GDOC vs. PJP
GDOC (Goldman Sachs Future Health Care Equity ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds. GDOC is actively managed, while PJP is passively managed. Over the past 3 years, GDOC returned 0.91%/yr vs 15.13%/yr for PJP. A 0.75 correlation means they provide meaningful diversification when combined. GDOC charges 0.75%/yr vs 0.58%/yr for PJP.
Performance
GDOC vs. PJP - Performance Comparison
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Returns By Period
In the year-to-date period, GDOC achieves a -5.08% return, which is significantly lower than PJP's 7.87% return.
GDOC
- 1D
- 1.69%
- 1M
- 1.70%
- YTD
- -5.08%
- 6M
- -6.35%
- 1Y
- 8.39%
- 3Y*
- 0.91%
- 5Y*
- —
- 10Y*
- —
PJP
- 1D
- 0.70%
- 1M
- 3.08%
- YTD
- 7.87%
- 6M
- 4.83%
- 1Y
- 42.28%
- 3Y*
- 15.13%
- 5Y*
- 8.22%
- 10Y*
- 7.25%
GDOC vs. PJP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GDOC Goldman Sachs Future Health Care Equity ETF | -5.08% | 10.74% | -1.66% | 4.60% | -17.12% | -2.73% |
PJP Invesco Dynamic Pharmaceuticals ETF | 7.87% | 27.98% | 9.63% | -2.18% | -2.16% | 0.42% |
Correlation
The correlation between GDOC and PJP is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2021 | 0.75 |
The correlation between GDOC and PJP has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.
GDOC vs. PJP - Sectors Allocation Comparison
Sectors
GDOC
PJP
Healthcare
Consumer Defensive
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Energy
-
-
Financial Services
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Healthcare
GDOC
PJP
Consumer Defensive
GDOC
PJP
-
Basic Materials
GDOC
-
PJP
-
Communication Services
GDOC
-
PJP
-
Consumer Cyclical
GDOC
-
PJP
-
Energy
GDOC
-
PJP
-
Financial Services
GDOC
-
PJP
Industrials
GDOC
-
PJP
-
Real Estate
GDOC
-
PJP
-
Technology
GDOC
-
PJP
-
Utilities
GDOC
-
PJP
-
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Return for Risk
GDOC vs. PJP — Risk / Return Rank
GDOC
PJP
GDOC vs. PJP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Future Health Care Equity ETF (GDOC) 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.
| GDOC | PJP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.43 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 4.50 | -3.96 |
| Martin ratioReturn relative to average drawdown | 1.18 | 14.26 | -13.09 |
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Drawdowns
GDOC vs. PJP - Drawdown Comparison
The maximum GDOC drawdown since its inception was -31.01%, smaller than the maximum PJP drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for GDOC and PJP.
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Drawdown Indicators
| GDOC | PJP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.01% | -37.06% | +6.05% |
Max Drawdown (1Y)Largest decline over 1 year | -15.67% | -9.44% | -6.23% |
Max Drawdown (3Y)Largest decline over 3 years | -22.51% | -16.27% | -6.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.95% | — |
Current DrawdownCurrent decline from peak | -13.08% | -1.26% | -11.82% |
Average DrawdownAverage peak-to-trough decline | -15.87% | -8.83% | -7.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.14% | 2.97% | +4.17% |
Volatility
GDOC vs. PJP - Volatility Comparison
Goldman Sachs Future Health Care Equity ETF (GDOC) and Invesco Dynamic Pharmaceuticals ETF (PJP) have volatilities of 5.01% and 5.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDOC | PJP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.01% | 5.20% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 12.00% | 12.34% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.94% | 16.54% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.77% | 16.19% | +2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.77% | 18.39% | +0.38% |
GDOC vs. PJP - Expense Ratio Comparison
GDOC has a 0.75% expense ratio, which is higher than PJP's 0.58% expense ratio.
Dividends
GDOC vs. PJP - Dividend Comparison
GDOC's dividend yield for the trailing twelve months is around 0.34%, less than PJP's 1.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDOC Goldman Sachs Future Health Care Equity ETF | 0.34% | 0.32% | 0.02% | 0.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PJP Invesco Dynamic Pharmaceuticals ETF | 1.19% | 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
GDOC and PJP have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PJP has higher volatility (5.20%) compared to GDOC (5.01%). In terms of maximum drawdown, GDOC dropped -31.01% vs PJP's -37.06%.
On 3-year performance, PJP leads with 15.13% vs 0.91% for GDOC. On fees, PJP is cheaper at 0.58% per year. On volatility, GDOC has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PJP has performed better with a 15.13% return vs 0.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJP is cheaper with a 0.58% expense ratio, compared with 0.75% for GDOC.
PJP has the higher dividend yield at 1.19%, compared with 0.34% for GDOC.
They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.75% for GDOC and 0.58% for PJP.
PJP currently has the higher Sharpe Ratio (2.57 vs 0.53), 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.
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