The other side of the medical-cost-trend trade: the utilization that squeezes managed care is revenue here. Hospitals, surgery centers, behavioral and rehab, dialysis, home-based care, and the reference labs that price volume. Run it against managed-care — divergence between the two baskets IS the cost-trend signal. Policy risk cuts through both: site-neutral payment proposals and ACA subsidy expiry hit providers' payer mix directly.
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -1.6% | +2.8% | +1.7% | +7.3% | +5.0% | +23.4% | +20.8% |
| vs S&P 500 | -0.5% | +4.8% | +1.6% | +3.5% | +4.8% | +9.8% | +4.7% |
1y · 2025-10-16 – 2026-10-16 · 252 / 252 sessions
Basket total returns · Annualized using 252 trading sessions · 0% risk-free rate and downside target. As of 2026-10-16 · close.
Sharpe: average daily simple return divided by its sample standard deviation, multiplied by √252. The risk-free rate is assumed to be 0%; this is not a cash-adjusted ratio.
Sortino: average daily simple return divided by downside deviation, multiplied by √252. Downside deviation is the square root of the average squared shortfall below 0%, counting all sessions, including zeros for gains.
Historical volatility: √(252 × average squared daily log return), matching the Vol page’s realized-volatility convention. This differs from the sample standard deviation used in Sharpe.
Each period requires complete history and at least 5 sessions. MTD and YTD follow the calendar; 1y is 252 sessions. Missing data or an undefined ratio displays — with a reason. Short periods can produce unstable ratios; intraday snapshots include a partial session. History before this basket’s creation is backtested. If a new basket has no stored daily return series yet, estimates from its rounded published chart levels are marked ≈.
Current members and the reasoning behind each inclusion. Returns are for individual holdings.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| HCAHCA Healthcare | Scale operator with the best payer mix and capital-return discipline | -2.1% | +1.7% | +7.3% | -1.2% | 2026-07-21 |
| UHSUniversal Health Services | Acute care plus the behavioral-health franchise | -1.2% | +4.4% | +4.8% | -14.8% | 2026-07-21 |
| DVADaVita | Dialysis duopoly half — a chronic-utilization annuity | -1.0% | +4.5% | +1.9% | +64.9% | 2026-07-21 |
| LHLabCorp | Reference-lab volume duopoly (Labcorp) | -2.2% | +1.9% | -0.9% | +27.7% | 2026-07-21 |
| DGXQuest Diagnostics | The duopoly's other half (Quest) | -1.7% | +1.7% | -4.3% | +37.7% | 2026-07-21 |
Equal-weighted; monthly rebalance, buy-and-hold between rebalances; dated membership changes reset the target weights.
Tracked since 2026-07-21. Membership decisions are documented below.
Read the methodology →Basket returns include dividends. “vs S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Initial composition: 13 names — hospitals (HCA, UHS, THC, CYH), surgery centers and rehab (SGRY, EHC), behavioral (ACHC), dialysis (DVA), labs (LH, DGX), and post-acute/home-based care (ENSG, OPCH, ADUS). Built as the mirror of managed-care: utilization flows from payors to providers. No reference pinned — no listed pure-provider fund exists; IHF blends payors with providers and is already pinned to managed-care. Considered and excluded: AMED (UnitedHealth acquisition closed — delisted), SEM (absent from the current FW 3000 data), USPH and PNTG (sub-scale).