The healthcare group is for the most part viewed as a defensive group. The XLV does give one exposure to both mature healthcare names, as well as a sprinkling of “risk on” biotech plays. If one wanted a pure play, with a bit more volatility they could purchase the XBI. The space has benefitted, and garnered a bit more attention with the coronavirus, but give it credit for also hanging in there as an election looms just months down the road. The ratio chart below compares the XBI to the S&P 500, and the XBI is making another run at resistance. On its PRICE chart it is approaching the round 80 number, which was a gap fill from the 3/11 session. However this is the second time it is knocking on the gap fill door, and if the first time is not successful in knocking down the instrument, it it most likely going to proceed higher. The ETF still trades 18% off most recent 52 week highs, and its double bottom in the low-mid 60s with last month and late 2018 still holds up. Give credit where it is due until it is no longer warranted.