IBBQ vs. PJP

Last updated Aug 2, 2026

IBBQ (Invesco Nasdaq Biotechnology ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds from Invesco - IBBQ tracks the Nasdaq Biotechnology Index while PJP tracks the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 5 years, IBBQ returned 5.42%/yr vs 9.51%/yr for PJP. Their 0.80 correlation means they have sometimes moved together and sometimes differently. IBBQ charges 0.19%/yr vs 0.58%/yr for PJP.

Performance

IBBQ vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Nasdaq Biotechnology ETF (IBBQ) 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, IBBQ achieves a 13.32% return, which is significantly lower than PJP's 16.81% return.

IBBQ

• 1D: -1.84%
• 1M: -4.55%
• 6M: 10.60%
• YTD: 13.32%
• 1Y: 44.71%
• 3Y*: 17.25%
• 5Y*: 5.42%
• 10Y*: —
• ALL TIME*: 5.57%

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)
IBBQ Invesco Nasdaq Biotechnology ETF	$517.67K	$836.57K	$727.46K
PJP Invesco Dynamic Pharmaceuticals ETF	$5.48M	$7.14M	$3.39M

IBBQ vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBBQ Invesco Nasdaq Biotechnology ETF	13.32%	33.32%	-0.63%	4.73%	-10.41%	-6.24%
PJP Invesco Dynamic Pharmaceuticals ETF	16.81%	27.98%	9.63%	-2.18%	-2.16%	-0.52%

Correlation

The correlation between IBBQ and PJP is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021	0.80

The correlation between IBBQ and PJP has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

IBBQ vs. PJP - Sectors Allocation Comparison

Sectors	IBBQ	PJP
Healthcare	100.0%	100.0%
Consumer Defensive	0.2%	-
Consumer Cyclical	0.1%	-
Financial Services	0.1%	0.0%
Industrials	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IBBQ vs. PJP — Risk / Return Rank

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

IBBQ

IBBQ Risk / Return Rank: 91
IBBQ Sharpe Ratio Rank: 91
IBBQ Sortino Ratio Rank: 90
IBBQ Omega Ratio Rank: 85
IBBQ Calmar Ratio Rank: 95
IBBQ Martin Ratio Rank: 92

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.

IBBQ vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Nasdaq Biotechnology ETF (IBBQ) 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.

	IBBQ	PJP	Difference
Sharpe ratio: Return per unit of total volatility	2.27	3.10	-0.83
Sortino ratio: Return per unit of downside risk	3.12	4.35	-1.22
Omega ratio: Gain probability vs. loss probability	1.37	1.51	-0.14
Calmar ratio: Return relative to maximum drawdown	5.49	5.53	-0.05
Martin ratio: Return relative to average drawdown	15.87	17.34	-1.47

IBBQ vs. PJP - Sharpe Ratio Comparison

The current IBBQ Sharpe Ratio is 2.27, which is comparable to the PJP Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of IBBQ 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

IBBQ vs. PJP - Drawdown Comparison

The maximum IBBQ drawdown since its inception was -37.94%, roughly equal to the maximum PJP drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for IBBQ and PJP.

Drawdown Indicators

	IBBQ	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-37.94%	-37.06%	-0.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-9.44%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	-16.27%	-7.39%
Max Drawdown (5Y) Largest decline over 5 years	-37.94%	-17.51%	-20.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.95%	—
Current Drawdown Current decline from peak	-6.14%	-1.10%	-5.04%
Average Drawdown Average peak-to-trough decline	-16.38%	-8.79%	-7.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	3.01%	-0.13%

Volatility

IBBQ vs. PJP - Volatility Comparison

Invesco Nasdaq Biotechnology ETF (IBBQ) has a higher volatility of 6.31% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 5.97%. This indicates that IBBQ'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

	IBBQ	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	5.97%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	15.72%	13.25%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	20.18%	17.00%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.98%	16.37%	+5.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.85%	18.38%	+3.47%

IBBQ vs. PJP - Expense Ratio Comparison

IBBQ has a 0.19% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

IBBQ vs. PJP - Dividend Comparison

IBBQ's dividend yield for the trailing twelve months is around 0.80%, less than PJP's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBBQ Invesco Nasdaq Biotechnology ETF	0.80%	0.90%	1.14%	0.81%	0.76%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 IBBQ and PJP in my portfolio?

IBBQ and PJP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBBQ or PJP?

IBBQ has higher volatility (6.31%) compared to PJP (5.97%). In terms of maximum drawdown, IBBQ dropped -37.94% vs PJP's -37.06%.

Which ETF is better, IBBQ or PJP?

On 5-year performance, PJP leads with 9.51% vs 5.42% for IBBQ. On fees, IBBQ is cheaper at 0.19% 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, IBBQ or PJP?

Over the 5-year period, PJP has performed better with a 9.51% return vs 5.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBBQ or PJP?

IBBQ is cheaper with a 0.19% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 0.88%, compared with 0.80% for IBBQ.

What is the main difference between IBBQ and PJP?

IBBQ tracks Nasdaq Biotechnology Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. Their fees differ too: 0.19% for IBBQ and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (3.10 vs 2.27), 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.