under the SEC's standard example, $10,000 invested in PPH and earning 5% a year would cost about $37 in fees over one year and $456 over 10 years. XLV is not a direct substitute, though. It covers the wider health care sector, while PPH holds only 25 pharmaceutical companies. About 39% of their holdings overlap.