sentiment regime FBT vs IYH
Equal-weight biotech concentration amplifies drawdown and recovery FBT equal-dollar weighting gives a small clinical biotech the same allocation as a $150B drugmaker; sentiment swings amplify moves versus IYH's market-cap basket. FBT — equal-dollar weighting IYH — market-cap weighting 30 biotech constituents · equal $ each weight anchored to mega-cap cash-flow names $2B clinical-stage name same allocation as $150B drugmaker $150B drugmaker tiny slice of IYH pie sentiment deteriorates rising rates FDA setback funding winter sentiment recovers M&A premium pipeline break GLP-1 catalyst deeper drawdown 5yr max DD -29.9% · vs IYH flatter sharper recovery 1yr ≈ 2x IYH · 3/5/10yr lags
FBT equal-dollar weight IYH market-cap weight sentiment outflow (downturn) sentiment inflow (recovery)

5yr max drawdown -29.9% (FBT). 1yr return can roughly double IYH's; 3/5/10yr trailing returns lag IYH. Specific crisis-period drawdown figures not attested.