As we make our way through the first half of FY22, equity markets have begun to shake up somewhat in the last few weeks.
The benchmark S&P/ASX 200 Index (ASX: XJO) has slumped almost 4.5% into the red over the last month, back to its May 2021 levels.
Leading the way is the S&P/ASX 200 Health Care Index (XHJ), which has slipped around 6% lower in the last month.
Let's zoom out and look at how ASX healthcare shares have performed in Q1 FY22.
How did ASX healthcare shares go in Q1 FY22?
As a whole, ASX healthcare shares were in the green for the first quarter, in a robust performance on the local exchanges.
The ASX 200 Health Care index has climbed 1.3% this past quarter, and now leads the benchmark index over this time.
Broad weakness across the ASX has stemmed a 3-month decline for the major indices, with the S&P/ASX 200 handing back just over 1% in Q1.
So as it stands, taking a broad view, ASX healthcare shares outperformed the market in the first quarter of FY22.
Impressive gains are observed on the individual share level for Q1 in this sub-group.
For instance immunotherapy company Imugene Limited's (ASX: IMU) share price has climbed from 35 cents to 47.5 cents in the last quarter, a 36% jump.
Not to mention, the Imugene share price came off lows of 28 cents on 9 August to reach its all-time high in Q1 FY22.
Medicinal cannabis company Incannex Healthcare Ltd (ASX: IHL) was also a winner, with shareholders clipping the ticket on a 35% bump in its share price last quarter.
Ramsay Health Care Limited (ASX: RHC) shares were also climbers in Q1, delivering an outsized return of 11% after a healthy $6.80 per share gain from July to 30 September.
However, it wasn't all rainbows for the sector, with some names coming in well behind the benchmarks.
After some excitement earlier in the year, the Little Green Pharma Ltd (ASX: LGP) share price made a 26% march down south from highs of 93 cents.
In and around the small to large cap names, there are instances of both underperformance and outsized returns.
Foolish takeaway
In the last month, the ASX healthcare indices have led the market's losses. Within this group, some shares are outperforming while others are lagging behind their key benchmarks.
Nonetheless, as a whole, ASX healthcare shares appear to have outperformed the broad index in the last quarter.
