FBT vs. PJP

Last updated Aug 2, 2026

FBT (First Trust Amex Biotechnology Index) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds - FBT tracks the NYSE Arca Biotechnology Index while PJP tracks the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 10 years, FBT returned 9.39%/yr vs 6.97%/yr for PJP. Their 0.78 correlation means they have sometimes moved together and sometimes differently. FBT charges 0.57%/yr vs 0.58%/yr for PJP.

Performance

FBT vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Amex Biotechnology Index (FBT) and Invesco Dynamic Pharmaceuticals ETF (PJP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBT achieves a 18.66% return, which is significantly higher than PJP's 16.81% return. Over the past 10 years, FBT has outperformed PJP with an annualized return of 9.39%, while PJP has yielded a comparatively lower 6.97% annualized return.

FBT

• 1D: -3.01%
• 1M: -4.04%
• 6M: 15.09%
• YTD: 18.66%
• 1Y: 49.10%
• 3Y*: 17.01%
• 5Y*: 8.29%
• 10Y*: 9.39%
• ALL TIME*: 13.46%

PJP

• 1D: -1.10%
• 1M: 0.44%
• 6M: 16.01%
• YTD: 16.81%
• 1Y: 48.98%
• 3Y*: 17.41%
• 5Y*: 9.51%
• 10Y*: 6.97%
• ALL TIME*: 11.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBT First Trust Amex Biotechnology Index	$41.36M	$24.77M	$18.75M
PJP Invesco Dynamic Pharmaceuticals ETF	$5.48M	$7.14M	$3.39M

FBT vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBT First Trust Amex Biotechnology Index	18.66%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%
PJP Invesco Dynamic Pharmaceuticals ETF	16.81%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%

Correlation

The correlation between FBT and PJP is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.77
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.78

The correlation between FBT and PJP has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

FBT vs. PJP - Sectors Allocation Comparison

Sectors	FBT	PJP
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

FBT vs. PJP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBT

FBT Risk / Return Rank: 87
FBT Sharpe Ratio Rank: 91
FBT Sortino Ratio Rank: 91
FBT Omega Ratio Rank: 88
FBT Calmar Ratio Rank: 87
FBT Martin Ratio Rank: 79

PJP

PJP Risk / Return Rank: 95
PJP Sharpe Ratio Rank: 96
PJP Sortino Ratio Rank: 96
PJP Omega Ratio Rank: 94
PJP Calmar Ratio Rank: 95
PJP Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBT vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Amex Biotechnology Index (FBT) and Invesco Dynamic Pharmaceuticals ETF (PJP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FBT	PJP	Difference
Sharpe ratio: Return per unit of total volatility	2.31	3.10	-0.79
Sortino ratio: Return per unit of downside risk	3.24	4.35	-1.10
Omega ratio: Gain probability vs. loss probability	1.39	1.51	-0.12
Calmar ratio: Return relative to maximum drawdown	3.47	5.53	-2.07
Martin ratio: Return relative to average drawdown	10.25	17.34	-7.09

FBT vs. PJP - Sharpe Ratio Comparison

The current FBT Sharpe Ratio is 2.31, which is comparable to the PJP Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FBT and PJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBT vs. PJP - Drawdown Comparison

The maximum FBT drawdown since its inception was -40.51%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for FBT and PJP.

Drawdown Indicators

	FBT	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-40.51%	-37.06%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-9.44%	-4.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.05%	-16.27%	-3.78%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-17.51%	-11.47%
Max Drawdown (10Y) Largest decline over 10 years	-32.37%	-33.95%	+1.58%
Current Drawdown Current decline from peak	-4.34%	-1.10%	-3.24%
Average Drawdown Average peak-to-trough decline	-11.09%	-8.79%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.81%	3.01%	+1.80%

Volatility

FBT vs. PJP - Volatility Comparison

First Trust Amex Biotechnology Index (FBT) has a higher volatility of 6.29% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 5.97%. This indicates that FBT's price experiences larger fluctuations and is considered to be riskier than PJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBT	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	5.97%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	16.08%	13.25%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	17.00%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	16.37%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	18.38%	+5.39%

FBT vs. PJP - Expense Ratio Comparison

FBT has a 0.57% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

FBT vs. PJP - Dividend Comparison

FBT has not paid dividends to shareholders, while PJP's dividend yield for the trailing twelve months is around 0.88%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%
PJP Invesco Dynamic Pharmaceuticals ETF	0.88%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%

Frequently Asked Questions

Can I hold both FBT and PJP in my portfolio?

FBT and PJP have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBT or PJP?

FBT has higher volatility (6.29%) compared to PJP (5.97%). In terms of maximum drawdown, FBT dropped -40.51% vs PJP's -37.06%.

Which ETF is better, FBT or PJP?

On 10-year performance, FBT leads with 9.39% vs 6.97% for PJP. On fees, FBT is cheaper at 0.57% per year. On volatility, PJP has been the lower-risk option at 5.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBT or PJP?

Over the 10-year period, FBT has performed better with a 9.39% return vs 6.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBT or PJP?

FBT is cheaper with a 0.57% expense ratio, compared with 0.58% for PJP.

Which ETF pays a higher dividend yield, FBT or PJP?

PJP has the higher dividend yield at 0.88%, compared with 0.00% for FBT.

What is the main difference between FBT and PJP?

FBT tracks NYSE Arca Biotechnology Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.57% for FBT and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (3.10 vs 2.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.