PJP vs. DBMF
PJP (Invesco Dynamic Pharmaceuticals ETF) and DBMF (iMGP DBi Managed Futures Strategy ETF) are both exchange-traded funds - PJP is a Health & Biotech Equities fund tracking the Dynamic Pharmaceuticals Intellidex Index, while DBMF is a Systematic Trend fund actively managed by iM Global Partners. PJP is passively managed, while DBMF is actively managed. Over the past 5 years, PJP returned 9.28%/yr vs 8.70%/yr for DBMF. Their 0.08 correlation means their historical movements had little consistent relationship. PJP charges 0.58%/yr vs 0.85%/yr for DBMF.
Performance
PJP vs. DBMF - Performance Comparison
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Returns By Period
In the year-to-date period, PJP achieves a 15.78% return, which is significantly higher than DBMF's 12.95% return.
PJP
- 1D
- 0.14%
- 1M
- 4.06%
- 6M
- 15.29%
- YTD
- 15.78%
- 1Y
- 43.85%
- 3Y*
- 17.08%
- 5Y*
- 9.28%
- 10Y*
- 7.06%
- ALL TIME*
- 11.71%
DBMF
- 1D
- -0.25%
- 1M
- 3.44%
- 6M
- 7.95%
- YTD
- 12.95%
- 1Y
- 27.97%
- 3Y*
- 10.07%
- 5Y*
- 8.70%
- 10Y*
- —
- ALL TIME*
- 9.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.88M | $50.74M | $48.74M | |
| $11.91M | $6.38M | $3.32M |
PJP vs. DBMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
PJP Invesco Dynamic Pharmaceuticals ETF | 15.78% | 27.98% | 9.63% | -2.18% | -2.16% | 14.58% | 11.29% | 4.21% |
DBMF iMGP DBi Managed Futures Strategy ETF | 12.95% | 13.85% | 7.24% | -8.94% | 21.61% | 11.49% | 1.80% | 10.51% |
Correlation
The correlation between PJP and DBMF is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 8, 2019 | 0.08 |
The correlation between PJP and DBMF shifts across timeframes, from -0.01 (5 years) to 0.09 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PJP vs. DBMF — Risk / Return Rank
PJP
DBMF
PJP vs. DBMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Pharmaceuticals ETF (PJP) and iMGP DBi Managed Futures Strategy ETF (DBMF). 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 | DBMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.45 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.71 | 4.59 | +0.12 |
| Martin ratioReturn relative to average drawdown | 14.61 | 15.59 | -0.98 |
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Drawdowns
PJP vs. DBMF - Drawdown Comparison
The maximum PJP drawdown since its inception was -37.06%, which is greater than DBMF's maximum drawdown of -20.39%. Use the drawdown chart below to compare losses from any high point for PJP and DBMF.
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Drawdown Indicators
| PJP | DBMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.06% | -20.39% | -16.67% |
Max Drawdown (1Y)Largest decline over 1 year | -9.44% | -6.10% | -3.34% |
Max Drawdown (3Y)Largest decline over 3 years | -16.27% | -15.60% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -17.51% | -20.39% | +2.88% |
Max Drawdown (10Y)Largest decline over 10 years | -33.95% | — | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.25% | -1.28% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -6.49% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 1.79% | +1.24% |
Volatility
PJP vs. DBMF - Volatility Comparison
Invesco Dynamic Pharmaceuticals ETF (PJP) has a higher volatility of 6.18% compared to iMGP DBi Managed Futures Strategy ETF (DBMF) at 2.42%. This indicates that PJP's price experiences larger fluctuations and is considered to be riskier than DBMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PJP | DBMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.18% | 2.42% | +3.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.23% | 9.96% | +3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.97% | 12.66% | +4.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.36% | 12.43% | +3.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 12.37% | +6.01% |
PJP vs. DBMF - Expense Ratio Comparison
PJP has a 0.58% expense ratio, which is lower than DBMF's 0.85% expense ratio.
Dividends
PJP vs. DBMF - Dividend Comparison
PJP's dividend yield for the trailing twelve months is around 0.88%, less than DBMF's 5.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DBMF iMGP DBi Managed Futures Strategy ETF | 5.03% | 5.91% | 5.75% | 2.91% | 7.72% | 10.38% | 0.86% | 9.35% | 0.00% | 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 DBMF have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PJP has higher volatility (6.18%) compared to DBMF (2.42%). In terms of maximum drawdown, PJP dropped -37.06% vs DBMF's -20.39%.
On 5-year performance, PJP leads with 9.28% vs 8.70% for DBMF. On fees, PJP is cheaper at 0.58% per year. On volatility, DBMF has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PJP has performed better with a 9.28% return vs 8.70%. 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 0.85% for DBMF.
DBMF has the higher dividend yield at 5.03%, compared with 0.88% for PJP.
PJP is categorized as Health & Biotech Equities, while DBMF is Systematic Trend. They also come from different issuers: Invesco and iM Global Partners. Their fees differ too: 0.58% for PJP and 0.85% for DBMF.
PJP currently has the higher Sharpe Ratio (2.62 vs 2.21), 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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