PBE vs. XLVI

Last updated Aug 2, 2026

PBE (Invesco Dynamic Biotechnology & Genome ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while XLVI is a Derivative Income fund actively managed by State Street. PBE is passively managed, while XLVI is actively managed. Over the past year, PBE returned 39.36% vs 23.20% for XLVI. Their 0.70 correlation means they have sometimes moved together and sometimes differently. PBE charges 0.59%/yr vs 0.35%/yr for XLVI.

Performance

PBE vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Biotechnology & Genome ETF (PBE) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBE achieves a 10.26% return, which is significantly higher than XLVI's 7.10% return.

PBE

• 1D: -1.64%
• 1M: -2.64%
• 6M: 10.64%
• YTD: 10.26%
• 1Y: 39.36%
• 3Y*: 13.77%
• 5Y*: 3.98%
• 10Y*: 8.19%
• ALL TIME*: 9.16%

XLVI

• 1D: -0.18%
• 1M: 1.17%
• 6M: 6.83%
• YTD: 7.10%
• 1Y: 23.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.35%

*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)
PBE Invesco Dynamic Biotechnology & Genome ETF	$494.21K	$657.50K	$547.45K
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	$951.77K	$684.72K	$477.94K

PBE vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
PBE Invesco Dynamic Biotechnology & Genome ETF	10.26%	25.66%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	7.10%	12.41%

Correlation

The correlation between PBE and XLVI is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.70

The correlation between PBE and XLVI has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

PBE vs. XLVI - Sectors Allocation Comparison

Sectors	PBE	XLVI
Healthcare	100.0%	100.0%
Financial Services	0.1%	100.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PBE vs. XLVI — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 85
PBE Sharpe Ratio Rank: 88
PBE Sortino Ratio Rank: 89
PBE Omega Ratio Rank: 84
PBE Calmar Ratio Rank: 87
PBE Martin Ratio Rank: 76

XLVI

XLVI Risk / Return Rank: 84
XLVI Sharpe Ratio Rank: 90
XLVI Sortino Ratio Rank: 92
XLVI Omega Ratio Rank: 90
XLVI Calmar Ratio Rank: 81
XLVI Martin Ratio Rank: 68

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.

PBE vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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	XLVI	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.25	-0.12
Sortino ratio: Return per unit of downside risk	3.12	3.37	-0.25
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	3.42	2.96	+0.45
Martin ratio: Return relative to average drawdown	9.57	8.37	+1.20

PBE vs. XLVI - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 2.13, which is comparable to the XLVI Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of PBE and XLVI, 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. XLVI - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for PBE and XLVI.

Drawdown Indicators

	PBE	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-8.14%	-37.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-8.14%	-3.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	—	—
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	-3.83%	-1.46%	-2.37%
Average Drawdown Average peak-to-trough decline	-16.13%	-1.78%	-14.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	2.87%	+1.31%

Volatility

PBE vs. XLVI - Volatility Comparison

Invesco Dynamic Biotechnology & Genome ETF (PBE) has a higher volatility of 5.60% compared to State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) at 3.38%. This indicates that PBE's price experiences larger fluctuations and is considered to be riskier than XLVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBE	XLVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.60%	3.38%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	13.56%	8.73%	+4.83%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	11.07%	+7.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.50%	11.05%	+11.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.73%	11.05%	+13.68%

PBE vs. XLVI - Expense Ratio Comparison

PBE has a 0.59% expense ratio, which is higher than XLVI's 0.35% expense ratio.

Dividends

PBE vs. XLVI - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.73%, less than XLVI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.73%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.80%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBE and XLVI in my portfolio?

PBE and XLVI have a correlation of 0.70, 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 XLVI?

PBE has higher volatility (5.60%) compared to XLVI (3.38%). In terms of maximum drawdown, PBE dropped -45.69% vs XLVI's -8.14%.

Which ETF is better, PBE or XLVI?

On 1-year performance, PBE leads with 39.36% vs 23.20% for XLVI. On fees, XLVI is cheaper at 0.35% per year. On volatility, XLVI has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBE or XLVI?

Over the 1-year period, PBE has performed better with a 39.36% return vs 23.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBE or XLVI?

XLVI is cheaper with a 0.35% expense ratio, compared with 0.59% for PBE.

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

XLVI has the higher dividend yield at 11.80%, compared with 1.73% for PBE.

What is the main difference between PBE and XLVI?

PBE is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.59% for PBE and 0.35% for XLVI.

Which has better risk-adjusted returns?

XLVI currently has the higher Sharpe Ratio (2.25 vs 2.13), 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.