IBRN vs. PJP

Last updated Jun 3, 2026

IBRN (iShares Neuroscience and Healthcare ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds - IBRN tracks the NYSE FactSet Global Neuro Biopharma and MedTech Index while PJP tracks the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 3 years, IBRN returned 11.10%/yr vs 12.86%/yr for PJP. A 0.69 correlation means they provide meaningful diversification when combined. IBRN charges 0.47%/yr vs 0.58%/yr for PJP.

Performance

IBRN vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Neuroscience and Healthcare ETF (IBRN) 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, IBRN achieves a 4.62% return, which is significantly higher than PJP's 1.68% return.

IBRN

• 1D: -4.52%
• 1M: -1.90%
• YTD: 4.62%
• 6M: 12.73%
• 1Y: 52.57%
• 3Y*: 11.10%
• 5Y*: —
• 10Y*: —

PJP

• 1D: -1.45%
• 1M: 0.69%
• YTD: 1.68%
• 6M: 2.51%
• 1Y: 33.38%
• 3Y*: 12.86%
• 5Y*: 7.43%
• 10Y*: 6.02%

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

IBRN vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IBRN iShares Neuroscience and Healthcare ETF	4.62%	28.49%	-2.78%	0.92%	5.85%
PJP Invesco Dynamic Pharmaceuticals ETF	1.68%	27.98%	9.63%	-2.18%	8.64%

Correlation

The correlation between IBRN and PJP is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Aug 29, 2022	0.69

The correlation between IBRN and PJP has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

IBRN vs. PJP - Sectors Allocation Comparison

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

Return for Risk

IBRN vs. PJP — Risk / Return Rank

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

IBRN

IBRN Risk / Return Rank: 69
IBRN Sharpe Ratio Rank: 61
IBRN Sortino Ratio Rank: 62
IBRN Omega Ratio Rank: 53
IBRN Calmar Ratio Rank: 92
IBRN Martin Ratio Rank: 79

PJP

PJP Risk / Return Rank: 62
PJP Sharpe Ratio Rank: 60
PJP Sortino Ratio Rank: 61
PJP Omega Ratio Rank: 56
PJP Calmar Ratio Rank: 71
PJP Martin Ratio Rank: 62

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.

IBRN vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Neuroscience and Healthcare ETF (IBRN) 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.

	IBRN	PJP	Difference
Sharpe ratio Return per unit of total volatility	2.09	2.05	+0.04
Sortino ratio Return per unit of downside risk	2.94	2.91	+0.02
Omega ratio Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio Return relative to maximum drawdown	6.30	3.60	+2.70
Martin ratio Return relative to average drawdown	15.59	11.30	+4.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBRN vs. PJP - Sharpe Ratio Comparison

The current IBRN Sharpe Ratio is 2.09, which is comparable to the PJP Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IBRN 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.

Sharpe Ratios by Period

	IBRN	PJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.05	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.59	-0.22

Drawdowns

IBRN vs. PJP - Drawdown Comparison

The maximum IBRN drawdown since its inception was -35.38%, roughly equal to the maximum PJP drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for IBRN and PJP.

Drawdown Indicators

	IBRN	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-35.38%	-37.06%	+1.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.80%	-9.44%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-35.38%	-16.27%	-19.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.95%	—
Current Drawdown Current decline from peak	-6.28%	-4.09%	-2.19%
Average Drawdown Average peak-to-trough decline	-9.83%	-8.85%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	3.01%	+0.55%

Volatility

IBRN vs. PJP - Volatility Comparison

iShares Neuroscience and Healthcare ETF (IBRN) has a higher volatility of 7.66% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 5.23%. This indicates that IBRN'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

	IBRN	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	5.23%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	19.29%	12.03%	+7.26%
Volatility (1Y) Calculated over the trailing 1-year period	25.38%	16.35%	+9.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.32%	16.16%	+9.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	18.39%	+6.93%

IBRN vs. PJP - Expense Ratio Comparison

IBRN has a 0.47% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

IBRN vs. PJP - Dividend Comparison

IBRN's dividend yield for the trailing twelve months is around 0.95%, less than PJP's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBRN iShares Neuroscience and Healthcare ETF	0.95%	0.99%	0.40%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PJP Invesco Dynamic Pharmaceuticals ETF	1.00%	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 IBRN and PJP in my portfolio?

IBRN and PJP have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBRN or PJP?

IBRN has higher volatility (7.66%) compared to PJP (5.23%). In terms of maximum drawdown, IBRN dropped -35.38% vs PJP's -37.06%.

Which ETF is better, IBRN or PJP?

On 3-year performance, PJP leads with 12.86% vs 11.10% for IBRN. On fees, IBRN is cheaper at 0.47% per year. On volatility, PJP has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBRN or PJP?

Over the 3-year period, PJP has performed better with a 12.86% return vs 11.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBRN or PJP?

IBRN is cheaper with a 0.47% expense ratio, compared with 0.58% for PJP.

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

PJP has the higher dividend yield at 1.00%, compared with 0.95% for IBRN.

What is the main difference between IBRN and PJP?

IBRN tracks NYSE FactSet Global Neuro Biopharma and MedTech Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.47% for IBRN and 0.58% for PJP.

Which has better risk-adjusted returns?

IBRN currently has the higher Sharpe Ratio (2.09 vs 2.05), 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.