PBE vs. PPH

Last updated Jun 5, 2026

PBE (Invesco Dynamic Biotechnology & Genome ETF) and PPH (VanEck Vectors Pharmaceutical ETF) are both Health & Biotech Equities funds - PBE tracks the Dynamic Biotech & Genome Intellidex Index (AMEX) while PPH tracks the MVIS US Listed Pharmaceutical 25 Index. Both are passively managed. Over the past 10 years, PBE returned 7.59%/yr vs 7.78%/yr for PPH. A 0.64 correlation means they provide meaningful diversification when combined. PBE charges 0.59%/yr vs 0.36%/yr for PPH.

Performance

PBE vs. PPH - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PBE having a 2.58% return and PPH slightly higher at 2.63%. Both investments have delivered pretty close results over the past 10 years, with PBE having a 7.59% annualized return and PPH not far ahead at 7.78%.

PBE

• 1D: 1.99%
• 1M: 4.32%
• YTD: 2.58%
• 6M: 3.21%
• 1Y: 32.21%
• 3Y*: 11.28%
• 5Y*: 3.46%
• 10Y*: 7.59%

PPH

• 1D: 3.42%
• 1M: 2.35%
• YTD: 2.63%
• 6M: 6.36%
• 1Y: 21.43%
• 3Y*: 13.19%
• 5Y*: 9.95%
• 10Y*: 7.78%

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

PBE vs. PPH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBE Invesco Dynamic Biotechnology & Genome ETF	2.58%	24.84%	1.10%	3.71%	-10.83%	1.54%	25.66%	18.65%	-0.19%	22.28%
PPH VanEck Vectors Pharmaceutical ETF	2.63%	22.00%	8.05%	6.95%	2.64%	17.79%	5.49%	19.39%	-5.89%	15.23%

Correlation

The correlation between PBE and PPH is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.64

The correlation between PBE and PPH has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

PBE vs. PPH - Sectors Allocation Comparison

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

Return for Risk

PBE vs. PPH — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 51
PBE Sharpe Ratio Rank: 51
PBE Sortino Ratio Rank: 54
PBE Omega Ratio Rank: 48
PBE Calmar Ratio Rank: 57
PBE Martin Ratio Rank: 47

PPH

PPH Risk / Return Rank: 36
PPH Sharpe Ratio Rank: 35
PPH Sortino Ratio Rank: 38
PPH Omega Ratio Rank: 35
PPH Calmar Ratio Rank: 41
PPH Martin Ratio Rank: 32

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. PPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and VanEck Vectors Pharmaceutical ETF (PPH). 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	PPH	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.22	+0.50
Sortino ratio: Return per unit of downside risk	2.57	1.92	+0.65
Omega ratio: Gain probability vs. loss probability	1.30	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.76	2.00	+0.76
Martin ratio: Return relative to average drawdown	7.74	4.65	+3.09
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. PPH - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 1.72, which is higher than the PPH Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of PBE and PPH, 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

	PBE	PPH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.22	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.66	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.46	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.31	+0.02

Drawdowns

PBE vs. PPH - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, smaller than the maximum PPH drawdown of -51.45%. Use the drawdown chart below to compare losses from any high point for PBE and PPH.

Drawdown Indicators

	PBE	PPH	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-51.45%	+5.76%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-10.76%	-0.97%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-18.06%	-4.37%
Max Drawdown (5Y) Largest decline over 5 years	-34.71%	-20.26%	-14.45%
Max Drawdown (10Y) Largest decline over 10 years	-37.84%	-29.70%	-8.14%
Current Drawdown Current decline from peak	-1.71%	-5.21%	+3.50%
Average Drawdown Average peak-to-trough decline	-16.23%	-17.31%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	4.62%	-0.45%

Volatility

PBE vs. PPH - Volatility Comparison

Invesco Dynamic Biotechnology & Genome ETF (PBE) and VanEck Vectors Pharmaceutical ETF (PPH) have volatilities of 5.92% and 5.81%, 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

	PBE	PPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	5.81%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	12.12%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	17.57%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	15.14%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	16.99%	+7.93%

PBE vs. PPH - Expense Ratio Comparison

PBE has a 0.59% expense ratio, which is higher than PPH's 0.36% expense ratio.

Dividends

PBE vs. PPH - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.03%, less than PPH's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.03%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
PPH VanEck Vectors Pharmaceutical ETF	2.05%	1.78%	1.98%	2.09%	1.55%	1.62%	1.66%	1.77%	1.97%	1.92%	2.43%	1.93%

Frequently Asked Questions

Can I hold both PBE and PPH in my portfolio?

PBE and PPH have a correlation of 0.68, 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 PPH?

PBE has higher volatility (5.92%) compared to PPH (5.81%). In terms of maximum drawdown, PBE dropped -45.69% vs PPH's -51.45%.

Which ETF is better, PBE or PPH?

On 10-year performance, PPH leads with 7.78% vs 7.59% for PBE. On fees, PPH is cheaper at 0.36% per year. On volatility, PPH has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBE or PPH?

Over the 10-year period, PPH has performed better with a 7.78% return vs 7.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBE or PPH?

PPH is cheaper with a 0.36% expense ratio, compared with 0.59% for PBE.

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

PPH has the higher dividend yield at 2.05%, compared with 1.03% for PBE.

What is the main difference between PBE and PPH?

PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX), while PPH tracks MVIS US Listed Pharmaceutical 25 Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.59% for PBE and 0.36% for PPH.

Which has better risk-adjusted returns?

PBE currently has the higher Sharpe Ratio (1.72 vs 1.22), 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.