IYH vs. PJP

Last updated Aug 4, 2026

IYH (iShares U.S. Healthcare ETF) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both Health & Biotech Equities funds - IYH tracks the Dow Jones U.S. Health Care Index while PJP tracks the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 10 years, IYH returned 9.52%/yr vs 6.98%/yr for PJP. Their correlation of 0.85 means they have usually moved in the same direction. IYH charges 0.43%/yr vs 0.58%/yr for PJP.

Performance

IYH vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Healthcare ETF (IYH) 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, IYH achieves a 5.42% return, which is significantly lower than PJP's 17.06% return. Over the past 10 years, IYH has outperformed PJP with an annualized return of 9.52%, while PJP has yielded a comparatively lower 6.98% annualized return.

IYH

• 1D: -0.15%
• 1M: -1.40%
• 6M: 5.14%
• YTD: 5.42%
• 1Y: 25.28%
• 3Y*: 8.40%
• 5Y*: 4.62%
• 10Y*: 9.52%
• ALL TIME*: 7.99%

PJP

• 1D: 0.21%
• 1M: 0.66%
• 6M: 14.14%
• YTD: 17.06%
• 1Y: 49.30%
• 3Y*: 17.12%
• 5Y*: 9.41%
• 10Y*: 6.98%
• ALL TIME*: 11.75%

*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)
IYH iShares U.S. Healthcare ETF	$76.84M	$57.93M	$57.32M
PJP Invesco Dynamic Pharmaceuticals ETF	$6.54M	$7.65M	$3.59M

IYH vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IYH iShares U.S. Healthcare ETF	5.42%	13.16%	2.99%	2.14%	-4.46%	23.41%	15.56%	20.80%	5.80%	22.27%
PJP Invesco Dynamic Pharmaceuticals ETF	17.06%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%

Correlation

The correlation between IYH and PJP is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (10Y) Provides a long-term view across more market conditions.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 23, 2005	0.85

The correlation between IYH and PJP has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

IYH vs. PJP - Sectors Allocation Comparison

Sectors	IYH	PJP
Healthcare	99.3%	100.0%
Technology	0.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IYH vs. PJP — Risk / Return Rank

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

IYH

IYH Risk / Return Rank: 65
IYH Sharpe Ratio Rank: 69
IYH Sortino Ratio Rank: 77
IYH Omega Ratio Rank: 65
IYH Calmar Ratio Rank: 66
IYH Martin Ratio Rank: 48

PJP

PJP Risk / Return Rank: 94
PJP Sharpe Ratio Rank: 96
PJP Sortino Ratio Rank: 95
PJP Omega Ratio Rank: 93
PJP Calmar Ratio Rank: 95
PJP Martin Ratio Rank: 92

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.

IYH vs. PJP - Risk-Adjusted Trends Comparison

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

	IYH	PJP	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.96	-1.33
Sortino ratio: Return per unit of downside risk	2.56	4.16	-1.60
Omega ratio: Gain probability vs. loss probability	1.28	1.49	-0.21
Calmar ratio: Return relative to maximum drawdown	2.39	5.25	-2.86
Martin ratio: Return relative to average drawdown	5.64	16.43	-10.79

IYH vs. PJP - Sharpe Ratio Comparison

The current IYH Sharpe Ratio is 1.63, which is lower than the PJP Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of IYH 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

IYH vs. PJP - Drawdown Comparison

The maximum IYH drawdown since its inception was -43.12%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for IYH and PJP.

Drawdown Indicators

	IYH	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-37.06%	-6.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-9.44%	-1.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.91%	-16.27%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-17.91%	-17.51%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	-33.95%	+5.55%
Current Drawdown Current decline from peak	-2.92%	-0.89%	-2.03%
Average Drawdown Average peak-to-trough decline	-8.92%	-8.79%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	3.01%	+1.48%

Volatility

IYH vs. PJP - Volatility Comparison

iShares U.S. Healthcare ETF (IYH) and Invesco Dynamic Pharmaceuticals ETF (PJP) have volatilities of 5.25% and 5.29%, 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.

Volatility by Period

	IYH	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.29%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	13.25%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	16.79%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	16.37%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	18.39%	-1.57%

IYH vs. PJP - Expense Ratio Comparison

IYH has a 0.43% expense ratio, which is lower than PJP's 0.58% expense ratio.

Dividends

IYH vs. PJP - Dividend Comparison

IYH's dividend yield for the trailing twelve months is around 1.17%, more than PJP's 0.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IYH iShares U.S. Healthcare ETF	1.17%	1.19%	1.25%	1.18%	1.10%	0.94%	1.16%	1.14%	1.95%	1.10%	1.29%	2.02%
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 IYH and PJP in my portfolio?

IYH 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, IYH or PJP?

PJP has higher volatility (5.29%) compared to IYH (5.25%). In terms of maximum drawdown, IYH dropped -43.12% vs PJP's -37.06%.

Which ETF is better, IYH or PJP?

On 10-year performance, IYH leads with 9.52% vs 6.98% for PJP. On fees, IYH is cheaper at 0.43% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYH or PJP?

Over the 10-year period, IYH has performed better with a 9.52% return vs 6.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYH or PJP?

IYH is cheaper with a 0.43% expense ratio, compared with 0.58% for PJP.

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

IYH has the higher dividend yield at 1.17%, compared with 0.88% for PJP.

What is the main difference between IYH and PJP?

IYH tracks Dow Jones U.S. Health Care Index, while PJP tracks Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.43% for IYH and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.96 vs 1.63), 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.