PJP vs. BIS

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Dynamic Pharmaceuticals ETF (PJP) and ProShares UltraShort Nasdaq Biotechnology (BIS).

PJP and BIS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PJP is a passively managed fund by Invesco that tracks the performance of the Dynamic Pharmaceuticals Intellidex Index. It was launched on Jun 23, 2005. BIS is a passively managed fund by ProShares that tracks the performance of the NASDAQ Biotechnology Index (-200%). It was launched on Apr 7, 2010. Both PJP and BIS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PJP vs. BIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Pharmaceuticals ETF (PJP) and ProShares UltraShort Nasdaq Biotechnology (BIS). The values are adjusted to include any dividend payments, if applicable.

PJP vs. BIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PJP Invesco Dynamic Pharmaceuticals ETF	0.14%	27.98%	9.63%	-2.18%	-2.16%	14.58%	11.29%	4.64%	-1.78%	15.30%
BIS ProShares UltraShort Nasdaq Biotechnology	-6.20%	-45.95%	4.79%	-6.54%	-2.14%	-14.74%	-56.01%	-41.01%	5.14%	-36.98%

Returns By Period

In the year-to-date period, PJP achieves a 0.14% return, which is significantly higher than BIS's -6.20% return. Over the past 10 years, PJP has outperformed BIS with an annualized return of 6.48%, while BIS has yielded a comparatively lower -24.45% annualized return.

PJP

• 1D: 0.58%
• 1M: -3.83%
• YTD: 0.14%
• 6M: 10.47%
• 1Y: 25.83%
• 3Y*: 12.33%
• 5Y*: 6.80%
• 10Y*: 6.48%

BIS

• 1D: -8.92%
• 1M: 5.69%
• YTD: -6.20%
• 6M: -31.27%
• 1Y: -50.91%
• 3Y*: -21.67%
• 5Y*: -15.13%
• 10Y*: -24.45%

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

PJP vs. BIS - Expense Ratio Comparison

PJP has a 0.58% expense ratio, which is lower than BIS's 0.95% expense ratio.

BIS

ProShares UltraShort Nasdaq Biotechnology

PJP

Invesco Dynamic Pharmaceuticals ETF

Return for Risk

PJP vs. BIS — Risk / Return Rank

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

PJP

PJP Risk / Return Rank: 67
PJP Sharpe Ratio Rank: 74
PJP Sortino Ratio Rank: 73
PJP Omega Ratio Rank: 65
PJP Calmar Ratio Rank: 69
PJP Martin Ratio Rank: 55

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 0
BIS Sortino Ratio Rank: 0
BIS Omega Ratio Rank: 1
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 4

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.

PJP vs. BIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and ProShares UltraShort Nasdaq Biotechnology (BIS). 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.

	PJP	BIS	Difference
Sharpe ratio Return per unit of total volatility	1.39	-1.09	+2.48
Sortino ratio Return per unit of downside risk	1.91	-1.73	+3.64
Omega ratio Gain probability vs. loss probability	1.25	0.81	+0.44
Calmar ratio Return relative to maximum drawdown	1.87	-0.76	+2.64
Martin ratio Return relative to average drawdown	5.68	-1.06	+6.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PJP vs. BIS - Sharpe Ratio Comparison

The current PJP Sharpe Ratio is 1.39, which is higher than the BIS Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of PJP and BIS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PJP	BIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	-1.09	+2.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	-0.35	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	-0.53	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	-0.68	+1.27

Correlation

The correlation between PJP and BIS is -0.81. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

PJP vs. BIS - Dividend Comparison

PJP's dividend yield for the trailing twelve months is around 1.01%, less than BIS's 4.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PJP Invesco Dynamic Pharmaceuticals ETF	1.01%	0.98%	0.97%	1.01%	0.95%	0.81%	0.75%	0.77%	1.12%	0.65%	0.91%	5.49%
BIS ProShares UltraShort Nasdaq Biotechnology	4.91%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%	0.00%	0.00%	0.00%

Drawdowns

PJP vs. BIS - Drawdown Comparison

The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum BIS drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for PJP and BIS.

Drawdown Indicators

	PJP	BIS	Difference
Max Drawdown Largest peak-to-trough decline	-37.06%	-99.86%	+62.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.68%	-64.06%	+52.38%
Max Drawdown (5Y) Largest decline over 5 years	-17.51%	-73.87%	+56.36%
Max Drawdown (10Y) Largest decline over 10 years	-33.95%	-95.07%	+61.12%
Current Drawdown Current decline from peak	-5.28%	-99.85%	+94.57%
Average Drawdown Average peak-to-trough decline	-8.89%	-89.92%	+81.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	46.28%	-42.43%

Volatility

PJP vs. BIS - Volatility Comparison

The current volatility for Invesco Dynamic Pharmaceuticals ETF (PJP) is 6.41%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 17.39%. This indicates that PJP experiences smaller price fluctuations and is considered to be less risky than BIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PJP	BIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	17.39%	-10.98%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	29.15%	-17.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.92%	47.18%	-28.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	43.50%	-27.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	46.64%	-28.22%