PBJ vs. VOO

Last updated Jun 24, 2026

PBJ (Invesco Dynamic Food & Beverage ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PBJ is a Consumer Staples Equities fund tracking the Dynamic Food & Beverage Intellidex Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PBJ returned 5.17%/yr vs 15.61%/yr for VOO. A 0.64 correlation means they provide meaningful diversification when combined. PBJ charges 0.63%/yr vs 0.03%/yr for VOO.

Performance

PBJ vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Food & Beverage ETF (PBJ) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBJ achieves a 5.32% return, which is significantly lower than VOO's 8.19% return. Over the past 10 years, PBJ has underperformed VOO with an annualized return of 5.17%, while VOO has yielded a comparatively higher 15.61% annualized return.

PBJ

• 1D: 1.57%
• 1M: -2.97%
• YTD: 5.32%
• 6M: 4.88%
• 1Y: -0.24%
• 3Y*: 2.47%
• 5Y*: 3.75%
• 10Y*: 5.17%

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

PBJ vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBJ Invesco Dynamic Food & Beverage ETF	5.32%	-1.86%	2.49%	2.31%	3.14%	26.88%	5.53%	17.50%	-11.21%	1.87%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PBJ and VOO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.64

Over the past year, the correlation between PBJ and VOO has dropped to 0.15 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

PBJ vs. VOO - Sectors Allocation Comparison

Sectors	PBJ	VOO
Consumer Defensive	78.1%	4.5%
Consumer Cyclical	11.0%	9.8%
Industrials	5.6%	7.6%
Basic Materials	5.1%	1.7%
Financial Services	0.2%	10.9%
Communication Services	-	10.5%
Energy	-	3.2%
Healthcare	-	8.3%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.5%

Return for Risk

PBJ vs. VOO — Risk / Return Rank

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

PBJ

PBJ Risk / Return Rank: 8
PBJ Sharpe Ratio Rank: 9
PBJ Sortino Ratio Rank: 8
PBJ Omega Ratio Rank: 8
PBJ Calmar Ratio Rank: 8
PBJ Martin Ratio Rank: 8

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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.

PBJ vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Food & Beverage ETF (PBJ) and Vanguard S&P 500 ETF (VOO). 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.

	PBJ	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.91	-1.93
Sortino ratio: Return per unit of downside risk	0.06	2.60	-2.54
Omega ratio: Gain probability vs. loss probability	1.01	1.35	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.02	2.67	-2.69
Martin ratio: Return relative to average drawdown	-0.04	11.96	-12.00

PBJ vs. VOO - Sharpe Ratio Comparison

The current PBJ Sharpe Ratio is -0.02, which is lower than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of PBJ and VOO, 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

PBJ vs. VOO - Drawdown Comparison

The maximum PBJ drawdown since its inception was -39.15%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PBJ and VOO.

Drawdown Indicators

	PBJ	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-33.99%	-5.16%
Max Drawdown (1Y) Largest decline over 1 year	-12.48%	-8.90%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-18.69%	+5.70%
Max Drawdown (5Y) Largest decline over 5 years	-15.81%	-24.52%	+8.71%
Max Drawdown (10Y) Largest decline over 10 years	-28.49%	-33.99%	+5.50%
Current Drawdown Current decline from peak	-7.42%	-3.14%	-4.28%
Average Drawdown Average peak-to-trough decline	-5.39%	-3.68%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	1.99%	+3.42%

Volatility

PBJ vs. VOO - Volatility Comparison

The current volatility for Invesco Dynamic Food & Beverage ETF (PBJ) is 4.33%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.83%. This indicates that PBJ experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBJ	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.83%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	9.82%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	12.46%	+0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.77%	16.91%	-3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.13%	18.02%	-2.89%

PBJ vs. VOO - Expense Ratio Comparison

PBJ has a 0.63% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PBJ vs. VOO - Dividend Comparison

PBJ's dividend yield for the trailing twelve months is around 1.30%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBJ Invesco Dynamic Food & Beverage ETF	1.30%	1.83%	1.11%	1.81%	1.82%	0.90%	1.12%	1.21%	1.41%	0.70%	1.56%	1.24%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PBJ and VOO in my portfolio?

PBJ and VOO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBJ or VOO?

VOO has higher volatility (4.83%) compared to PBJ (4.33%). In terms of maximum drawdown, PBJ dropped -39.15% vs VOO's -33.99%.

Which ETF is better, PBJ or VOO?

On 10-year performance, VOO leads with 15.61% vs 5.17% for PBJ. On fees, VOO is cheaper at 0.03% per year. On volatility, PBJ has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBJ or VOO?

Over the 10-year period, VOO has performed better with a 15.61% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBJ or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.63% for PBJ.

Which ETF pays a higher dividend yield, PBJ or VOO?

PBJ has the higher dividend yield at 1.30%, compared with 1.05% for VOO.

What is the main difference between PBJ and VOO?

PBJ is categorized as Consumer Staples Equities, while VOO is S&P 500. PBJ tracks Dynamic Food & Beverage Intellidex Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.63% for PBJ and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs -0.02), 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.