PBE vs. RAAX
PBE (Invesco Dynamic Biotechnology & Genome ETF) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while RAAX is a Diversified Portfolio fund actively managed by VanEck. PBE is passively managed, while RAAX is actively managed. Over the past 5 years, PBE returned 2.31%/yr vs 13.26%/yr for RAAX. At a 0.36 correlation, their price movements are largely independent. PBE charges 0.59%/yr vs 0.78%/yr for RAAX.
Performance
PBE vs. RAAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PBE achieves a 3.32% return, which is significantly lower than RAAX's 16.55% 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%
RAAX
- 1D
- -0.92%
- 1M
- -2.75%
- YTD
- 16.55%
- 6M
- 16.67%
- 1Y
- 30.86%
- 3Y*
- 20.30%
- 5Y*
- 13.26%
- 10Y*
- —
PBE vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PBE Invesco Dynamic Biotechnology & Genome ETF | 3.32% | 24.84% | 1.10% | 3.71% | -10.83% | 1.54% | 25.66% | 18.65% | -0.55% |
RAAX VanEck Inflation Allocation ETF | 16.55% | 26.74% | 12.50% | 6.71% | 1.51% | 21.56% | -8.27% | 6.14% | -2.41% |
Correlation
The correlation between PBE and RAAX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018 | 0.36 |
The correlation between PBE and RAAX shifts across timeframes, from 0.23 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PBE vs. RAAX — Risk / Return Rank
PBE
RAAX
PBE vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 4.33 | -1.40 |
| Martin ratioReturn relative to average drawdown | 8.21 | 15.50 | -7.29 |
Loading charts...
Drawdowns
PBE vs. RAAX - Drawdown Comparison
The maximum PBE drawdown since its inception was -45.69%, which is greater than RAAX's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for PBE and RAAX.
Loading charts...
Drawdown Indicators
| PBE | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.69% | -33.91% | -11.78% |
Max Drawdown (1Y)Largest decline over 1 year | -11.73% | -7.17% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -22.43% | -11.59% | -10.84% |
Max Drawdown (5Y)Largest decline over 5 years | -34.71% | -23.55% | -11.16% |
Max Drawdown (10Y)Largest decline over 10 years | -37.84% | — | — |
Current DrawdownCurrent decline from peak | -1.00% | -4.66% | +3.66% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -6.77% | -9.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 2.00% | +2.17% |
Volatility
PBE vs. RAAX - Volatility Comparison
Invesco Dynamic Biotechnology & Genome ETF (PBE) has a higher volatility of 6.04% compared to VanEck Inflation Allocation ETF (RAAX) at 4.71%. This indicates that PBE's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PBE | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.04% | 4.71% | +1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 13.67% | 12.23% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.01% | 14.21% | +4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.48% | 15.71% | +6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.91% | 15.79% | +9.12% |
PBE vs. RAAX - Expense Ratio Comparison
PBE has a 0.59% expense ratio, which is lower than RAAX's 0.78% expense ratio.
Dividends
PBE vs. RAAX - Dividend Comparison
PBE's dividend yield for the trailing twelve months is around 1.02%, less than RAAX's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
RAAX VanEck Inflation Allocation ETF | 2.01% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBE and RAAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBE has higher volatility (6.04%) compared to RAAX (4.71%). In terms of maximum drawdown, PBE dropped -45.69% vs RAAX's -33.91%.
On 5-year performance, RAAX leads with 13.26% vs 2.31% for PBE. On fees, PBE is cheaper at 0.59% per year. On volatility, RAAX has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAAX has performed better with a 13.26% return vs 2.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBE is cheaper with a 0.59% expense ratio, compared with 0.78% for RAAX.
RAAX has the higher dividend yield at 2.01%, compared with 1.02% for PBE.
PBE is categorized as Health & Biotech Equities, while RAAX is Diversified Portfolio. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.59% for PBE and 0.78% for RAAX.
RAAX currently has the higher Sharpe Ratio (2.19 vs 1.81), 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.
Find the right allocation for PBE and RAAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer