IHI is “breaking out to the upside, it’s been a source of leadership, it scores very well in our momentum ranks (we like high momentum), and it’s broadly strong, too,” said Oppenheimer head technician Ari Wald in an interview with CNBC. “There’s a lot of medical device companies that are participating and acting as that leadership. That’s what we want to own.”

IHI has recently been hitting record highs. The medical device ETF is up more than 54% over the past two years, nearly triple the gains of XLV over the same period.

“The health-care sector is the fourth-best performer in the S&P 500 for the year to date. The XLV health-care ETF’s 1 percent gain in 2018 is weaker than a nearly 3 percent advance by the S&P 500,” according to CNBC.

For more information on the healthcare sector, visit our healthcare category.

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