PBE vs. FMED

Last updated Jun 16, 2026

PBE (Invesco Dynamic Biotechnology & Genome ETF) and FMED (Fidelity Disruptive Medicine ETF) are both Health & Biotech Equities funds. PBE is passively managed, while FMED is actively managed. Over the past 3 years, PBE returned 10.91%/yr vs 0.73%/yr for FMED. A 0.77 correlation means they provide meaningful diversification when combined. PBE charges 0.59%/yr vs 0.50%/yr for FMED.

Performance

PBE vs. FMED - Performance Comparison

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

Returns By Period

In the year-to-date period, PBE achieves a 3.32% return, which is significantly higher than FMED's -4.75% return.

PBE

• 1D: 0.81%
• 1M: 4.85%
• YTD: 3.32%
• 6M: 5.17%
• 1Y: 34.13%
• 3Y*: 10.91%
• 5Y*: 2.31%
• 10Y*: 8.90%

FMED

• 1D: 0.90%
• 1M: 7.10%
• YTD: -4.75%
• 6M: -6.17%
• 1Y: 8.53%
• 3Y*: 0.73%
• 5Y*: —
• 10Y*: —

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

PBE vs. FMED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBE Invesco Dynamic Biotechnology & Genome ETF	3.32%	24.84%	1.10%	5.54%
FMED Fidelity Disruptive Medicine ETF	-4.75%	9.69%	2.29%	-3.59%

Correlation

The correlation between PBE and FMED is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 12, 2023	0.77

The correlation between PBE and FMED has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

PBE vs. FMED - Sectors Allocation Comparison

Sectors	PBE	FMED
Healthcare	99.9%	97.1%
Financial Services	0.2%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.9%
Utilities	-	-

Return for Risk

PBE vs. FMED — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 58
PBE Sharpe Ratio Rank: 58
PBE Sortino Ratio Rank: 63
PBE Omega Ratio Rank: 53
PBE Calmar Ratio Rank: 63
PBE Martin Ratio Rank: 52

FMED

FMED Risk / Return Rank: 15
FMED Sharpe Ratio Rank: 16
FMED Sortino Ratio Rank: 16
FMED Omega Ratio Rank: 15
FMED Calmar Ratio Rank: 14
FMED Martin Ratio Rank: 14

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. FMED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and Fidelity Disruptive Medicine ETF (FMED). 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.

	PBE	FMED	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.44	+1.36
Sortino ratio: Return per unit of downside risk	2.68	0.79	+1.89
Omega ratio: Gain probability vs. loss probability	1.31	1.09	+0.22
Calmar ratio: Return relative to maximum drawdown	2.92	0.47	+2.46
Martin ratio: Return relative to average drawdown	8.21	1.03	+7.18

PBE vs. FMED - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 1.81, which is higher than the FMED Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of PBE and FMED, 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

PBE vs. FMED - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, which is greater than FMED's maximum drawdown of -21.84%. Use the drawdown chart below to compare losses from any high point for PBE and FMED.

Drawdown Indicators

	PBE	FMED	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-21.84%	-23.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-18.33%	+6.60%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-21.84%	-0.59%
Max Drawdown (5Y) Largest decline over 5 years	-34.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.84%	—	—
Current Drawdown Current decline from peak	-1.00%	-10.64%	+9.64%
Average Drawdown Average peak-to-trough decline	-16.21%	-7.09%	-9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	8.27%	-4.10%

Volatility

PBE vs. FMED - Volatility Comparison

The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 6.04%, while Fidelity Disruptive Medicine ETF (FMED) has a volatility of 7.50%. This indicates that PBE experiences smaller price fluctuations and is considered to be less risky than FMED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBE	FMED	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	7.50%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	15.01%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	19.01%	19.37%	-0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	18.57%	+3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.91%	18.57%	+6.34%

PBE vs. FMED - Expense Ratio Comparison

PBE has a 0.59% expense ratio, which is higher than FMED's 0.50% expense ratio.

Dividends

PBE vs. FMED - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.02%, while FMED has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FMED Fidelity Disruptive Medicine ETF	0.00%	0.00%	0.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBE Invesco Dynamic Biotechnology & Genome ETF	1.02%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%

Frequently Asked Questions

Can I hold both PBE and FMED in my portfolio?

PBE and FMED have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBE or FMED?

FMED has higher volatility (7.50%) compared to PBE (6.04%). In terms of maximum drawdown, PBE dropped -45.69% vs FMED's -21.84%.

Which ETF is better, PBE or FMED?

On 3-year performance, PBE leads with 10.91% vs 0.73% for FMED. On fees, FMED is cheaper at 0.50% per year. On volatility, PBE has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBE or FMED?

Over the 3-year period, PBE has performed better with a 10.91% return vs 0.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBE or FMED?

FMED is cheaper with a 0.50% expense ratio, compared with 0.59% for PBE.

Which ETF pays a higher dividend yield, PBE or FMED?

PBE has the higher dividend yield at 1.02%, compared with 0.00% for FMED.

What is the main difference between PBE and FMED?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.59% for PBE and 0.50% for FMED.

Which has better risk-adjusted returns?

PBE currently has the higher Sharpe Ratio (1.81 vs 0.44), 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.