PBE vs. XMMO

Last updated Jun 4, 2026

PBE (Invesco Dynamic Biotechnology & Genome ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Both are passively managed. Over the past 10 years, PBE returned 7.55%/yr vs 19.73%/yr for XMMO. A 0.68 correlation means they provide meaningful diversification when combined. PBE charges 0.59%/yr vs 0.35%/yr for XMMO.

Performance

PBE vs. XMMO - Performance Comparison

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

Returns By Period

In the year-to-date period, PBE achieves a 0.58% return, which is significantly lower than XMMO's 23.73% return. Over the past 10 years, PBE has underperformed XMMO with an annualized return of 7.55%, while XMMO has yielded a comparatively higher 19.73% annualized return.

PBE

• 1D: 2.04%
• 1M: 2.68%
• YTD: 0.58%
• 6M: 1.15%
• 1Y: 30.26%
• 3Y*: 10.44%
• 5Y*: 3.06%
• 10Y*: 7.55%

XMMO

• 1D: 0.62%
• 1M: 6.87%
• YTD: 23.73%
• 6M: 25.73%
• 1Y: 36.97%
• 3Y*: 32.10%
• 5Y*: 16.69%
• 10Y*: 19.73%

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

PBE vs. XMMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBE Invesco Dynamic Biotechnology & Genome ETF	0.58%	24.84%	1.10%	3.71%	-10.83%	1.54%	25.66%	18.65%	-0.19%	22.28%
XMMO Invesco S&P MidCap Momentum ETF	23.73%	13.04%	38.03%	20.39%	-16.02%	16.69%	29.17%	36.78%	6.12%	37.18%

Correlation

The correlation between PBE and XMMO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jun 24, 2005	0.68

Over the past year, the correlation between PBE and XMMO has dropped to 0.47 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

PBE vs. XMMO - Sectors Allocation Comparison

Sectors	PBE	XMMO
Healthcare	100.0%	6.3%
Financial Services	0.0%	2.4%
Basic Materials	-	7.2%
Communication Services	-	1.6%
Consumer Cyclical	-	4.6%
Consumer Defensive	-	0.5%
Energy	-	7.7%
Industrials	-	41.1%
Real Estate	-	6.1%
Technology	-	16.7%
Utilities	-	5.8%

Return for Risk

PBE vs. XMMO — Risk / Return Rank

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

PBE

PBE Risk / Return Rank: 47
PBE Sharpe Ratio Rank: 46
PBE Sortino Ratio Rank: 49
PBE Omega Ratio Rank: 44
PBE Calmar Ratio Rank: 52
PBE Martin Ratio Rank: 44

XMMO

XMMO Risk / Return Rank: 67
XMMO Sharpe Ratio Rank: 57
XMMO Sortino Ratio Rank: 57
XMMO Omega Ratio Rank: 55
XMMO Calmar Ratio Rank: 83
XMMO Martin Ratio Rank: 85

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. XMMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) and Invesco S&P MidCap Momentum ETF (XMMO). 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	XMMO	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.99	-0.36
Sortino ratio: Return per unit of downside risk	2.44	2.77	-0.33
Omega ratio: Gain probability vs. loss probability	1.28	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	2.59	4.45	-1.86
Martin ratio: Return relative to average drawdown	7.27	18.21	-10.94
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. XMMO - Sharpe Ratio Comparison

The current PBE Sharpe Ratio is 1.63, which is comparable to the XMMO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of PBE and XMMO, 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	XMMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.99	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.78	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.89	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.58	-0.25

Drawdowns

PBE vs. XMMO - Drawdown Comparison

The maximum PBE drawdown since its inception was -45.69%, smaller than the maximum XMMO drawdown of -55.37%. Use the drawdown chart below to compare losses from any high point for PBE and XMMO.

Drawdown Indicators

	PBE	XMMO	Difference
Max Drawdown Largest peak-to-trough decline	-45.69%	-55.37%	+9.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-8.34%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.43%	-24.93%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-34.71%	-27.91%	-6.80%
Max Drawdown (10Y) Largest decline over 10 years	-37.84%	-36.74%	-1.10%
Current Drawdown Current decline from peak	-3.62%	0.00%	-3.62%
Average Drawdown Average peak-to-trough decline	-16.24%	-9.45%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.04%	+2.13%

Volatility

PBE vs. XMMO - Volatility Comparison

The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 5.63%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.82%. This indicates that PBE experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBE	XMMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	7.82%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	15.54%	-2.27%
Volatility (1Y) Calculated over the trailing 1-year period	18.71%	18.71%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	21.45%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.92%	22.27%	+2.65%

PBE vs. XMMO - Expense Ratio Comparison

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

Dividends

PBE vs. XMMO - Dividend Comparison

PBE's dividend yield for the trailing twelve months is around 1.05%, more than XMMO's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBE Invesco Dynamic Biotechnology & Genome ETF	1.05%	1.00%	0.05%	0.02%	0.00%	0.00%	0.04%	0.00%	0.00%	0.57%	0.38%	1.12%
XMMO Invesco S&P MidCap Momentum ETF	0.60%	0.78%	0.34%	0.80%	1.43%	0.41%	0.61%	0.60%	0.19%	0.21%	0.22%	0.64%

Frequently Asked Questions

Can I hold both PBE and XMMO in my portfolio?

PBE and XMMO have a correlation of 0.47, 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 XMMO?

XMMO has higher volatility (7.82%) compared to PBE (5.63%). In terms of maximum drawdown, PBE dropped -45.69% vs XMMO's -55.37%.

Which ETF is better, PBE or XMMO?

On 10-year performance, XMMO leads with 19.73% vs 7.55% for PBE. On fees, XMMO is cheaper at 0.35% per year. On volatility, PBE has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBE or XMMO?

Over the 10-year period, XMMO has performed better with a 19.73% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBE or XMMO?

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

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

PBE has the higher dividend yield at 1.05%, compared with 0.60% for XMMO.

What is the main difference between PBE and XMMO?

PBE is categorized as Health & Biotech Equities, while XMMO is Momentum. PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX), while XMMO tracks S&P MidCap 400 Momentum Index. Their fees differ too: 0.59% for PBE and 0.35% for XMMO.

Which has better risk-adjusted returns?

XMMO currently has the higher Sharpe Ratio (1.99 vs 1.63), 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.