PILL vs. PJP

Last updated Jun 5, 2026

PILL (Direxion Daily Pharmaceutical & Medical Bull 3X Shares) and PJP (Invesco Dynamic Pharmaceuticals ETF) are both exchange-traded funds - PILL is a Leveraged Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index. Both are passively managed. Over the past 5 years, PILL returned -10.52%/yr vs 8.23%/yr for PJP. Their correlation of 0.85 suggests significant overlap in exposure. PILL charges 0.98%/yr vs 0.58%/yr for PJP.

Performance

PILL vs. PJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) and Invesco Dynamic Pharmaceuticals ETF (PJP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PILL achieves a -1.69% return, which is significantly lower than PJP's 5.88% return.

PILL

• 1D: 8.24%
• 1M: -11.70%
• YTD: -1.69%
• 6M: 7.86%
• 1Y: 123.35%
• 3Y*: 16.40%
• 5Y*: -10.52%
• 10Y*: —

PJP

• 1D: 2.90%
• 1M: 3.51%
• YTD: 5.88%
• 6M: 5.41%
• 1Y: 38.78%
• 3Y*: 14.49%
• 5Y*: 8.23%
• 10Y*: 6.33%

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

PILL vs. PJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	-1.69%	75.14%	-7.26%	-12.06%	-43.16%	-37.33%	0.28%	19.26%	-21.15%	16.39%
PJP Invesco Dynamic Pharmaceuticals ETF	5.88%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	4.30%

Correlation

The correlation between PILL and PJP is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	0.85

The correlation between PILL and PJP has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

PILL vs. PJP - Sectors Allocation Comparison

Sectors	PILL	PJP
Healthcare	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PILL vs. PJP — Risk / Return Rank

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

PILL

PILL Risk / Return Rank: 61
PILL Sharpe Ratio Rank: 60
PILL Sortino Ratio Rank: 52
PILL Omega Ratio Rank: 49
PILL Calmar Ratio Rank: 75
PILL Martin Ratio Rank: 68

PJP

PJP Risk / Return Rank: 73
PJP Sharpe Ratio Rank: 73
PJP Sortino Ratio Rank: 75
PJP Omega Ratio Rank: 66
PJP Calmar Ratio Rank: 80
PJP Martin Ratio Rank: 70

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.

PILL vs. PJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) and Invesco Dynamic Pharmaceuticals ETF (PJP). 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.

	PILL	PJP	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.34	-0.35
Sortino ratio: Return per unit of downside risk	2.51	3.30	-0.79
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.74	4.13	-0.39
Martin ratio: Return relative to average drawdown	12.24	12.89	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PILL vs. PJP - Sharpe Ratio Comparison

The current PILL Sharpe Ratio is 1.99, which is comparable to the PJP Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PILL and PJP, 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

	PILL	PJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.34	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.51	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.60	-0.70

Drawdowns

PILL vs. PJP - Drawdown Comparison

The maximum PILL drawdown since its inception was -88.76%, which is greater than PJP's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for PILL and PJP.

Drawdown Indicators

	PILL	PJP	Difference
Max Drawdown Largest peak-to-trough decline	-88.76%	-37.06%	-51.70%
Max Drawdown (1Y) Largest decline over 1 year	-33.21%	-9.44%	-23.77%
Max Drawdown (3Y) Largest decline over 3 years	-60.43%	-16.27%	-44.16%
Max Drawdown (5Y) Largest decline over 5 years	-83.38%	-17.51%	-65.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.95%	—
Current Drawdown Current decline from peak	-66.31%	-0.13%	-66.18%
Average Drawdown Average peak-to-trough decline	-58.54%	-8.85%	-49.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.12%	3.02%	+7.10%

Volatility

PILL vs. PJP - Volatility Comparison

Direxion Daily Pharmaceutical & Medical Bull 3X Shares (PILL) has a higher volatility of 22.02% compared to Invesco Dynamic Pharmaceuticals ETF (PJP) at 6.00%. This indicates that PILL's price experiences larger fluctuations and is considered to be riskier than PJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PILL	PJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.02%	6.00%	+16.02%
Volatility (6M) Calculated over the trailing 6-month period	48.70%	12.31%	+36.39%
Volatility (1Y) Calculated over the trailing 1-year period	62.21%	16.62%	+45.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.53%	16.22%	+44.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.83%	18.40%	+45.43%

PILL vs. PJP - Expense Ratio Comparison

PILL has a 0.98% expense ratio, which is higher than PJP's 0.58% expense ratio.

Dividends

PILL vs. PJP - Dividend Comparison

PILL's dividend yield for the trailing twelve months is around 0.64%, less than PJP's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PILL Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.64%	0.69%	1.28%	1.83%	0.67%	0.00%	0.00%	0.38%	0.91%	0.10%	0.00%	0.00%
PJP Invesco Dynamic Pharmaceuticals ETF	0.96%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%

Frequently Asked Questions

Can I hold both PILL and PJP in my portfolio?

PILL and PJP have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PILL or PJP?

PILL has higher volatility (22.02%) compared to PJP (6.00%). In terms of maximum drawdown, PILL dropped -88.76% vs PJP's -37.06%.

Which ETF is better, PILL or PJP?

On 5-year performance, PJP leads with 8.23% vs -10.52% for PILL. On fees, PJP is cheaper at 0.58% per year. On volatility, PJP has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PILL or PJP?

Over the 5-year period, PJP has performed better with a 8.23% return vs -10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PILL or PJP?

PJP is cheaper with a 0.58% expense ratio, compared with 0.98% for PILL.

Which ETF pays a higher dividend yield, PILL or PJP?

PJP has the higher dividend yield at 0.96%, compared with 0.64% for PILL.

What is the main difference between PILL and PJP?

PILL is categorized as Leveraged Equities, while PJP is Health & Biotech Equities. Both ETFs track Dynamic Pharmaceuticals Intellidex Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.98% for PILL and 0.58% for PJP.

Which has better risk-adjusted returns?

PJP currently has the higher Sharpe Ratio (2.34 vs 1.99), 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.