PJP vs. BIS
PJP (Invesco Dynamic Pharmaceuticals ETF) and BIS (ProShares UltraShort Nasdaq Biotechnology) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%). Both are passively managed. Over the past 10 years, PJP returned 6.97%/yr vs -24.02%/yr for BIS. Their -0.81 correlation means they have often moved in opposite directions in the past. PJP charges 0.58%/yr vs 0.95%/yr for BIS.
Performance
PJP vs. BIS - Performance Comparison
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Returns By Period
In the year-to-date period, PJP achieves a 16.81% return, which is significantly higher than BIS's -24.85% return. Over the past 10 years, PJP has outperformed BIS with an annualized return of 6.97%, while BIS has yielded a comparatively lower -24.02% annualized return.
PJP
- 1D
- -1.10%
- 1M
- 0.44%
- 6M
- 16.01%
- YTD
- 16.81%
- 1Y
- 48.98%
- 3Y*
- 17.41%
- 5Y*
- 9.51%
- 10Y*
- 6.97%
- ALL TIME*
- 11.74%
BIS
- 1D
- 3.65%
- 1M
- 9.65%
- 6M
- -20.75%
- YTD
- -24.85%
- 1Y
- -53.59%
- 3Y*
- -27.87%
- 5Y*
- -15.63%
- 10Y*
- -24.02%
- ALL TIME*
- -32.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $5.48M | $7.14M | $3.39M |
PJP vs. BIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PJP Invesco Dynamic Pharmaceuticals ETF | 16.81% | 27.98% | 9.63% | -2.18% | -2.16% | 14.58% | 11.29% | 4.64% | -1.78% | 15.30% |
BIS ProShares UltraShort Nasdaq Biotechnology | -24.85% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
Correlation
The correlation between PJP and BIS is -0.80, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.80 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.81 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2010 | -0.81 |
The correlation between PJP and BIS has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.
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Return for Risk
PJP vs. BIS — Risk / Return Rank
PJP
BIS
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.
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.
| PJP | BIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.43 | ||
| Sortino ratioReturn per unit of downside risk | +6.56 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.76 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 5.53 | -0.91 | +6.45 |
| Martin ratioReturn relative to average drawdown | 17.34 | -1.38 | +18.72 |
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Drawdowns
PJP vs. BIS - Drawdown Comparison
The maximum PJP drawdown since its inception was -37.06%, smaller than the maximum BIS drawdown of -99.89%. Use the drawdown chart below to compare losses from any high point for PJP and BIS.
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Drawdown Indicators
| PJP | BIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -99.89% | +62.83% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | -59.49% | +50.05% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -73.96% | +57.69% |
Max Drawdown (5Y)Largest decline over 5 years | -17.51% | -80.19% | +62.68% |
Max Drawdown (10Y)Largest decline over 10 years | -33.95% | -95.82% | +61.87% |
Current DrawdownCurrent decline from peak | -1.10% | -99.88% | +98.78% |
Average DrawdownAverage peak-to-trough decline | -8.79% | -90.11% | +81.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 39.26% | -36.25% |
Volatility
PJP vs. BIS - Volatility Comparison
The current volatility for Invesco Dynamic Pharmaceuticals ETF (PJP) is 5.97%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 12.40%. 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.
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Volatility by Period
| PJP | BIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.97% | 12.40% | -6.43% |
Volatility (6M)Calculated over the trailing 6-month period | 13.25% | 31.89% | -18.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.00% | 40.71% | -23.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.37% | 43.93% | -27.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 46.15% | -27.77% |
PJP vs. BIS - Expense Ratio Comparison
PJP has a 0.58% expense ratio, which is lower than BIS's 0.95% expense ratio.
Dividends
PJP vs. BIS - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.88%, less than BIS's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% | 0.00% | 0.00% | 0.00% |
PJP Invesco Dynamic Pharmaceuticals ETF | 0.88% | 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
PJP and BIS have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (12.40%) compared to PJP (5.97%). In terms of maximum drawdown, PJP dropped -37.06% vs BIS's -99.89%.
On 10-year performance, PJP leads with 6.97% vs -24.02% for BIS. On fees, PJP is cheaper at 0.58% per year. On volatility, PJP has been the lower-risk option at 5.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PJP has performed better with a 6.97% return vs -24.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PJP is cheaper with a 0.58% expense ratio, compared with 0.95% for BIS.
BIS has the higher dividend yield at 5.61%, compared with 0.88% for PJP.
PJP is categorized as Health & Biotech Equities, while BIS is Leveraged Equities. PJP tracks Dynamic Pharmaceuticals Intellidex Index, while BIS tracks NASDAQ Biotechnology Index (-200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.58% for PJP and 0.95% for BIS.
PJP currently has the higher Sharpe Ratio (3.10 vs -1.33), 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.
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