PBE vs. FBT

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Dynamic Biotechnology & Genome ETF (PBE) and First Trust Amex Biotechnology Index (FBT).

PBE and FBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBE is a passively managed fund by Invesco that tracks the performance of the Dynamic Biotech & Genome Intellidex Index (AMEX). It was launched on Jun 23, 2005. FBT is a passively managed fund by First Trust that tracks the performance of the NYSE Arca Biotechnology Index. It was launched on Jun 23, 2006. Both PBE and FBT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PBE vs. FBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Biotechnology & Genome ETF (PBE) and First Trust Amex Biotechnology Index (FBT). The values are adjusted to include any dividend payments, if applicable.

PBE vs. FBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBE Invesco Dynamic Biotechnology & Genome ETF	-3.51%	24.84%	1.10%	3.71%	-10.83%	1.54%	25.66%	18.65%	-0.19%	22.28%
FBT First Trust Amex Biotechnology Index	-2.76%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	19.74%	-0.30%	37.07%

Returns By Period

In the year-to-date period, PBE achieves a -3.51% return, which is significantly lower than FBT's -2.76% return. Over the past 10 years, PBE has underperformed FBT with an annualized return of 7.52%, while FBT has yielded a comparatively higher 8.59% annualized return.

PBE

• 1D: 3.03%
• 1M: -3.31%
• YTD: -3.51%
• 6M: 14.03%
• 1Y: 26.26%
• 3Y*: 8.51%
• 5Y*: 1.51%
• 10Y*: 7.52%

FBT

• 1D: 4.05%
• 1M: -3.77%
• YTD: -2.76%
• 6M: 12.01%
• 1Y: 18.05%
• 3Y*: 9.26%
• 5Y*: 4.70%
• 10Y*: 8.59%

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

PBE vs. FBT - Expense Ratio Comparison

PBE has a 0.59% expense ratio, which is higher than FBT's 0.57% expense ratio.

PBE

Invesco Dynamic Biotechnology & Genome ETF

FBT

First Trust Amex Biotechnology Index

Return for Risk

PBE vs. FBT — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 68
PBE Sharpe Ratio Rank: 68
PBE Sortino Ratio Rank: 70
PBE Omega Ratio Rank: 60
PBE Calmar Ratio Rank: 79
PBE Martin Ratio Rank: 63

FBT

FBT Risk / Return Rank: 46
FBT Sharpe Ratio Rank: 41
FBT Sortino Ratio Rank: 44
FBT Omega Ratio Rank: 39
FBT Calmar Ratio Rank: 62
FBT Martin Ratio Rank: 44

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.

PBE vs. FBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and First Trust Amex Biotechnology Index (FBT). 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.

	PBE	FBT	Difference
Sharpe ratio Return per unit of total volatility	1.16	0.73	+0.43
Sortino ratio Return per unit of downside risk	1.73	1.17	+0.56
Omega ratio Gain probability vs. loss probability	1.22	1.15	+0.07
Calmar ratio Return relative to maximum drawdown	2.12	1.52	+0.60
Martin ratio Return relative to average drawdown	6.21	4.09	+2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBE vs. FBT - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 1.16, which is higher than the FBT Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of PBE and FBT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBE	FBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.73	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.22	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.36	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.50	-0.18

Correlation

The correlation between PBE and FBT is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PBE vs. FBT - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.09%, while FBT has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.09%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%

Drawdowns

PBE vs. FBT - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, which is greater than FBT's maximum drawdown of -40.51%. Use the drawdown chart below to compare losses from any high point for PBE and FBT.

Drawdown Indicators

	PBE	FBT	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-40.51%	-5.18%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-14.26%	+2.53%
Max Drawdown (5Y) Largest decline over 5 years	-34.71%	-29.05%	-5.66%
Max Drawdown (10Y) Largest decline over 10 years	-37.84%	-32.37%	-5.47%
Current Drawdown Current decline from peak	-7.54%	-9.48%	+1.94%
Average Drawdown Average peak-to-trough decline	-16.33%	-11.22%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	5.33%	-1.32%

Volatility

PBE vs. FBT - Volatility Comparison

The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 7.57%, while First Trust Amex Biotechnology Index (FBT) has a volatility of 8.93%. This indicates that PBE experiences smaller price fluctuations and is considered to be less risky than FBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBE	FBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	8.93%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	13.75%	15.57%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	22.72%	24.96%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.70%	21.72%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.15%	24.06%	+1.09%