IAK vs. PJP

Last updated Jul 26, 2026

IAK (iShares U.S. Insurance ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both exchange-traded funds - IAK is a Financials Equities fund tracking the Dow Jones U.S. Select Insurance Index, while PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 10 years, IAK returned 13.33%/yr vs 7.06%/yr for PJP. Their 0.54 correlation means they have sometimes moved together and sometimes differently. IAK charges 0.38%/yr vs 0.58%/yr for PJP.

Performance

IAK vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Insurance ETF (IAK) 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, IAK achieves a 10.81% return, which is significantly lower than PJP's 15.78% return. Over the past 10 years, IAK has outperformed PJP with an annualized return of 13.33%, while PJP has yielded a comparatively lower 7.06% annualized return.

IAK

• 1D: 2.11%
• 1M: 7.61%
• 6M: 16.12%
• YTD: 10.81%
• 1Y: 17.49%
• 3Y*: 20.39%
• 5Y*: 16.26%
• 10Y*: 13.33%
• ALL TIME*: 7.43%

PJP

• 1D: 0.14%
• 1M: 4.06%
• 6M: 15.29%
• YTD: 15.78%
• 1Y: 43.85%
• 3Y*: 17.08%
• 5Y*: 9.28%
• 10Y*: 7.06%
• ALL TIME*: 11.71%

*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)
IAK iShares U.S. Insurance ETF	$21.27M	$20.97M	$10.82M
PJP Invesco Dynamic Pharmaceuticals ETF	$11.91M	$6.38M	$3.32M

IAK vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IAK iShares U.S. Insurance ETF	10.81%	9.50%	28.25%	11.28%	11.33%	26.84%	-2.86%	25.94%	-11.48%	14.18%
PJP Invesco Dynamic Pharmaceuticals ETF	15.78%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%

Correlation

The correlation between IAK and PJP is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.25
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	0.44
Correlation (All Time) Calculated using the full available price history since May 5, 2006	0.54

Over the past year, the correlation between IAK and PJP has dropped to 0.25 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

IAK vs. PJP - Sectors Allocation Comparison

Sectors	IAK	PJP
Financial Services	99.3%	0.0%
Healthcare	0.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IAK vs. PJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IAK

IAK Risk / Return Rank: 52
IAK Sharpe Ratio Rank: 48
IAK Sortino Ratio Rank: 48
IAK Omega Ratio Rank: 46
IAK Calmar Ratio Rank: 68
IAK Martin Ratio Rank: 51

PJP

PJP Risk / Return Rank: 93
PJP Sharpe Ratio Rank: 94
PJP Sortino Ratio Rank: 94
PJP Omega Ratio Rank: 92
PJP Calmar Ratio Rank: 93
PJP Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IAK vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Insurance ETF (IAK) 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.

	IAK	PJP	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.62	-1.46
Sortino ratio: Return per unit of downside risk	1.70	3.72	-2.02
Omega ratio: Gain probability vs. loss probability	1.21	1.44	-0.23
Calmar ratio: Return relative to maximum drawdown	2.41	4.71	-2.30
Martin ratio: Return relative to average drawdown	5.86	14.61	-8.76

IAK vs. PJP - Sharpe Ratio Comparison

The current IAK Sharpe Ratio is 1.16, which is lower than the PJP Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of IAK 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

IAK vs. PJP - Drawdown Comparison

The maximum IAK drawdown since its inception was -77.38%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for IAK and PJP.

Drawdown Indicators

	IAK	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-77.38%	-37.06%	-40.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-9.44%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-11.58%	-16.27%	+4.69%
Max Drawdown (5Y) Largest decline over 5 years	-14.76%	-17.51%	+2.75%
Max Drawdown (10Y) Largest decline over 10 years	-44.95%	-33.95%	-11.00%
Current Drawdown Current decline from peak	0.00%	-1.53%	+1.53%
Average Drawdown Average peak-to-trough decline	-16.03%	-8.80%	-7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	3.03%	+0.10%

Volatility

IAK vs. PJP - Volatility Comparison

iShares U.S. Insurance ETF (IAK) has a higher volatility of 7.15% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 6.18%. This indicates that IAK'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

	IAK	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	6.18%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	13.23%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	16.97%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.09%	16.36%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.90%	18.38%	+2.52%

IAK vs. PJP - Expense Ratio Comparison

IAK has a 0.38% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

IAK vs. PJP - Dividend Comparison

IAK's dividend yield for the trailing twelve months is around 2.41%, more than PJP's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IAK iShares U.S. Insurance ETF	2.41%	1.69%	1.49%	1.44%	1.69%	2.26%	2.07%	1.84%	2.33%	1.62%	1.68%	1.62%
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 IAK and PJP in my portfolio?

IAK and PJP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAK or PJP?

IAK has higher volatility (7.15%) compared to PJP (6.18%). In terms of maximum drawdown, IAK dropped -77.38% vs PJP's -37.06%.

Which ETF is better, IAK or PJP?

On 10-year performance, IAK leads with 13.33% vs 7.06% for PJP. On fees, IAK is cheaper at 0.38% per year. On volatility, PJP has been the lower-risk option at 6.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAK or PJP?

Over the 10-year period, IAK has performed better with a 13.33% return vs 7.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAK or PJP?

IAK is cheaper with a 0.38% expense ratio, compared with 0.58% for PJP.

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

IAK has the higher dividend yield at 2.41%, compared with 0.88% for PJP.

What is the main difference between IAK and PJP?

IAK is categorized as Financials Equities, while PJP is Health & Biotech Equities. IAK tracks Dow Jones U.S. Select Insurance Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.38% for IAK and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.62 vs 1.16), 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.