Research prototypes / Russian Healthcare Index

RHIX

Russian Healthcare Index

RHIX · Personal research prototype · Inception 2025-01-01

Current Level

1,016.77

Period Return

-18.46%

Constituents

5

Inception

2025-01-01

Index Level — rebased to 1,000 at period start

RHIX IMOEX

Constituents — as of 2026-03-31

Ticker	Company	Sub-industry	Shares (M)	Free Float	Weight
OZPH	Ozon Pharmaceuticals	Pharmaceuticals	450.0	30%	31.4%
MDMG	MD Medical Group	HC Providers & Services	67.7	22%	22.6%
GEMC	European Medical Center	HC Providers & Services	65.6	25%	19.1%
PRMD	Promomed	Pharmaceuticals / Biotech	212.5	15%	15.8%
ABIO	Artgen Biotech	Biotechnology	92.6	20%	11.1%

Performance statistics

Risk-adjusted returns vs benchmark.

As of 2026-07-02

Index
RHIX

Benchmark
IMOEX

Period returns

1 Month -9.46% -13.90%

3 Months -15.56% -18.68%

YTD -18.46% -18.17%

1 Year -2.15% -19.86%

Since Inception +1.68% -20.24%

Risk & drawdown

Ann. Volatility 18.48% 21.50%

Max Drawdown — RHIX -21.80% (2026-02-02 to 2026-06-25)

Max Drawdown — IMOEX -32.55% (2025-02-25 to 2026-06-24)

Beta 0.469 1.000

Risk-adjusted ratios

Sharpe Ratio -0.943 -1.865

Sortino Ratio 0.082 —

Calmar Ratio 0.051 —

Methodology disclosure

Sharpe Ratio computed using the Sharpe (1994) ex-post formula: mean(Ra − Rf) / σ(Ra − Rf) × √12, where Ra and Rf are monthly nominal returns. Rf = CBR Key Rate (annual, end-of-month), converted to a monthly decimal rate. Denominator is the standard deviation of the excess-return series (not the standard deviation of returns). Monthly frequency; periods shorter than 12 months use available observations. Sortino Ratio: annualised return / (downside semi-deviation × √12), MAR = 0. Calmar Ratio: annualised return / |Max Drawdown|. Beta: covariance(daily index return, daily benchmark return) / variance(daily benchmark return), computed over full history. Annualised Volatility: σ(daily log returns) × √252.

Description

Concept

RHIX is a personal research prototype that explores how a rules-based, sector-focused equity index might be constructed for an under-followed segment of the Russian market — healthcare, pharmaceuticals, and biotechnology issuers listed on the Moscow Exchange.

The index is free-float market-capitalisation weighted, applies a related-company adjustment to prevent hidden concentration where a parent and a subsidiary are both listed, and is rebalanced semi-annually.

Scope

Constituents are drawn from issuers classified under GICS Sector 35 (Health Care) and its sub-industries (pharmaceuticals, healthcare providers and services, biotechnology). A liquidity and free-float floor is applied so that the resulting basket is investable in principle, though no actual investment vehicle exists or is planned.

Why this prototype exists

Sector-focused indices for under-covered segments of frontier and emerging markets remain a useful tool for researchers, journalists, and analysts who want a single number to track a theme. RHIX is an experiment in producing one openly and reproducibly, while keeping the construction rules deliberately simple.

RHIX is a research prototype, not an investment product — see full disclaimer below.

Rebalancing history

Changes to constituents and weights, most recent first.

2026-05 Methodology revision v2.0 — APTK removed (reclassified to Consumer Staples); LIFE removed (thin liquidity); GEMA and GECO excluded (related-company rule, subsidiaries of ABIO). N reduced from 9 to 5.
2025-01-01 Inception — initial methodology v1.0: 9 constituents (MDMG, GEMC, PRMD, OZPH, ABIO, APTK, LIFE, GEMA, GECO). Base value 1,000.

Disclaimer

Russian Healthcare Index (RHIX) is a personal research prototype maintained by the author in his personal capacity. It is not an investment product, not a regulated benchmark under IOSCO, ESMA, or any other framework, and is not affiliated with, sponsored by, or endorsed by any current or former employer of the author. All constituent weights, index levels, and historical data are published for research and educational purposes only. Nothing on this page constitutes investment advice, a solicitation, or a recommendation to buy or sell any security.